Millets are small-seeded grasses widely grown across the world as cereal crops or grains for fodder and human food. Various types of millet crops such as sorghum, finger millet, pearl millet, barnyard millet, proso millet, and little millet are grown across the globe. These crops are grown in semiarid tropical regions as they are highly drought tolerant in nature. For centuries, millets have served as a major staple food in Asia and Africa. Millets are no gluten food and are rich in nutrients such as copper, magnesium, phosphorus, and manganese. The rich nutritional content in the millets helps in maintaining a healthy life. Millets are an ideal food for people suffering from chronic diseases such as diabetes and heart diseases. Millets are rich in fiber, which helps in digestion and can relieve bowel issues. Regular consumption of millets helps in preventing gastrointestinal problems and other diseases related to kidney and liver.Based on application, millets market is categorized into infant food, bakery product, breakfast foods, beverages, fodder, and others. In 2018, the breakfast foods segment dominated the market by accounting for 32.1% of the total market share. The largest share of the breakfast food segment is attributed to the increasing demand for fiber-rich and gluten-free food products among health-conscious consumers.
Europe is expected to grow at the highest CAGR of 5.4% during the forecast period. Several domestic and international companies have a strong foothold in North America. The western part of Europe is known for its better standards of living, with people displaying a higher income level. It is one of the wealthiest regions on the European continent, with per capita Gross Domestic Product (GDP) more than the other parts. The European consumer displays variations in preferences and reflects economic status, culinary practices, and consumption habits of different countries. Europe is a well-established and mature market for millets.
COVID 19 outbreak first began in Wuhan (China) during December 2019, and since then it has spread across the globe at a fast pace.China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the worst affected countries in terms confirmed cases and reported deaths as of March 2020. The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global chemical and materials industry is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak.For instance, China is the global hub of manufacturing and the largest raw material supplier for various industries. The overall market break down due to COVID-19 is also affecting the market growth of millets due to shutting down of factories, obstacle in supply chain, and downturn in world economy.
Millet consumption is associated with the curing of various types of diseases. For instance, the high fiber levels present in millet reduces low-density lipoprotein or bad cholesterol and increases the high-density lipoprotein or good cholesterol. Besides, millet’s high fiber content reduces blood pressure and thus minimizing the risk of heart attacks. Likewise, the magnesium content in millets helps in improving insulin sensitivity and in preventing type 2 diabetes. Being rich in iron and folic acid, millets prevent anemia and maintain the right level of hemoglobin in the body. Also, it avoids other diseases such as obesity and cardiovascular problems—heart attack, coronary artery disease, and arrhythmias. The application of millets in nutrition products and infant food is increasing at an alarming rate due to the high nutritional content of millets. Therefore, rising awareness among consumers about the health benefits associated with regular consumption of millets is expected to drive the growth of the millets market.
The millets market, based on application, is segmented into infant food, bakery food, breakfast foods, beverages, fodder, and others. The breakfast foods segment accounted for the largest share of the global millets market, whereas the bakery products segment is expected to grow at a higher CAGR during the forecast period. As per the study published in Journal of Texture Studies, the replacement of wheat flour by 60% finger millets increases the nutritive value or texture of muffins. Millets flours especially white teff and proso millets are being rapidly produced in western countries, as gluten free flours for the production of pasta and baked goods. In Africa, there is expanding small-scale manufacture of convenience-type versions of traditional millet-based foods.These products cater for the needs of the growing numbers of urban middle-class consumers who are ready to pay premium price for millets.
The millets market, based on product type, is segmented into organic and regular. Theregular segment accounted for the largest share of the global millets market, whereas the organic segment is expected to register the fastest growth rate during the forecast period. Regular or inorganic millets are produced with the application of insecticides, pesticides, and other modern techniques in farming. Regular millets are rich in starch and have protein content equal to maize or wheat having high value of vitamin B and are extensively used in food industry. Despite their prominent nutritional qualities, millets have received less attention than the major cereals. Millets play an important role in food security and economy of many countries in Africa and Asia. Millets cultivation can keep dry lands productive and ensure future food and nutritional security. Millets hydrate the colon to keeps human from being constipated.
The millets market, based on distribution channel, is segmented into super markets and hyper markets, grocery stores, online stores, and others.The others segment accounted for the largest share of the millets market, whereas the online segment is expected to register the fastest growth rate during the forecast period. The other distribution channel for millets include direct sales, specialty stores, and wholesalers. Direct sales channel creates a linkage between producers and food processing companies also between consumers and producer of products using millets. Specialty stores account for lower revenues in terms of millets sale. Many producers choose to sell millet through retail stores as the physical availability of millets, build confidence among the consumers. When local market producers does not get satisfactory price for their millet produce, they sell his produce to distant markets.
The regional trends and factors influencing the Millets Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Millets Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2018 | US$ 9.41 Billion |
| Market Size by 2027 | US$ 14.03 Billion |
| Global CAGR (2018 - 2027) | 4.6% |
| Historical Data | 2016-2017 |
| Forecast period | 2019-2027 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Millets Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Millets Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies - Global Millets Market
Just Organik, Earthon Products Pvt Ltd., Shimla Hills Offerings Pvt. Ltd., Pristine Organics Pvt Ltd., Sresta Natural Bioproducts Pvt. Ltd., Dharani FaMCooP Ltd., Dharmapuri District Minor Millet Farmer Producer Company Limited, Janadhanya, Sahaja Samrudha Organic Producer Company Ltd (SSOPCL), Viruthai Millets Farmer Producer Company Ltd. (VMFPCL) are among the major players in the global millets market.
As per the study published in journal of Texture studies, the replacement of wheat flour by 60 percent finger millets increases the nutritive value or texture of muffins. Millets flours especially white teff and proso millets are being rapidly produced in western countries, as gluten free flours for the production of pasta and baked goods.
In 2018,the millets market was predominant in Asia Pacific at the global level. Rising awareness about the health benefits and increasing millets usage in foodstuff is propelling the market growth in the region. Rising expenditure towards research and development activities, to diversify the application base of millets has also led to market growth in the Asia Pacific region.