PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1438178
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1438178
Millets Market Forecasts to 2030 - Global Analysis By Products Type (Pearl Millet, Foxtail Millet, Sorghum Millet, Finger Millet, Proso Millet, Barnyard Millet and Other Products Types), Distribution Channel, End User and By Geography
According to Stratistics MRC, the Global Millets Market is accounted for $10.8 billion in 2023 and is expected to reach $17.0 billion by 2030 growing at a CAGR of 6.6% during the forecast period. Millets refer to a group of small-seeded grasses that are cultivated for human consumption. They are highly nutritious grains and include various types such as sorghum, pearl millet, finger millet, foxtail millet, proso millet, and others. Millets are known for their resilience in diverse environmental conditions, requiring less water compared to some other grains. They are rich in nutrients like protein, fiber, vitamins, and minerals, making them a valuable part of diets worldwide. These grains are used in a variety of culinary applications, including porridges, bread, cereals, and beverages.
According to Food and Agriculture Organization (FAO), global millet production was estimated at 28.33 million metric tons in 2019, which increased to 30.08 million metric tons in 2021. India is the largest global producer, with a 43.0% global market share in 2021 with Sorghum(jowar), Pearl Millet (bajra), Finger millet (ragi), and other minor millets are grown in the country.
Market Dynamics:
Driver:
Rising demand for gluten-free products
The market has witnessed a surge in demand for gluten-free products, driven by increasing health-conscious consumer preferences. As more individuals opt for gluten-free diets due to gluten intolerance or lifestyle choices, the demand for millet-based gluten-free alternatives has escalated. Millets, being naturally gluten-free and nutritionally rich, have become a favored choice, prompting the market to expand its offerings to cater to this growing segment of health-conscious consumers.
Restraint:
Challenges in processing and distribution
Processing and distributing millets face challenges due to limited infrastructure, outdated technology, and inadequate storage facilities. Lack of standardized processing methods and transportation networks also hinder efficient distribution. Variable demand and market access further complicate the supply chain. Additionally, awareness about the nutritional benefits of millets needs improvement to stimulate demand. These challenges collectively impact the accessibility, quality, and widespread availability of millets in the market.
Opportunity:
Health and nutrition awareness
Millets are gaining traction due to their nutritional punch, sustainability, and versatility. With rising health consciousness, there's a growing awareness of millets benefits - they are gluten-free, rich in nutrients, and have a lower glycemic index. Their resurgence in the market reflects a shift towards healthier eating habits, offering a range of options for those seeking balanced diets. This trend aligns with the increased focus on sustainable and diverse food choices, driving the millets market forward.
Threat:
Price volatility and economic factors
Price volatility in the millets market is influenced by several economic factors. Fluctuations in demand due to changing consumer preferences, limited supply owing to weather conditions affecting harvests, and agricultural policies impacting production and distribution contribute to this volatility. Additionally, global market dynamics, trade regulations, and currency fluctuations can also affect millet prices, creating uncertainty in the market.
Covid-19 Impact:
The COVID-19 pandemic significantly impacted the millets market worldwide. Initially, supply chain disruptions led to shortages, affecting production and distribution. However, as awareness of their nutritional value grew, demand surged, creating opportunities for millet producers. Increased consumer interest in healthier, gluten-free options boosted millet sales. Furthermore, as people sought resilient crops adaptable to climate change, millets gained attention for their sustainability. Despite initial challenges, the pandemic ultimately catalyzed a positive shift, elevating the market prospects for millets due to their nutritional benefits and adaptability.
The pearl millet segment is expected to be the largest during the forecast period
The pearl millet segment is expected to be the largest during the forecast period. Its versatility in various cuisines and nutritional value, rich in protein, fiber, and micronutrients, fuels its demand. With adaptability to harsh climates, it serves as a staple for regions facing arid conditions. Increasing recognition for its health benefits, including diabetes management and improved digestion, has surged its popularity in the health-conscious market.
