Millets Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product (Organic, Regular); Application (Infant Food, Bakery Product, Breakfast Foods, Beverages, Fodder, Others); Distribution Channel (Supermarket and Hypermarkets, Grocery Stores, Online Stores, Others), and Geography
The global millets market was valued at US$ 9,407.8 million in 2018 and is expected to grow at a CAGR of 4.6% from 2019 to 2027 to reach US$ 14,026.3 million by 2027.
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, the millets market is segmented into infant food, bakery product, breakfast foods, beverages, fodder, and others. The breakfast foods segment held the largest share of the millets market, while the bakery product segment is estimated to grow at the fastest rate during the forecast period. Millets are grasses with small seeds cultivated for food use. The seeds can be milled into flour and used to make various bakery products such as cakes and pastries, biscuits, breads, and breakfast foods The use of finger millet flour in bakery products help in boosting the nutritive profile, without affecting the quality or taste. Millets flour helps in making flat and leavened breads. Chapattis in India are made using finger millet. However, millets are difficult to process because of the tiny size of seeds. Millets are generally touted globally, due its high magnesium, vitamin and amino acid content.
The millets market is segmented into North America, Europe, Asia Pacific, South America, the Middle East &Africa. Asia Pacific held the largest share of the global millets market, followed by Middle East &Africa. India is one of the major countries dominating the millets market in Asia Pacific, followed by China. India’s population is the second largest in the world, growing at 1.08% per annum and is projected to become the world’s largest by 2024. The Indian food sector has emerged as high growth and high-profit sector due to its immense potential for value addition, particularly within the food processing industry. The growing population is further propelling the demands for food and beverage products, which in turn leads to the millets market growth in India. The bakery industry is among the fastest-growing consumer goods sectors with strong market potential for international companies. India ranks second behind China in terms of global food production and is also the world’s largest producer of many commodities.
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), and Viruthai Millets Farmer Producer Company Ltd. (VMFPCL)are among the major players in the global millets market.
The overall global millets market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global millets market. Also, multiple primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the millets market.
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