- freeimages.comAsia’s growing middle class, and its changing tastes and diets, is increasing demand for grains, especially wheat.
Asia’s growing middle class, and its changing tastes and diets, is increasing demand for grains, especially wheat, marking a boon for Australia and the United States.
The Organization for Economic Cooperation and Development says that, by 2030, two-thirds of the global middle class, or 3.3 billion people, will be living in Asia, with China accounting for the largest share from just 1.8 billion now.
Higher incomes throughout Asia mean more people can veer from traditional food choices, such as rice, and as wheat demand increases, rice demand appears to be flattening.
“You have a growing middle class population with high disposable income [driving] the demand for grain-based food products, more red meat protein and dairy products growth," said Greg Harvey, managing director of Singapore-based flour miller, Interflour Group. "The middle class in Asia estimated to grow six times over the next 20 years and Africa, Middle East is to grow one and half to two times over the next 20 years.”
In the Asian milled flour market, bread is the fastest-growing segment, followed by pasta. Feed grain sales to China are increasing for the meat industry. Also in China, more coarse grain imports are targeting the rise in demand for malting barley for beer production.