The bakery segment is expected to have the highest CAGR during the forecast period
The bakery segment is expected to have the highest CAGR during the forecast period. Embracing traditional recipes with a modern twist, it tantalizes taste buds with its diverse range of freshly baked goods. From flaky croissants to heavenly cakes, each creation is a testament to skill and passion. The aroma of warm, golden loaves fills the air, inviting patrons to savour the finest baked delights. Millets Market Bakery: Where every bite tells a story of craftsmanship and flavor.
Region with largest share:
North America is projected to hold the largest market share during the forecast period due to increasing health-conscious consumer trends. Millets, known for their nutritional value and gluten-free nature, have gained traction among consumers seeking diverse and sustainable food options. Despite challenges in widespread adoption, the market has shown promise with rising awareness of their health benefits, leading to their incorporation in various food products and an expanding presence in health food stores and online platforms.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period due to rising health consciousness and the popularity of gluten-free diets. Millets, being nutrient-rich and drought-resistant crops, have gained traction among consumers and farmers. Increased awareness of their benefits, coupled with government initiatives promoting their cultivation, has fueled market expansion. With a diverse range of millet-based products and their affordability, the region has become a hub for millet consumption, catering to health-conscious individuals seeking sustainable food options.
Key players in the market
Some of the key players in Millets market include Cargill , Archer Daniels Midland Company, Britannia, BrettYoung, Kerry Group plc, BASF SE, Nestle S.A., Croda International Plc, Crystal Crop Protection Pvt. Ltd., Bayer Crop Science AG, Allied Seed, LLC, Ernst Conservation Seeds, Mayoora Foods, Navan Foods, LLC, Sydler India Pvt. Ltd., Nature's Logic. and Sresta Natural Bioproducts Pvt. Ltd.
Key Developments:
In August 2023, Nestle India intensified its commitment to ready-to-make millet-based offerings. The company is well-known for its products such as Ceregrow grain selection featuring Ragi, Koko Krunch breakfast cereals incorporating millet and Jowar, and Milo Cocoa Malt enriched with Bajra.
In April 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.
Products Types Covered:
- Pearl Millet
- Foxtail Millet
- Sorghum Millet
- Finger Millet
- Proso Millet
- Barnyard Millet
- Other Products Types
Distribution Channels Covered:
- Trade Associations
- Supermarkets
- Grocery Stores
- Online Platforms
End Users Covered:
- Ready to eat food
- Bakery
- Beverages
- Breakfast
- Fodder
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Product Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Millets Market, By Product Type
- 5.1 Introduction
- 5.2 Pearl Millet
- 5.3 Foxtail Millet
- 5.4 Sorghum Millet
- 5.5 Finger Millet
- 5.6 Proso Millet
- 5.8 Barnyard Millet
- 5.9 Other Products Types
6 Global Millets Market, By Distribution Channel
- 6.1 Introduction
- 6.2 Trade Associations
- 6.3 Supermarkets
- 6.4 Grocery Stores
- 6.5 Online Platforms
7 Global Millets Market, By End User
- 7.1 Introduction
- 7.2 Ready to eat food
- 7.3 Bakery
- 7.4 Beverages
- 7.5 Breakfast
- 7.6 Fodder
- 7.7 Other End Users
8 Global Millets Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Cargill
- 10.2 Archer Daniels Midland Company
- 10.3 Britannia
- 10.4 BrettYoung
- 10.5 Kerry Group plc
- 10.6 BASF SE
- 10.7 Nestle S.A.
- 10.8 Croda International Plc
- 10.9 Crystal Crop Protection Pvt. Ltd.
- 10.10 Bayer Crop Science AG
- 10.11 Allied Seed, LLC
- 10.12 Ernst Conservation Seeds
- 10.13 Mayoora Foods
- 10.14 Navan Foods, LLC
- 10.15 Sydler India Pvt. Ltd.
- 10.16 Nature's Logic.
- 10.17 Sresta Natural Bioproducts Pvt. Ltd.
