Millets Market:
Growth opportunities in the millets market look promising over the next six years. This is mainly due to the emerging trend of urban lifestyle, escalation in the number of chronic diseases, the increasing inclination of urban pollution towards healthy food products, and the changing eating patterns.
Millets Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
One of the crucial drivers contributing to the growth of the global millets market includes the growing preference of the urban population towards healthy food products, primarily in the Asia-Pacific Region. Moreover, the evolving inclination for urban lifestyle coupled with the altering eating patterns will further promote the market growth. The augmenting incidences of chronic diseases, including diabetes, obesity, and other cardiovascular issues, will drive the market growth. In accordance with the IDF, approximately 463 million people were suffering from diabetes across the world, with 88 million people in the SEA region.
According to the FAO, India accounts to be one of the prominent global manufacturers with a 41% endowment in the world market for 2019. Also, millet is considered a superfood with an adequate amount of nutrients like phosphorus, copper, magnesium, and manganese. It is therefore alluring a wide range of customers because of the varying climatic conditions. Moreover, this has persuaded farmers to switch towards the cultivation of millets, which can sustain drought and excessive-high temperature. Furthermore, the expanding consciousness towards the advantages provided by millets, like aid in weight loss, less glycemic index, and is a superfood, which is accelerating the market growth. However, the high cost of millets over other commonly consumed grains is likely to curb the market size.
Application Segment Drivers
Based on the application, infant food is projected to expand at a higher CAGR during the forecast period. The rising acceptance of these food products, such as porridge decreases the probability of malnourishment in infants and babies and promotes the market growth. Moreover, their easy accessibility via different platforms such as supermarkets and e-commerce sites propels market growth.
Regional Drivers
On the basis of regional coverage, Asia-Pacific is predicted to lead the market over the forecast period. As per FAO, in 2017, India, China, Mali, and Niger, were the leading five millet producing countries. Thus, their fuelling production is contributing to the market growth. In India, 2023 will be regarded as the International Year of Millets after the nation’s proposal for the Food and Agricultural Organization (FAO) got approved. Thus, the increasing favorable initiatives by the government to raise its production will further supplement the market growth.
Millets Market leading Manufacturers:
- Prisrine Organics
- Earthon Products Pvt. Ltd
- Shimlahills
- Janadhanya
- Viruthai Millets
- Dharmapuri District Minor Millet Farmers Producers Company Ltd.
- South Indian Grains Corporation
- Dharani FaM CooP Ltd.
- Sahaja Organics
Millets Market Segmentation:
Segmentation by Product:
- Pearl
- Finger
- Proso
- Foxtail
- Others
Segmentation by Application:
- Infant Food
- Bakery Food
- Breakfast Food
- Beverages
- Fodder
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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