Global Millet Market Statistics: USD 18.6 Billion Value by 2032
Millet Industry
Summary:
- The global millet market size reached USD 12.9 Billion in 2023.
- The market is expected to reach USD 18.6 Billion by 2032, exhibiting a growth rate (CAGR) of 4.14% during 2024-2032.
- Asia Pacific leads the market, accounting for the largest millet market share.
- Pearl millet accounts for the majority of the market share in the product type segment as it offers nutritional content like protein, vitamins, and minerals.
- Infant food holds the largest share in the millet industry.
- Traditional grocery stores remain a dominant segment in the market due to the diverse availability of products under one roof.
- The rising awareness about the health benefits of the product is a primary driver of the millet market.
- The increasing focus on sustainable agriculture and demand for organic products are reshaping the millet market.
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Industry Trends and Drivers:
- Health Benefits:
Millets are gaining popularity due to their impressive nutritional profile. They are rich in essential nutrients, including proteins, dietary fiber, vitamins, such as B vitamins, and minerals, like iron, calcium, and magnesium. Their gluten-free nature makes them a superior alternative for those with gluten intolerance or celiac disease. Additionally, millets have a low glycemic index, which aids in managing blood sugar levels, making them favorable for individuals with diabetes. As consumers become more health-conscious and seek nutrient-dense foods, millets are positioned as a superfood option. The rising trend of clean eating and demand for functional food items is contributing to the market growth.
- Sustainable Agriculture:
Millets are inherently resilient crops, well-suited to arid and semi-arid climates. They require significantly less water than other staple grains like rice and wheat, making them a sustainable option. As climate change poses challenges to food security and agricultural productivity, millets present a viable solution for sustainable farming practices. Their ability to thrive in poor soil conditions and withstand drought reduces the need for chemical fertilizers and excessive irrigation. This aligns with the increasing emphasis on sustainable agricultural practices. Moreover, as consumers become more aware of their environmental impact, they are seeking sustainable food options. Furthermore, the rising focus on sustainable farming solutions is impelling the market growth.
- Rising Demand for Organic Products:
There is an increase in the demand for organic products due to health and eco-consciousness among consumers. Millets are often cultivated using organic farming practices and are increasingly recognized for their health benefits and sustainability. Consumers are becoming more discerning about their food choices, seeking products that are free from synthetic pesticides, fertilizers, and genetically modified organisms (GMOs). This shift towards organic consumption is opening new market opportunities for millet producers. Many farmers are transitioning to organic farming methods to meet this rising demand, leading to a broader range of organic millet products, such as flours, snacks, and ready-to-eat (RTE) meals. This growing market segment not only enhances consumer choices but also encourages sustainable farming practices, contributing to the overall growth of the millet market.
Our report provides a deep dive into the market analysis, outlining the current trends, underlying millet market demand, and growth trajectories.
Millet Market Report Segmentation:
Breakup By Product Type:
- Pearl Millet
- Finger Millet
- Proso Millet
- Others
Pearl millet accounts for the majority of shares as it offers nutritional content like protein, vitamins, and minerals.
Breakup By Application:
- Infant Food
- Bakery Products
- Beverages
- Others
Infant food dominates the market on account of the increasing focus on maintaining the enhanced health of babies.
Breakup By Distribution Channel:
- Supermarket and Hypermarkets
- Traditional Grocery Stores
- Online Stores
- Others
Traditional grocery stores represent the majority of shares due to the diverse availability of products under one roof.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific enjoys the leading position owing to a large market for millet driven by the rising health consciousness among individuals.
Top Millet Market Leaders:
The millet market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:
- Archer-Daniels-Midland Company
- Bayer AG
- Brett-Young Seeds Limited
- Cargill Incorporated
- Ernst Conservation Seeds
- Roundstone Native Seed Company
- Seedway LLC
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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