The global durum wheat flour market is poised for growth from 2020 to 2030, primarily due to the rising popularity of pasta worldwide and its use in regional cuisines in Africa and the Middle East. The market, characterized by intense competition, is dominated by major companies like The King Arthur Flour Company, Smucker Foods of Canada Corp., and General Mills. Sales in the durum wheat flour market are expected to increase, driven by growing awareness of the nutritional benefits of whole wheat over white flour, although the trend towards gluten-free diets is dampening market growth. Europe, the Middle East, and Africa contribute significantly to durum wheat flour market revenue, with North America also playing a key role. Meanwhile, the Asia-Pacific region is emerging as a significant market.
As of early 2024, the wheat market's dynamics are largely influenced by technical trading and currency valuations, with wheat-growing conditions varying across different regions. Wheat-growing regions are experiencing diverse conditions, with Canada expecting rainfall and snow following a period of dry heat, while Europe is facing warm weather. In the southern hemisphere, Argentina forecasts beneficial humidity, while Australia has seen above-average rainfall, accelerating crop ripening. However, wheat shipments through the Suez Canal decreased by nearly 40% in the first half of January 2024, although this accounts for only a small portion of global grain transportation. Wheat prices in Italy and worldwide have experienced a continuous decline in February 2024, attributed to excellent wheat production in Russia and triangulations of Russian wheat via Turkey and Kazakhstan. As a result, Italian durum wheat prices range from EUR 330 to EUR 350 per tonne, with a downward trend. In the United States, wheat prices have rebounded from a mid-February low, with a forecasted upward trend. Looking ahead, the 2024 trends in durum wheat worldwide forecast a 2% increase in sown area compared to the previous year, reaching 6.1 million acres in Canada, leading to higher exports and impacting global wheat prices and trade dynamics.
