IMARC Group's report titled "Millet Market by Product Type (Pearl Millet, Finger Millet, Proso Millet, and Others), Application (Infant Food, Bakery Products, Beverages, and Others), Distribution Channel (Supermarket and Hypermarkets, Traditional Grocery Stores, Online Stores, and Others), and Region 2024-2032", The global millet market size reached US$ 12.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 18.6 Billion by 2032, exhibiting a growth rate (CAGR) of 4.14% during 2024-2032.
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Factors Affecting the Growth of the Millet Industry:
- Health and Nutrition Awareness:
The increasing focus on health and wellness among consumers is contributing to the market growth. Millets are rich in essential nutrients, such as vitamins, minerals, fiber, and antioxidants, making them a popular choice for health-conscious individuals. Their low glycemic index helps in managing diabetes, and their high fiber content aids in digestion and weight management. People are becoming more aware about the adverse effects of processed foods and seek natural and whole-grain alternatives. Besides this, health campaigns and nutritional research further highlight these benefits, reinforcing the perception of millet as a superfood.
- Agricultural Factors:
Millets are highly valued for their climate resilience and adaptability to adverse environmental conditions. They thrive in arid and semi-arid regions where other crops struggle, making them crucial for food security in drought-prone areas. The low input requirements of millets, including minimal need for water, fertilizers, and pesticides, benefit in reducing the cost burden on farmers while promoting sustainable agricultural practices. These attributes make millets a viable crop choice in the face of climate change, where unpredictable weather patterns threaten traditional crop yields. By encouraging millet cultivation, agricultural policies can enhance resilience against climate-related disruptions.
- Food Industry and Innovation:
Advancements in food processing technology assist in enabling the development of a diverse range of millet-based products, including snacks, breakfast cereals, and beverages. This product diversification caters to varying consumer preferences, ranging from ready-to-eat (RTE) options to ingredients for home cooking. In addition, the incorporation of millet into mainstream food products addresses the growing demand for gluten-free and plant-based alternatives, appealing to health-conscious consumers and those with dietary restrictions. Besides this, innovations in agricultural technology, breeding techniques, and farming practices assist in enhancing the efficiency and productivity of food production.
Leading Companies Operating in the Global Millet Industry:
- Archer-Daniels-Midland Company
- Bayer AG, Brett-Young Seeds Limited
- Cargill Incorporated
- Ernst Conservation Seeds
- Roundstone Native Seed Company
- Seedway LLC.
Millet Market Report Segmentation:
By Product Type:
- Pearl Millet
- Finger Millet
- Proso Millet
- Others
Pearl millet represents the largest segment as it is rich in nutrients, such as protein, fiber, vitamins, and minerals.
By Application:
- Infant Food
- Bakery Products
- Beverages
- Others
Infant food holds the biggest market share on account of the rising focus on maintaining the enhanced health of babies.
By Distribution Channel:
- Supermarket and Hypermarkets
- Traditional Grocery Stores
- Online Stores
- Others
Traditional grocery stores account for the largest market share due to the wide availability of food products in one place.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific enjoys a leading position in the millet market, which can be attributed to the favorable agro-climatic conditions for millet cultivation.
Global Millet Market Trends:
Governing agencies of various countries are implementing subsidies and support programs to promote millet cultivation. These policies include financial incentives for farmers, research funding for crop improvement, and public distribution schemes to increase millet availability.
In addition, the wide availability of millets through numerous distribution channels, such as supermarkets, hypermarkets, and convenience and online stores, is bolstering the market growth. These stores provide a diverse range of millet products and cater to the diverse needs and preferences of consumers. People are increasingly preferring online stores due to their enhanced accessibility and convenience.
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