Global Millets Market is segmented By Type (Pearl millet, Finger millet, Proso millet, Foxtail millet, Others), By Application (Infant Food, Bakery Food, Beverages, Fodder, Breakfast Food, Others), By Distribution Channel (Trade Associations, Supermarkets/Hypermarkets, Traditional Grocery Stores, Online Stores, Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview
The Global Millets Market reached USD 6.2 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 9.5 billion by 2030. The market is expected to exhibit a CAGR of 5.5% during the forecast period 2024-2031. Millets, such as pearl millet and finger millet, are highly nutritious and versatile grains. They offer numerous health benefits due to their high fiber, protein, and mineral content.
Millets are adaptable to different climates and contribute to food security. Their growing popularity stems from increased consumer awareness and preference for healthy and sustainable grain options.
The millets market, including sorghum, is experiencing robust growth driven by increasing consumer demand for healthy and sustainable grain options. They offer nutritional benefits with high fiber, protein, and mineral content. The expanding awareness about the nutritional value of millets presents significant opportunities for farmers, manufacturers, and health-conscious consumers, propelling the millets market forward.
Market Summary
| Metrics | Details |
| CAGR | 5.5% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | By Type, Application, Distribution Channel, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Growing Demand for Nutritious Grains Propels the Millets Market to New Heights
The millets market trend is driven by a key driver, which is the increasing demand for nutritious grains. Millets, with their rich nutritional composition, including high fiber, protein, and mineral content, are gaining recognition as a valuable component of a healthy diet. The millets market analysis indicates that the consumers are becoming more health-conscious and seek out wholesome and Nutritional Food options, the demand for millets is on the rise.
This growing preference for nutritious grains, coupled with the rising awareness of their health benefits, is driving the millets market forward. With a focus on promoting the nutritional value of millets, the market is witnessing positive growth, catering to the evolving needs and preferences of health-conscious consumers.
Limited Consumer Awareness Hinders Millets Market Growth, Despite Nutritional Benefits
According to the millets market analysis, one key restraint of the millets market is the limited consumer awareness and acceptance of whole grains, particularly small-seeded grains like millets. Despite their nutritional benefits, including high fiber content and diverse micronutrient profiles, there is a lack of widespread knowledge about the health advantages of incorporating millets into diets. This has an impact on the millets market share, as the preference for refined grains over whole grains limits the demand for millet products.
To expand the millets market share, initiatives focused on educating consumers about the benefits of millets and promoting their use in various culinary applications are crucial. By raising awareness and addressing consumer perceptions, the millets market can overcome this restraint and gain a larger market share in the grain industry.
Market Segmentation Analysis
The global millets market is segmented based on type, application, distribution channel, and region.
Pearl Millet is a Resilient and Nutritious Super Grain
The global millets market is segmented based on type into pearl millet, finger millet, proso millet, foxtail millet, and others.
According to millets market analysis, pearl millet (Pennisetum glaucum) is a major millet type widely cultivated in Africa and Asia. In terms of market share, pearl millet has historically held a significant portion of the total millet production worldwide. It is a warm-season cereal grain known for its high tolerance to drought and heat. Pearl millet is valued for its nutritional composition, including high levels of protein, dietary fiber, and minerals.
It is commonly used in various culinary preparations, such as porridge, flatbreads, and fermented beverages. Pearl millet is also utilized as livestock feed and forage due to its ability to thrive in harsh environments. This versatile millet variety plays a crucial role in the overall growth and success of the millets market share in global markets.
Market Geographical Share
Growing Demand for Millets Drives the North American Market
By region, the global millets market is segmented into North America, Europe, South America, Asia-Pacific, Middle-east, and Africa.
North America is the largest market for millets, and its growth is driven by the increasing demand for ancient grains, gluten-free grains, and nutritious grains. According to the millets market analysis, the market for ancient grains, including millets, has experienced an average annual growth rate of approximately 10% over the past five years. Similarly, gluten-free grains, such as millets, have seen a surge in demand, with a year-on-year growth rate of around 15% in the North American market.
This increase is mainly driven by the growing awareness and adoption of gluten-free diets among consumers. Furthermore, nutritious grains, including millets, hold a substantial market share, accounting for approximately 20% of the total grains consumed in North America. The north american millets market share is expected to rise further in the coming years as consumers seek healthier and more diverse grain options. Overall, the North America millets market trend is positive.
Market Companies
The major global players include AgMotion Specialty Grains, Goya Foods, Inc. Bob's Red Mill Natural Foods, Navdanya International, Shiloh Farms, Nature's Path Foods, Rich Grains International, Ceres Organic Harvest, Sahaja Samrudha Organic Producer Company Ltd, and Aarkay Food Products Ltd.
COVID-19 Impact on Market
The COVID-19 pandemic had both positive and negative impacts on the millets market. On the positive side, there was an increased demand for nutritious and immune-boosting food, leading to a surge in millet consumption. However, disruptions in supply chains, logistical challenges, and reduced purchasing power in some regions affected millet production, distribution, and trade. Overall, the pandemic brought attention to the health benefits of millets while presenting challenges in terms of market stability and accessibility.
Key Developments
- On May 12, 2023, ITC Foods, an India-based company, launched its first millets cookies as part of Sunfeast Farmlite. Available in two variants – Multi Millet and Choco-chip Multi Millet, the millet cookies are made from a blend of millets, including ragi, jowar (sorghum) and contain no added maida. Additionally, the inclusion of choco-chips in the Choco-chip Multi Millets variant adds a touch of indulgence.
- On April 10, 2023, Britannia, a renowned Indian food company, launched millet bread, which contains zero added maida. Packed with ragi, jowar, bajra, and oats, the bread includes fiber and minerals that provide consumers a convenient way to include millet-based options in their meals.
- On March 4, 2023, in Dehradun, with an initial investment of Rs 200 crore, Ivar Agro intends to set up a state-of-the-art millet-based food products project which would provide large-scale employment to local people. IvarAgro’s millet-based products like Bajra Biscuits and Cookies, along with other items are expected to hit domestic and international markets during festive seasons in 2023 (IYM).
Why Purchase the Report?
- To visualize the global millets market segmentation based on type, application, distribution channel, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of millets market-level with all segments.
- The PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global millets market report would provide approximately 61 tables, 63 figures, and 195 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
