Cereals - China

China

Gross production value in Cereals market is projected to amount to US$288.70bn in 2024. An annual growth rate of 5.85% is expected (CAGR 2024-2028), resulting in gross production value of US$362.40bn in 2028.
The import value in Cereals market is projected to amount to US$34.3bn in 2024. An annual growth rate of 34.20% is expected (CAGR 2024–2028).
The export value in Cereals market is projected to amount to US$138.1m in 2024. An annual growth rate of 1.03% is expected (CAGR 2024–2028).

Key regions: Germany, Italy, Brazil, United States, United Kingdom

Market

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Analyst Opinion

Cereals have been a staple food in China for centuries, and the market for cereals has been steadily growing over the years.

Customer preferences: Chinese consumers have a strong preference for healthy and nutritious food, and cereals are seen as a healthy option. The growing middle class in China has also led to an increase in demand for convenience food, and cereals are a popular breakfast option for busy urban consumers.

Trends in the market: One of the major trends in the cereals market in China is the increasing popularity of imported cereals. Chinese consumers are willing to pay a premium for high-quality imported cereals, and this has led to a surge in demand for imported brands. Another trend is the rise of e-commerce platforms, which have made it easier for consumers to purchase cereals online.

Local special circumstances: China has a large population, and the government has been promoting self-sufficiency in food production. This has led to a focus on domestic production of cereals, and the government has implemented policies to support domestic producers. Additionally, China has a diverse range of regional cuisines, and this has led to a demand for cereals that are specific to certain regions.

Underlying macroeconomic factors: The Chinese economy has been growing at a rapid pace, and this has led to an increase in disposable income for Chinese consumers. This has in turn led to a rise in demand for premium and imported cereals. Additionally, the Chinese government has been investing heavily in infrastructure, which has made it easier for domestic producers to transport their products across the country.

Methodology

Data coverage:

The data encompasses B2B. Figures are based on the value of gross production in the agriculture market, which values of production are calculated by multiplying gross production by output prices at the farm gate.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting agriculture products due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.