List of Tables
- Table 1 Global Millets Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Millets Market Outlook, By Product Type (2021-2030) ($MN)
- Table 3 Global Millets Market Outlook, By Pearl Millet (2021-2030) ($MN)
- Table 4 Global Millets Market Outlook, By Foxtail Millet (2021-2030) ($MN)
- Table 5 Global Millets Market Outlook, By Sorghum Millet (2021-2030) ($MN)
- Table 6 Global Millets Market Outlook, By Finger Millet (2021-2030) ($MN)
- Table 7 Global Millets Market Outlook, By Proso Millet (2021-2030) ($MN)
- Table 8 Global Millets Market Outlook, By Barnyard Millet (2021-2030) ($MN)
- Table 9 Global Millets Market Outlook, By Other Products Types (2021-2030) ($MN)
- Table 10 Global Millets Market Outlook, By Distribution Channel (2021-2030) ($MN)
- Table 11 Global Millets Market Outlook, By Trade Associations (2021-2030) ($MN)
- Table 12 Global Millets Market Outlook, By Supermarkets (2021-2030) ($MN)
- Table 13 Global Millets Market Outlook, By Grocery Stores (2021-2030) ($MN)
- Table 14 Global Millets Market Outlook, By Online Platforms (2021-2030) ($MN)
- Table 15 Global Millets Market Outlook, By End User (2021-2030) ($MN)
- Table 16 Global Millets Market Outlook, By Ready to eat food (2021-2030) ($MN)
- Table 17 Global Millets Market Outlook, By Bakery (2021-2030) ($MN)
- Table 18 Global Millets Market Outlook, By Beverages (2021-2030) ($MN)
- Table 19 Global Millets Market Outlook, By Breakfast (2021-2030) ($MN)
- Table 20 Global Millets Market Outlook, By Fodder (2021-2030) ($MN)
- Table 21 Global Millets Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 22 North America Millets Market Outlook, By Country (2021-2030) ($MN)
- Table 23 North America Millets Market Outlook, By Product Type (2021-2030) ($MN)
- Table 24 North America Millets Market Outlook, By Pearl Millet (2021-2030) ($MN)
- Table 25 North America Millets Market Outlook, By Foxtail Millet (2021-2030) ($MN)
- Table 26 North America Millets Market Outlook, By Sorghum Millet (2021-2030) ($MN)
- Table 27 North America Millets Market Outlook, By Finger Millet (2021-2030) ($MN)
- Table 28 North America Millets Market Outlook, By Proso Millet (2021-2030) ($MN)
- Table 29 North America Millets Market Outlook, By Barnyard Millet (2021-2030) ($MN)
- Table 30 North America Millets Market Outlook, By Other Products Types (2021-2030) ($MN)
- Table 31 North America Millets Market Outlook, By Distribution Channel (2021-2030) ($MN)
- Table 32 North America Millets Market Outlook, By Trade Associations (2021-2030) ($MN)
- Table 33 North America Millets Market Outlook, By Supermarkets (2021-2030) ($MN)
- Table 34 North America Millets Market Outlook, By Grocery Stores (2021-2030) ($MN)
- Table 35 North America Millets Market Outlook, By Online Platforms (2021-2030) ($MN)
- Table 36 North America Millets Market Outlook, By End User (2021-2030) ($MN)
- Table 37 North America Millets Market Outlook, By Ready to eat food (2021-2030) ($MN)
- Table 38 North America Millets Market Outlook, By Bakery (2021-2030) ($MN)
- Table 39 North America Millets Market Outlook, By Beverages (2021-2030) ($MN)
- Table 40 North America Millets Market Outlook, By Breakfast (2021-2030) ($MN)
- Table 41 North America Millets Market Outlook, By Fodder (2021-2030) ($MN)
- Table 42 North America Millets Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 43 Europe Millets Market Outlook, By Country (2021-2030) ($MN)
