Millets Market Size to Grow At 13.4% CAGR From 2024 to 2030

 Millets Market size (2024-2030)

As per our research report, the Millets Market size is estimated to be growing at a CAGR of 13.4% from 2024 to 2030.

Millets, often referred to as coarse grains, are primarily grown in Asia and Africa and play a major role in the staple diet of these areas. These grains demand significantly less water for cultivation compared to cereals such as rice and wheat, and they exhibit strong resilience in harsh climatic conditions. As a result, millets are an essential nutritional resource in regions facing difficult climates, notably in the western and southwestern parts of Africa.

Millets, recognized for their small seeds, are highly valued for their impressive nutritional content. These grains come in various colors, including red, white, grey, and pale yellow. Millets offer superior nutritional benefits compared to many common cereals such as wheat and rice.

Millets are rich in protein and minerals, including calcium and iron, which can help prevent diseases. However, some concerns have been raised about their potential link to ailments such as diabetes, obesity, and cardiovascular issues, including heart attacks and coronary artery disease. Despite these concerns, the future growth of the millet industry is anticipated to be driven by increasing public awareness of the health benefits associated with millet consumption.

Globally, there is a rising trend towards weight loss, with significant investment in healthy eating. This trend, coupled with the availability of nutritious options like millet, has created a promising market opportunity. Millets are nutrient-dense and offer more nutritional benefits than wheat and rice. They are a rich source of dietary fiber, calcium, iron, magnesium, potassium, zinc, and vitamins such as thiamine, riboflavin, folic acid, and niacin. The protein, fat, and carbohydrate content in millets ranges from 7 to 12%, 2 to 5%, 65 to 75%, and 15 to 20%, respectively. Additionally, being gluten-free, millets cater to the rising demand associated with celiac disease, showcasing the untapped potential in the millet market.

Millet-based products such as flour, flakes, and biscuits are gaining significant visibility in the consumer market. These grains are particularly suitable for vegetarian and vegan populations due to their high protein content. Granules and regional recipes for breakfast cereal have seen a surge in popularity among consumers. With the increasing trend toward the consumption of fibrous and gluten-free foods, millet-based breakfast items have generated revenue and are projected to experience significant growth in the future.

The potential to produce gluten-free and low glycemic index (GI) food presents promising opportunities for profitability. Millet, buckwheat, and quinoa are increasingly used in various common foods such as waffles, pasta, pizza, and sandwiches. With growing awareness of healthy diets and a shift in consumer preferences towards low-cholesterol and fat-free options, the demand for gluten-free food is anticipated to rise.

In March 2023, Ivar Agro announced plans to launch a cutting-edge millet-based food products project in Dehradun with an initial investment of Rs 200 crore. This initiative aims to create significant employment opportunities for the local community.

In April 2022, the Orissa Government approved the second phase of the 'Odisha Millet Mission,' allocating over US$ 340 million for six years to revitalize millet production within the state. The mission aims to enhance millet output across 19 districts.

KEY MARKET INSIGHTS:

• Based on the Product Type, Pearl millets dominate the global market, largely due to their high consumption and production rates. In India, Pearl Millet is the principal variety grown, solidifying the country's status as the leading millet producer worldwide. Although other types of millets are also cultivated, they require insecticides and fertilizers to achieve optimal growth.
• Based on the End-Use, The ready-to-eat segment of the millet-based market holds the highest share, primarily due to the high protein content of these products, which attracts consumers looking for nutritious options. Conversely, the breakfast segment is experiencing the fastest growth among all segments. The growing consumer preference for healthy bakery products is prompting manufacturers to use naturally occurring and gluten-free ingredients. Gluten-free food products provide similar flavor and consistency to traditional options while avoiding excessive amounts of saturated and trans fats.
• Based on the Distribution Channel, Distribution in the millet market typically involves middlemen who play a vital role in the agricultural process. Processors purchase crops from farmers and then process them into final products. These processed goods, such as bakery products and cereals, are subsequently distributed through grocery stores. Regionally, the Asia-Pacific region leads in both millet production and export, with Africa following closely behind. Within the Asia-Pacific, India is the foremost producer and consumer of millet globally, benefiting from favorable cultivation conditions. During the forecast period, the Asia-Pacific region is expected to maintain its dominance in the millet market. India and China are emerging as significant contributors, driven by factors such as increasing personal disposable incomes, urbanization, and supportive governmental policies.
• Companies playing a leading role in the Millets Market profiled in this report are Mayoora Foods, Sydler India Pvt. Ltd., Navan Foods, LLC., Nestle S.A., Sresta Natural Bioproducts Pvt. Ltd., Nature’s Logic., Dharani FaMCooP Ltd., Janadhanya, Dharmapuri District Minor Millet Farmer Producer Company Limited, Pramoda Exim Corporation.

Global Millets Market Segmentation:

By Product Type:

• Pearl Millet
• Foxtail Millet
• Sorghum
• Finger Millet
• Others

By End-Use:

• Ready food
• Bakery
• Beverages
• Breakfast
• Others

By Distribution Channel:

• Trade Associations
• Supermarkets
• Grocery Stores
• Online Platforms
• Others

By Region:

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

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