The global millet market size reached US$ 12.33 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 16.27 Billion by 2028, exhibiting a growth rate (CAGR) of 4.60% during 2023-2028. The escalating demand for large-scale millet cultivation as a staple crop, emerging trend of vegan and vegetarian diets, and growing awareness regarding health and fitness among the consumers represent some of the key factors driving the market.
Millets refer to the small-seeded grasses that yield cereal grains and are cultivated globally in semi-arid regions. They are rugged crops that can flourish in adverse soil and water-scarce environments, making them a sustainable crop choice for dry, semi-arid, and sub-humid agricultural areas with diverse climates. Millets can be utilized in a wide range of dishes, such as porridges, bread, soups, stews, and beer, and are also used as a source of animal feed, particularly for poultry and livestock. Due to their high fiber, protein, vitamin, and mineral content, gluten-free and hypoglycemic properties, millets are suitable for people with gluten intolerance or celiac disease. In addition, they also offer several health advantages, including improved digestion, decreased cholesterol levels, and better control of blood sugar levels. Furthermore, millets are more cost-effective compared to other cereal grains, making them an ideal option for individuals on a tight budget.
Millet Market Trends:
The escalating demand for large-scale millet cultivation as a staple crop due to its affordability and sustainability as an alternative to rice, wheat, and corn is a significant factor driving the market. This can be attributed to the high cost and rising usage of farming resources such as labor, underground water, crop medicines, and land availability, particularly in emerging economies. In line with this, the emerging trend of vegan and vegetarian diets featuring millets as a nutritional and versatile ingredient is also acting as a significant growth-inducing factor for the market. Moreover, the growing awareness regarding health and fitness among the consumers are resulting in a higher uptake of organic, natural, and gluten-free products, which, in turn, is fueling the market. The market is further fueled by the rapid utilization of millets and millet derivatives in the formulation of infant food. Additionally, the rising concerns regarding climate change and global warming is resulting in a higher uptake of millet cultivation due to its drought-resistance and low water requirement. Furthermore, the easy product availability across offline and online retail channels are creating a positive outlook for the market. Some of the other factors contributing to the market include considerable growth in the agriculture industry, rising popularity of sustainable farming practices, reducing area of arable lands due to rapid urbanization, growing geriatric population requiring healthier diets, and extensive research and development (R&D) activities.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global millet market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on product type, application and distribution channel.
Product Type Insights:
- Pearl Millet
- Finger Millet
- Proso Millet
The report has provided a detailed breakup and analysis of the millet market based on the product type. This includes pearl millet, finger millet, proso millet, and others. According to the report, pearl millet represented the largest segment.
- Infant Food
- Bakery Products
The report has provided a detailed breakup and analysis of the millet market based on the application. This includes infant food, bakery products, beverages, and others. According to the report, infant food represented the largest segment.
Distribution Channel Insights:
- Supermarket and Hypermarkets
- Traditional Grocery Stores
- Online Stores
A detailed breakup and analysis of the millet market based on the distribution channel has also been provided in the report. This includes supermarket and hypermarkets, traditional grocery stores, online stores, and others. According to the report, traditional grocery stores accounted for the largest market share.
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for millet. Some of the factors driving the Asia Pacific millet market included considerable growth in the agriculture industry, rising sales of millet-based snack foods, easy product availability across online and offline retail channels, etc.
The report has also provided a comprehensive analysis of the competitive landscape in the global millet market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Archer-Daniels-Midland Company, Bayer AG, Brett-Young Seeds Limited, Cargill Incorporated, Ernst Conservation Seeds, Roundstone Native Seed Company, Seedway LLC., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
|Product Types Covered
||Pearl Millet, Finger Millet, Proso Millet, Others
||Infant Food, Bakery Products, Beverages, Others
|Distribution Channels Covered
||Supermarket and Hypermarkets, Traditional Grocery Stores, Online Stores, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Archer-Daniels-Midland Company, Bayer AG, Brett-Young Seeds Limited, Cargill Incorporated, Ernst Conservation Seeds, Roundstone Native Seed Company, Seedway LLC., etc.
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||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report:
- How has the global millet market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global millet market?
- What is the impact of each driver, restraint, and opportunity on the global millet market?
- What are the key regional markets?
- Which countries represent the most attractive millet market?
- What is the breakup of the market based on the product type?
- Which is the most attractive product type in the millet market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the millet market?
- What is the breakup of the market based on the distribution channel?
- Which is the most attractive distribution channel in the millet market?
- What is the competitive structure of the global millet market?
- Who are the key players/companies in the global millet market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the millet market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global millet market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the millet industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.