PUBLISHER: Global Insight Services | PRODUCT CODE: 1634000
PUBLISHER: Global Insight Services | PRODUCT CODE: 1634000
The global millets market is anticipated to expand from $10.4 billion in 2023 to $19.8 billion by 2033, with a robust CAGR of 6.5%.
The millets market encompasses the cultivation, processing, and distribution of small-seeded grains known for their resilience and nutritional benefits. It includes various types such as pearl, foxtail, and finger millets, catering to health-conscious consumers and sustainable agriculture advocates. The market is driven by rising demand for gluten-free and nutrient-rich foods, with applications spanning from traditional culinary uses to innovative products in health foods, beverages, and snacks, thus presenting a lucrative opportunity for growth and diversification.
The millets market is experiencing robust growth, fueled by increasing consumer awareness of health benefits and sustainable farming practices. Among the segments, pearl millet leads due to its high nutritional value and adaptability to arid climates, making it a staple in regions with challenging agricultural conditions. Sorghum follows as the second-highest performing sub-segment, driven by its versatility in food and beverage applications and its resilience to climate change. In terms of geographical performance, India dominates the market, benefiting from its traditional consumption patterns and government initiatives promoting millet cultivation. Africa emerges as the second most significant region, with countries like Nigeria and Ethiopia contributing to its growth through increased production and export opportunities. The market's expansion is further supported by the rising demand for gluten-free and organic food products, aligning with global health and wellness trends. These dynamics present lucrative opportunities for stakeholders to capitalize on the evolving consumer preferences and regional developments.
In 2023, the millets market volume was estimated at 38 million metric tons, with expectations to reach 55 million metric tons by 2033. The pearl millet segment dominates with a 45% market share, followed by finger millet at 30%, and foxtail millet at 25%. The rising demand for gluten-free and nutritious food options significantly boosts the pearl millet segment. Key players in the Millets Market include Cargill, Archer Daniels Midland Company, and Bayer CropScience, each holding substantial market shares. These companies are pivotal in shaping the market with innovations in seed technology and sustainable farming practices.
The competitive landscape is heavily influenced by the strategic initiatives of these leading firms. Regulatory frameworks, such as the EU's Common Agricultural Policy and various international trade agreements, play a vital role in market dynamics, impacting compliance costs and trade flows. The integration of advanced technologies, such as precision agriculture and blockchain for supply chain transparency, is expected to open new growth avenues. Despite these opportunities, challenges such as climate change impacts and competition from other grains persist as potential hurdles.
Asia Pacific dominates the millets market, spearheaded by India and China. These nations possess favorable agro-climatic conditions for millet production. Government initiatives promoting millet cultivation further enhance market growth. The region's rising health consciousness drives demand for millet-based products.
Africa emerges as the second-largest market, with Nigeria and Ethiopia leading production. Millets serve as staple crops, crucial for food security. Regional governments focus on enhancing millet yield through improved farming practices and technology adoption.
In North America, the millets market is gaining traction, particularly in the United States. The growing gluten-free and health food trends are significant drivers. Increasing consumer awareness of millets' nutritional benefits supports market expansion.
Europe shows steady growth, with Germany and France at the forefront. The region's inclination towards organic and sustainable food sources propels millet demand. Millets' versatility in culinary applications further fuels their popularity across European markets.
Shree Sheela International, Pristine Organics, Earthon Products, Sresta Natural Bioproducts, 24 Mantra Organic, Organic Tattva, Dhampur Green, Nature Bio Foods, Arya Farm, Sattvic Foods, Nutrimix, Grain Basket Foods, Manna Foods, Timeless Natural Food, Tru Millets, Eco Life Organic, Purna Organics, Mysore Mercantile, Sahaja Organics, Sorghum Foods
Food and Agriculture Organization of the United Nations, International Crops Research Institute for the Semi-Arid Tropics, Indian Council of Agricultural Research, U.S. Department of Agriculture - Economic Research Service, European Commission - Agriculture and Rural Development, United Nations Conference on Trade and Development, World Bank - Agriculture and Food, Australian Department of Agriculture, Fisheries, and Forestry, African Union - Department of Rural Economy and Agriculture, International Food Policy Research Institute, International Fund for Agricultural Development, International Grains Council, International Trade Centre, The International Society for Horticultural Science, World Food Programme, International Conference on Agriculture and Horticulture, Global Forum for Innovations in Agriculture, International Conference on Plant Science and Agriculture, World Congress on Agroforestry, International Millet Symposium
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