- Table 44 Europe Millets Market Outlook, By Product Type (2021-2030) ($MN)
- Table 45 Europe Millets Market Outlook, By Pearl Millet (2021-2030) ($MN)
- Table 46 Europe Millets Market Outlook, By Foxtail Millet (2021-2030) ($MN)
- Table 47 Europe Millets Market Outlook, By Sorghum Millet (2021-2030) ($MN)
- Table 48 Europe Millets Market Outlook, By Finger Millet (2021-2030) ($MN)
- Table 49 Europe Millets Market Outlook, By Proso Millet (2021-2030) ($MN)
- Table 50 Europe Millets Market Outlook, By Barnyard Millet (2021-2030) ($MN)
- Table 51 Europe Millets Market Outlook, By Other Products Types (2021-2030) ($MN)
- Table 52 Europe Millets Market Outlook, By Distribution Channel (2021-2030) ($MN)
- Table 53 Europe Millets Market Outlook, By Trade Associations (2021-2030) ($MN)
- Table 54 Europe Millets Market Outlook, By Supermarkets (2021-2030) ($MN)
- Table 55 Europe Millets Market Outlook, By Grocery Stores (2021-2030) ($MN)
- Table 56 Europe Millets Market Outlook, By Online Platforms (2021-2030) ($MN)
- Table 57 Europe Millets Market Outlook, By End User (2021-2030) ($MN)
- Table 58 Europe Millets Market Outlook, By Ready to eat food (2021-2030) ($MN)
- Table 59 Europe Millets Market Outlook, By Bakery (2021-2030) ($MN)
- Table 60 Europe Millets Market Outlook, By Beverages (2021-2030) ($MN)
- Table 61 Europe Millets Market Outlook, By Breakfast (2021-2030) ($MN)
- Table 62 Europe Millets Market Outlook, By Fodder (2021-2030) ($MN)
- Table 63 Europe Millets Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 64 Asia Pacific Millets Market Outlook, By Country (2021-2030) ($MN)
- Table 65 Asia Pacific Millets Market Outlook, By Product Type (2021-2030) ($MN)
- Table 66 Asia Pacific Millets Market Outlook, By Pearl Millet (2021-2030) ($MN)
- Table 67 Asia Pacific Millets Market Outlook, By Foxtail Millet (2021-2030) ($MN)
- Table 68 Asia Pacific Millets Market Outlook, By Sorghum Millet (2021-2030) ($MN)
- Table 69 Asia Pacific Millets Market Outlook, By Finger Millet (2021-2030) ($MN)
- Table 70 Asia Pacific Millets Market Outlook, By Proso Millet (2021-2030) ($MN)
- Table 71 Asia Pacific Millets Market Outlook, By Barnyard Millet (2021-2030) ($MN)
- Table 72 Asia Pacific Millets Market Outlook, By Other Products Types (2021-2030) ($MN)
- Table 73 Asia Pacific Millets Market Outlook, By Distribution Channel (2021-2030) ($MN)
- Table 74 Asia Pacific Millets Market Outlook, By Trade Associations (2021-2030) ($MN)
- Table 75 Asia Pacific Millets Market Outlook, By Supermarkets (2021-2030) ($MN)
- Table 76 Asia Pacific Millets Market Outlook, By Grocery Stores (2021-2030) ($MN)
- Table 77 Asia Pacific Millets Market Outlook, By Online Platforms (2021-2030) ($MN)
- Table 78 Asia Pacific Millets Market Outlook, By End User (2021-2030) ($MN)
- Table 79 Asia Pacific Millets Market Outlook, By Ready to eat food (2021-2030) ($MN)
- Table 80 Asia Pacific Millets Market Outlook, By Bakery (2021-2030) ($MN)
- Table 81 Asia Pacific Millets Market Outlook, By Beverages (2021-2030) ($MN)
- Table 82 Asia Pacific Millets Market Outlook, By Breakfast (2021-2030) ($MN)
- Table 83 Asia Pacific Millets Market Outlook, By Fodder (2021-2030) ($MN)
- Table 84 Asia Pacific Millets Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 85 South America Millets Market Outlook, By Country (2021-2030) ($MN)
- Table 86 South America Millets Market Outlook, By Product Type (2021-2030) ($MN)
- Table 87 South America Millets Market Outlook, By Pearl Millet (2021-2030) ($MN)
