The 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.
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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, millets market is categorized into infant food, bakery product, breakfast foods, beverages, fodder, and others. In 2018, the breakfast foods segment dominated the market by accounting for 32.1% of the total market share. The largest share of the breakfast food segment is attributed to the increasing demand for fiber-rich and gluten-free food products among health-conscious consumers.
Europe is expected to grow at the highest CAGR of 5.4% during the forecast period. Several domestic and international companies have a strong foothold in North America. The western part of Europe is known for its better standards of living, with people displaying a higher income level. It is one of the wealthiest regions on the European continent, with per capita Gross Domestic Product (GDP) more than the other parts. The European consumer displays variations in preferences and reflects economic status, culinary practices, and consumption habits of different countries. Europe is a well-established and mature market for millets.
The millets market, based on distribution channel, is segmented into super markets and hyper markets, grocery stores, online stores, and others.The others segment accounted for the largest share of the millets market, whereas the online segment is expected to register the fastest growth rate during the forecast period. The other distribution channel for millets include direct sales, specialty stores, and wholesalers. Direct sales channel creates a linkage between producers and food processing companies also between consumers and producer of products using millets. Specialty stores account for lower revenues in terms of millets sale. Many producers choose to sell millet through retail stores as the physical availability of millets, build confidence among the consumers. When local market producers does not get satisfactory price for their millet produce, they sell his produce to distant markets.
- Progressive industry trends in the global millets market help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the global millets market from 2017 to 2027
- Estimation of global millets demandacross various industries
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
- Recent developments to understand the competitive market scenario and global millets demand
- Market trends and outlook coupled with factors driving and restraining the growth of the global millets market
- Decision-making process by understanding strategies that underpin commercial interest with regard to global millets marketgrowth
- Global millets marketsize at various nodes of market
- Detailed overview and segmentation of the global millets market, as well as its dynamics in the industry
- Global millets market size in various regions with promising growth opportunities
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