Wheat Farming in Canada - Market Research Report (2013-2028)
New York, United States
Last Updated: November 2023
NAICS 11114CARevenue
$15.3bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
51,017
Businesses
9,080
Wages
$XXX.Xm
Wheat Farming in Canada industry analysis
Canadian wheat farms have grown despite considerable economic volatility through the end of 2023. The industry is highly globalized and reliant on trade, which has improved following the dismantling of the Canadian Wheat Board in 2012; the board had restricted the marketing freedom of farms. Demand for Canadian wheat abroad has risen because of its reputation for high quality. Favourable price increases driven by world wheat prices have improved farm revenue and profitability. Improved trade ties with emerging economies have also aided growth by helping farmers tap into demand from new markets. Wheat farming revenue is expected to climb at a CAGR of 4.2% to an estimated $15.3 billion through the end of 2023, despite a decrease of 1.2% in 2023 because of lower wheat prices.
Trends and Insights
- Canadian wheat farms have exhibited growth, even amid economic volatility. Global supply concerns caused the world price of wheat to skyrocket and Canada's position as one of the world's five largest wheat exporters allowed the industry to capitalize.
- Spring wheat is the most popular product. Spring wheat is used for baked goods, including pastries, cakes, cereal, crackers, biscuits and pasta and is much better suited to Canada's climate than other varieties.
- Most farmers are concentrated in Saskatchewan and Alberta, with those two provinces containing about three-quarters of all establishments. These two provinces have desirable growing conditions, even for more sensitive durum and winter wheat.
- Most wheat farmers compete on price and product mix. Types of wheat include durum wheat, winter wheat and spring wheat, with more than half a dozen different varieties of spring wheat.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has grown at a CAGR of 4.2 % over the past five years, to reach an estimated $15.3bn in 2023.
Trends and Insights
A growing price of wheat has driven industry growth
- Industry performance is closely tied to the world price of wheat. Farmers can charge a premium for their harvest when wheat prices are high. The world price of wheat has grown at a CAGR of 11.7% through the end of 2023, spiking 43.3% in 2021.
- Additional trends and insights available with purchase
Industry outlook (2024-2029)
Market size is projected to decline over the next five years.
Trends and Insights
Lower wheat prices will drag down revenue for wheat farmers
- The world price of wheat will decline moving forward, a stark contrast to the high price hikes in recent years. Falling wheat prices are the primary reason for decline in revenue in the coming years.
Biggest companies in the Wheat Farming in Canada
| Company | Market Share (%)
2023 | Revenue ($short_0)
2023 | Profit ($short_0)
2023 | Profit Margin (%)
2023 |
|---|
There are no companies that hold a large enough market share in the Wheat Farming in Canada industry for IBISWorld to include in this product.
Products & Services Segmentation
Wheat Farming in Canada
Products & Services
Industry revenue is measured across several distinct product and services lines, including Spring wheat, Winter wheat and Durum wheat. Spring wheat is the largest segment of the Wheat Farming in Canada.
Trends and Insights
Spring wheat production climbs further
- Most domestic production is spring wheat, which is typically planted in the spring and harvested during the summer. There are several different varieties of spring wheat, including extra strong, hard red and prairie spring, each of which varies slightly in terms of their overall end uses.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Soybean Farming in Canada
- Corn Farming in Canada
- Vegetable Farming in Canada
- Fruit & Nut Farming in Canada
Complementors
- Bread Production in Canada
International industries
- Wheat, Barley & Sorghum Farming in the US
- Grain Growing in Australia
- Grain Growing in New Zealand
- Cereals, Leguminous Crops & Oilseed Growing in the UK
Table of Contents
About this industry
Industry definition
The Wheat Farming industry in Canada comprises establishments primarily engaged in growing one or more varieties of wheat.
What's included in this industry?
Spring wheatWinter wheatDurum wheatCompanies
Purchase this report to view all major companies in this industry.
Related Terms
GENETICALLY MODIFIED (GM)YIELDBIOFUELIndustry Code
NAICS 111140 - Wheat Farming in Canada
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Canadian wheat farms have exhibited growth, even amid economic volatility. Global supply concerns caused the world price of wheat to skyrocket and Canada's position as one of...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Spring wheat is the most popular product. Spring wheat is used for baked goods, including pastries, cakes, cereal, crackers, biscuits and pasta and is much better suited to C...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2023
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Most farmers are concentrated in Saskatchewan and Alberta, with those two provinces containing about three-quarters of all establishments. These two provinces have desirable ...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each province in 2023
- Number and share of revenue each province accounts for in 2023
- Number and share of wages each province accounts for in 2023
- Number and share of employees in each province in 2023
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Most wheat farmers compete on price and product mix. Types of wheat include durum wheat, winter wheat and spring wheat, with more than half a dozen different varieties of spr...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Most wheat farms are single locations serving a single geographic area. No company accounts for a significant share of revenue.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
Detailed analysis
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
World wheat prices determine a farm’s performance. When prices grow, farmers achieve greater profit and sales climb.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Climbing wheat prices are boosting profit. Wheat farmers in Canada have been better able to manage fixed costs and are using advanced technology to improve their yields at lo...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2016-2021)
- Coverage Ratios (2016-2021)
- Leverage Ratios (2016-2021)
- Operating Ratios (2016-2021)
- Assets (2016-2021)
- Liabilities (2016-2021)
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Wheat Farming industry in Canada in 2024?
The market size of the Wheat Farming industry in Canada is $15.3bn in 2024.
How many businesses are there in the Wheat Farming in Canada industry in 2023?
There are 9,080 businesses in the Wheat Farming industry in Canada, which has declined at a CAGR of 1.8 % between 2018 and 2023.
Has the Wheat Farming industry in Canada grown or declined over the past 5 years?
The market size of the Wheat Farming industry in Canada has been growing at a CAGR of 4.2 % between 2018 and 2023.
What is the forecast growth of the Wheat Farming industry in Canada over the next 5 years?
Over the next five years, the Wheat Farming industry in Canada is expected to decline.
What does the Wheat Farming in Canada include?
Spring wheat and Winter wheat are part of the Wheat Farming industry.
How competitive is the Wheat Farming industry in Canada?
The level of competition is moderate and steady in the Wheat Farming industry in Canada.