- Table 88 South America Millets Market Outlook, By Foxtail Millet (2021-2030) ($MN)
- Table 89 South America Millets Market Outlook, By Sorghum Millet (2021-2030) ($MN)
- Table 90 South America Millets Market Outlook, By Finger Millet (2021-2030) ($MN)
- Table 91 South America Millets Market Outlook, By Proso Millet (2021-2030) ($MN)
- Table 92 South America Millets Market Outlook, By Barnyard Millet (2021-2030) ($MN)
- Table 93 South America Millets Market Outlook, By Other Products Types (2021-2030) ($MN)
- Table 94 South America Millets Market Outlook, By Distribution Channel (2021-2030) ($MN)
- Table 95 South America Millets Market Outlook, By Trade Associations (2021-2030) ($MN)
- Table 96 South America Millets Market Outlook, By Supermarkets (2021-2030) ($MN)
- Table 97 South America Millets Market Outlook, By Grocery Stores (2021-2030) ($MN)
- Table 98 South America Millets Market Outlook, By Online Platforms (2021-2030) ($MN)
- Table 99 South America Millets Market Outlook, By End User (2021-2030) ($MN)
- Table 100 South America Millets Market Outlook, By Ready to eat food (2021-2030) ($MN)
- Table 101 South America Millets Market Outlook, By Bakery (2021-2030) ($MN)
- Table 102 South America Millets Market Outlook, By Beverages (2021-2030) ($MN)
- Table 103 South America Millets Market Outlook, By Breakfast (2021-2030) ($MN)
- Table 104 South America Millets Market Outlook, By Fodder (2021-2030) ($MN)
- Table 105 South America Millets Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 106 Middle East & Africa Millets Market Outlook, By Country (2021-2030) ($MN)
- Table 107 Middle East & Africa Millets Market Outlook, By Product Type (2021-2030) ($MN)
- Table 108 Middle East & Africa Millets Market Outlook, By Pearl Millet (2021-2030) ($MN)
- Table 109 Middle East & Africa Millets Market Outlook, By Foxtail Millet (2021-2030) ($MN)
- Table 110 Middle East & Africa Millets Market Outlook, By Sorghum Millet (2021-2030) ($MN)
- Table 111 Middle East & Africa Millets Market Outlook, By Finger Millet (2021-2030) ($MN)
- Table 112 Middle East & Africa Millets Market Outlook, By Proso Millet (2021-2030) ($MN)
- Table 113 Middle East & Africa Millets Market Outlook, By Barnyard Millet (2021-2030) ($MN)
- Table 114 Middle East & Africa Millets Market Outlook, By Other Products Types (2021-2030) ($MN)
- Table 115 Middle East & Africa Millets Market Outlook, By Distribution Channel (2021-2030) ($MN)
- Table 116 Middle East & Africa Millets Market Outlook, By Trade Associations (2021-2030) ($MN)
- Table 117 Middle East & Africa Millets Market Outlook, By Supermarkets (2021-2030) ($MN)
- Table 118 Middle East & Africa Millets Market Outlook, By Grocery Stores (2021-2030) ($MN)
- Table 119 Middle East & Africa Millets Market Outlook, By Online Platforms (2021-2030) ($MN)
- Table 120 Middle East & Africa Millets Market Outlook, By End User (2021-2030) ($MN)
- Table 121 Middle East & Africa Millets Market Outlook, By Ready to eat food (2021-2030) ($MN)
- Table 122 Middle East & Africa Millets Market Outlook, By Bakery (2021-2030) ($MN)
- Table 123 Middle East & Africa Millets Market Outlook, By Beverages (2021-2030) ($MN)
- Table 124 Middle East & Africa Millets Market Outlook, By Breakfast (2021-2030) ($MN)
- Table 125 Middle East & Africa Millets Market Outlook, By Fodder (2021-2030) ($MN)
- Table 126 Middle East & Africa Millets Market Outlook, By Other End Users (2021-2030) ($MN)
