"Overview of Millet market "
The Millet market is forecasted to reach at US$ 12.3 Bn by 2027, growing at a CAGR of 4.3 % during the Forecast Period
The global Millet market has shown moderate growth and is anticipated to witness impressive growth in coming years. Some of the factors fuelling the growth if global market includes rising urbanized population, inclination towards healthy food, advantages and associated with millets.
Rising Awareness Regarding Advantages Associated with Millets is driving the Demand for Millet across the Globe
The consumers are increasingly shifting towards urban lifestyle which has given rise to several diseases including arrhythmias, diabetes, heart related issues, and obesity which can be minimized with the consumption of millets. Millets are rich source of protein and minerals like iron and calcium that can minimize the risk of these diseases. Moreover, millets are grown in smaller harvesting time with limited water quantity. These can be a sustainable substitute for wheat and rice. These beneficial factors related to the consumption of millets is anticipated to drive the growth of global market. In response with high demand from China and India farmers are shifting towards millets cultivation in place of wheat or rice. This is expected to poise a positive impact on the growth of global millet market.
Based on Product Type, the Pearl Millets Accounted for Significant Share in Global Market in 2018
On the basis of product type, pearl millets occupied maximum share in 2018. The product is expected to show lucrative growth on coming years. The growth of the segment is related to the consumption and cultivation patterns of the region it is cultivated in. Furthermore, the organic segment is anticipated to gain momentum in coming years. This is mainly due to the harmful effects of insecticides and chemical fertilizers used in production of regular millets.
Millet Based Breakfast Foods are anticipated to exhibit highest CAGR during the Forecast Period
Based on application, the breakfast food segment held maximum share in 2018. The segment is expected to lead the global market throughout the forecast period. Millet based breakfast products including cookies and flakes is gaining popularity among vegan population across the globe. Moreover, rising awareness regarding health benefits associated with gluten free and fibrous is expected to create growth opportunities for the segment.
On the other hand, the infant food segment is projected to grow at a rapid pace during the forecast period. This is mainly due to the rising occurrences of malnutrition in babies. The millet-based products help in minimizing these risks among infants due to its nutritious properties.
Based on Distribution Channel, the Online Store Segment is projected to Show Rapid Growth during the Forecast Period
On the basis of distribution channel, the online segment is expected to witness highest growth during the forecast period. The growth of the segment is propelled by the advantages associated with online channels including home delivery, availability of wide range of products, and easy payment options. Rising internet penetration is expected to support the segment growth.
Asia Pacific is anticipated to hold key share in Global Market
By geography, Asia Pacific and Africa is the major revenue contributors in global millets market. The regions product almost all variants of the products. According to a study conducted by Food and Agriculture Organization, in 2017 the top five millet producers were Niger, India, Mali, China, and Nigeria. The dry climate of these countries supports the growth of millet market in these geographies.
India is the largest contributor for millet market in Asia Pacific. The high production capacity and rising demand from urban population is fuelling the growth of Indian market.
Key players operating in global millet market are Inner Being Wellness Private Limited, Sresta Natural Bioproducts Pvt Ltd., Pristine Organics Pvt Ltd., Treta Agro (P) Ltd., Dharmapuri District Minor Millet Farmers Producers Company Ltd, Earthon products Australia Pty Ltd, South Indian Grains Corporation, Shimla hills offerings pvt. Ltd, Viruthai Millets Farmers Producer Company Limited, Dharani FaM CooP Ltd., Sahaja Samrudha Organic Producer Company Limited, and Janadhanya Farmers Producer Company Limited.
Global Millet Market by product Type
Global Millet Market by Application
- Breakfast foods
- Bakery product
- Infant food
Global Millet Market by Distribution Channel
- Online stores
- Traditional grocery stores
- Trade associations
Global Millet Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America