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The global millet market size was valued at USD 10.26 billion in 2021, and it is estimated to reach USD 13.87 billion by 2027, with a registering CAGR of 4.66% during the forecast period.
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Millets are a group of cereal grains that belongs to the Poaceae family, commonly known as the grass family. The millet’s nutritional profile is similar to that of sorghum and other cereals. There have five millets commonly grow such as sorghum, pearl millet, finger millet, barnyard millet, Kodo millet, and foxtail millet. The millets contain much higher amounts of fiber and essential minerals than wheat rice and other cereal grains. The millet should be a part of their daily regular diet. The millets are nutritious, non-glutinous, and are not acid-forming foods and thus making them very easy to digest.
Drivers:
The main factors that have considerably increased the demand for the millet market. The increasing awareness amongst the urban population about the health benefits linked with millet consumption is driving the market’s revenue. The rising environmental challenges are growing rice and wheat to drive market growth. The growing demand for distribution channels through online mode is the major factor to drive the market growth. The increasing government initiatives to promote millet drive market growth.
Restraints:
The high cost of the millets is the major factor to restraint market growth.
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SegmentationAnalysis:
Millets Market – By Type:
• Pearl Millet
• Finger Millet
• Proso Millet
• Foxtail Millet
• Others
Based on the type: The Pearl Millet segment was recorded as the largest market share in the millets market in 2022 and it is anticipated to grow significantly during the forecast period.
Millets Market – By application:
• Bakery Products
• Baby Food
• Steamed Products
• Porridge
• Bread
• Breakfast Food
• Beverages
• Animal Feed
Based on the application: Porridge and Steamed Products held the largest share in the millets market in 2022 and it is anticipated to grow significantly during the forecast period.
Millets Market – By Distribution Channel:
• Supermarkets
• Trade Associations
• Online Stores
• Traditional Stores
Based on the distributional channel: The Online Stores segment held the largest share market in the millets market in 2022 and it is anticipated to grow significantly during the forecast period.
Regional Analysis:
The Asia Pacific is the largest growing region in the millet market and is excepted to grow significantly during the forecast period. Asia Pacific has a high availability in the countries such as China, Japan, India, Indonesia, and South Korea. The reason for this dominance of the region is the growth and popularity millet market and the increasing urban population and this is likely to create growth in the region’s market growth. The growing demand for healthy millet drives the region’s market growth. India is the largest market supporting the growth of millet. There has been rapid growth in the millet market in the region leading to global market growth.
North America is excepted to be growing lucratively in the millet market.
Latest Industry Development:
In 2021, the first consignment of organic millets grown in the Himalayas region, India, was shipped to Denmark. The Agricultural and Processed Food Products Export Development Authority in collaboration with Uttarakhand Agricultural Produce Marketing and Just Organik company, collected organic millets from farmers for processing and to export. Millets are gaining prominence in Europe and North America due to their gluten-free and hypoglycemic properties.
In 2021, Slurp Farm, a children’s millet-based food brand, has been a pioneer in bringing back the super grain millet across India and, more recently, the UAE. Wholesome Foods, the parent company of Slurrp Farm, recently raised USD 7 million in a fresh round of funding. This fund enables Slurrp Farm, the maker of millet-based children’s food, to ramp up product innovation and marketing activities and increase its global.
On October 28, 2022 – Cargill, together with its partner Naturisa S.A., reached an agreement to partner with Skyvest EC Holding S.A. to create a new joint venture that will serve Ecuadorian shrimp farmers’ increasing demand for high-quality shrimp feed. Cargill first brought its world-class nutrition formulation expertise to Ecuador in 2015 when it partnered with shrimp-farming company Naturisa to build.
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