According to recent report published by Kings Research Millet Market is a predicted value of USD 21.20 Billion by 2031 and a compound annual growth rate (CAGR) of 5.52% from 2024 to 2031, millet market was estimated to be worth USD 13.84 billion in 2023.
The market is expanding rapidly due to factors such as the growing number of people with diabetes, the growing demand for gluten-free grains, and shifting weather patterns. Millets are a sustainable crop because of their low water requirements and resistance to climate change.
Millets are a group of highly variable small-seeded grasses, widely grown around the world as cereal crops or grains for fodder and human food. They are known for their high nutritional value, being rich in proteins, fibers, vitamins, and minerals. The key types of millets include pearl millet, finger millet, proso millet, and foxtail millet, each catering to diverse culinary applications and consumer preferences.
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Top Key Companies in Millet Market
- ITC Limited
- Nestle
- Bob's Red Mill Natural Foods
- Ancient Golden Mill
- Ardent Mills
- Nature Mills Private Limited.
- Jiwa
- Bliss Tree
- Molino Agostini
- Woodland Foods
Sustainable Agriculture and Climate Resilience
Millets are resilient crops that thrive in arid and semi-arid regions, requiring minimal water and being naturally resistant to pests. This makes them a sustainable choice for farmers, particularly in the face of climate change and water scarcity. The global emphasis on sustainable agriculture and food security has positioned millets as a viable solution to these pressing challenges.
Market Segmentation
The millet market is segmented based on product type, application, distribution channel, and region.
By Product Type: Includes pearl millet, finger millet, proso millet, and others.
By Application: Encompasses food and beverages, animal feed, and others.
By Distribution Channel: Comprises online and offline channels, with the online segment gaining prominence due to the rise of e-commerce platforms.
The Organic Trade Association (OTA) estimates that the value of organic food sales in the United States in 2022 was USD 60.00 billion, and that this value will continue to rise significantly in the years to come. This trend is boosting a company's reputation and fueling the global market for products made from organic millet.
Key Drivers and Trends
Health and Nutrition: One of the primary drivers of the millet market is the growing awareness of the health benefits associated with millet consumption. Millets are gluten-free and have a low glycemic index, making them ideal for people with celiac disease and diabetes. They also aid in digestion and help in managing cholesterol levels and blood sugar, which makes them attractive to health-conscious consumers.
Sustainability and Organic Farming: Millets are known for their resilience and low water requirements, making them a sustainable crop choice. The increasing shift towards sustainable agricultural practices and the rising demand for organic products are bolstering the market. Governments and NGOs are promoting millet cultivation to ensure food security and sustainable farming practices.
Diversified Applications: Millets are being increasingly incorporated into various food products, including infant food, bakery products, beverages, and breakfast foods. The versatility of millets allows them to be used in a wide range of culinary applications, which enhances their market appeal.
Regional Insights:
The Asia-Pacific region dominates the global millet market, with countries like India and China being the largest producers and consumers. The region's dominance is attributed to traditional dietary habits and the increasing support from governments for millet cultivation. North America and Europe are also significant markets, driven by the rising demand for health foods and gluten-free products.
Future Prospects:
- Technological Advancements: Improved farming techniques and better seed varieties are expected to boost millet production.
- Product Development: Innovations in millet-based products, especially in the food and beverage sector, will attract more consumers.
- Market Expansion: Expanding into new geographical markets, particularly in regions with rising health consciousness, will be a key growth strategy.
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