Millet Market - Size, Share & Outlook | Latest Advancements

Global Millet Market Overview

The Global Millet Market size is expected to grow from USD 11.48 billion in 2023 to USD 17.36 billion by 2032, at a CAGR of 4.7% during the forecast period (2024-2032).

The global millet market is experiencing a resurgence due to growing health and nutrition awareness among consumers. Millet is now recognized for its gluten-free, fiber-rich, and essential nutrients. The market is driven by a growing trend towards plant-based diets and sustainable agricultural practices, making it an attractive alternative to traditional grains like wheat and rice.

The Asia-Pacific region remains the largest market for millet, primarily due to its historical significance in countries like India and China. The increasing population and disposable incomes in these regions have led to higher demand for millet-based products. Africa is also experiencing a revival in millet cultivation and consumption, supported by government initiatives promoting food security and sustainable farming practices. The market includes various types of wheat, each offering unique nutritional profiles and culinary applications.

The market is poised for substantial growth due to increased investments in research and development to enhance millet cultivation and processing technologies. The rising popularity of health-conscious eating and clean label products presents lucrative opportunities for manufacturers. As consumers become more aware of millet's nutritional advantages and low environmental impact, the market is expected to expand, solidifying millet's position as a key player in the global food landscape.

Market Dynamics and Factors for the Millet Market:

Drivers:

Growing Health Consciousness among the Consumers
During the forecast period, the global millet market would be driven by increased awareness among the urban population about the health benefits associated with millet consumption. A variety of ailments have been linked to changes in lifestyle and eating habits, including diabetes, obesity, myocardial infarction, coronary heart disease, and arrhythmia. Millet is high in minerals and proteins including calcium and iron, which can aid in the prevention of various disorders. Consumer demand for healthier bakery mixes is driving manufacturers to employ natural gluten-free ingredients that deliver the same flavor and consistency without excessive levels of saturated and trans-fats. Millet's market share could grow if people adopt healthier eating habits and a greater willingness to switch to low-calorie options. Due to crucial elements such as climate change, the millet business is predicted to exhibit significant earnings during the forecast period. Millet, on the other hand, will be a more crucial solution for farmers. Millet is the drought's final crop, and it can withstand exceptionally hot temperatures. Millet is also ideal for the major global health food trends, such as ancient grains gluten-free, superfoods, good for weight loss, and low glycemic index, so it is necessary to leverage on it now to drive the market and research. Farmers began to cultivate millet through wheat and rice in response to rising demand in Asian and Pacific countries, particularly China and India.

Restraints:

High Production cost and Short Shelf Life
High product costs, along with the fact that grains are largely consumed, are limiting penetration in the urbanized food industry. Millet prices are often higher than rice and wheat prices due to a poor supply chain and lower production volume. Millet has a short shelf life, which is thought to impede its market expansion. Difficult handling is a major issue that reduces customer demand and raises the risk of minority accounting. As a result, the millet market is expected to increase slowly throughout the forecast period.

Opportunities:

Growing Demand for Gluten-Free Products
Gluten-free qualities should make it easier to make low-GI and gluten-free dishes. Many underdeveloped countries and federal governments have long-term nutrition plans in place to tackle hunger. Increase the growth of the industry through promoting government programs and including millet in a variety of foods and beverages. Advanced scientific procedures, on the other hand, are constantly used, and efforts are being made to identify simple and easy solutions to extend the shelf life. Millet and related items are in high demand, and this gives a solid business potential in the coming year.

Market Segmentation

By Type, the pearl millet segment is expected to capture the maximum millet market share over the forecast period. Almost half of the world's millet is produced with this product. In the Asia Pacific and Africa regions, the aforementioned product is regarded as the most important millet species in terms of harvested areas and contributions to food security. Millet production in India is the world's largest in terms of volume. Furthermore, wheat, along with rice and corn, is the most widely consumed cereal in the world, yet it contains gluten, a protein that causes gastrointestinal issues such as bloating, flatulence, and irritable bowel syndrome. Pearl millet, on the other hand, is gluten-free and is most usually used as a gluten-free replacement.

By Application, the bakery product segment is anticipated to dominate the millet market over the forecast period. Bakery products, such as packaged cookies, are becoming more popular as they become more readily available in supermarkets, hypermarkets, and e-commerce sites, particularly in Asia-Pacific countries. Furthermore, millet is high in both soluble and insoluble dietary fiber. Millet's insoluble fiber is a "prebiotic," which means it helps your digestive system's healthy bacteria thrive. This sort of fiber also helps keep you regular and lowers your risk of colon cancer by adding bulk to your stools.

In the millets business, distribution channels are extremely important since they provide for greater exposure to the general market. Agriculture trade associations have traditionally included middlemen. Processors frequently collaborate with farmers to obtain crops directly from them. FPOs (farmer producer organizations) are now playing an increasingly important role in product procurement and distribution. Consumers buy the product and similar processed goods such as bakery products, cereals, and other items from traditional grocery stores, which are part of the open market. Online stores, also known as e-commerce sites, are increasingly becoming a viable distribution channel for product processors, and are expected to develop at a healthy rate over the projection period. It is one of the most well-known channels for packaged millet brands, and it assists processors in establishing their supply chain, which includes services like home delivery. It also reduces their reliance on traditional grocery stores and third-party vendors.

Players Covered in Millet market are :

• Archer Daniels Midland Company
• Cargill Inc.
• Nestle S.A.
• Wise Seed Company Inc.
• Roundstone Native Seed Company
• E.I. DuPont De Nemours and Company
• Bayer Crop Science AG
• Ernst Conservation Seeds
• Brett-Young Seeds Limited
• Treta Agro (P) Ltd
• Sresta Natural Bioproducts Pvt Ltd
• Janadhanya Farmers Producer Company Limited
• Dharani FaM CooP Ltd
• Mayoora Foods
• Navan Foods LLC
• Sydler India Pvt. Ltd.
• Nature's Logic.
• Tata Consumer Products Limited (TCPL) and other major players.

Regional Analysis for the Millet Market:

The Asia Pacific and Africa regions are expected to dominate the global millet market due to historical consumption patterns and increasing health awareness. Millet has long been a staple food in countries like India, China, and Africa, providing essential nutrients and energy.

The rising trend towards healthy eating and a shift away from gluten-containing grains has sparked renewed interest in millet, as it is gluten-free and rich in dietary fiber, proteins, and vitamins. India is the largest producer and consumer of wheat, leveraging its diverse agricultural landscape and traditional dietary practices. Recent government initiatives, such as the International Year of Millets 2023, have further boosted the market.

In Africa, millet is a crucial crop for many communities, particularly in arid and semi-arid regions, where it thrives under challenging climatic conditions. The growing population and rising disposable incomes in Africa are leading to increased demand for nutritious food options, with millet-based products gaining traction. The synergy of cultural significance, health benefits, and supportive governmental policies positions the Asia Pacific and Africa as pivotal regions in the millet market.

Key Industry Developments in the Millet Market:

• In October 2024, Hyderabad-based millet snack start-up Troo Good secured $9 million in funding, led by Puro Wellness and supported by Oaks Asset Management and V Ocean Investments. The investment will enhance the company's infrastructure, distribution, and product innovation, aiming to solidify its presence in the healthy snacks market. With this round of funding, Troo Good's total capital raised reaches approximately ?130 crore, following a previous ?55 crore Series A round in November 2021. The company, which sells over 3 million units of millet snacks daily, plans to further expand its market share in the health-conscious consumer segment?