The global millets market is expected to touch US$ 17.65 billion by 2032 from US$ 10.56 billion in 2023, with a CAGR of 5.88% between 2023-2032. The driving forces are rising customer demand for health and fitness requirements, shift in dietetics: vegan and vegetarian meals, millets being large scale food crops, more stress on nutritionals around the world.
There is vast uses and benefits of millet and it is consumed in all the regions of the globe. People of many parts of Africa and Asia rely on them as their staple foods; they are taken in the form of porridge, bread and fermented drink. Millet is gradually being accepted in the western oriented countries as health functional food and is being utilized in breakfast cereals, snacks and gluten free products among others Its importance is seen in the livestock industry where it is used as fodder Some of the types of millet are grown for bird feed. Besides foods and feeds, millet has the industrial potential for ethanol and the other bio fuels. Due to its ability to feed the people better break the boring usage of few staple crops, besides seeing through climate shocks, Millets is now embraced by the whole world.
Understanding the prospect of Europe market, firms are positioning themselves to focus on carrying out research and developmental studies to developed innovative millet-based food products that will fit the palate of consumers. The proactive planning for this approach foresees positive results to boost the regional market prospects in the near future.
Millets Industry Overview
Millets are small-seed fraternity plants that has been cultivated as cereals from time immemorial. Of all these crops some of the most popular drought resistant crops are the pearl millet, finger millet, the foxtail millet as well as the sorghum. Originally grown in African and Asian countries, millets are produced and consumed all over the world and especially in the regions which receive low rainfall. For that reason, they are labelled as nutrient-dense foods that contain essential amino acids, vitamins, minerals and dietary fibre. It is among the grains which do not contain gluten and have low glycemic index and should therefore be taken by people with the diseases of celiac disease and diabetes. Such qualities as ability to reproduce in unfavorable environments, and lack of attention have driven the demand of millets as climate smart crops.There is vast uses and benefits of millet and it is consumed in all the regions of the globe. People of many parts of Africa and Asia rely on them as their staple foods; they are taken in the form of porridge, bread and fermented drink. Millet is gradually being accepted in the western oriented countries as health functional food and is being utilized in breakfast cereals, snacks and gluten free products among others Its importance is seen in the livestock industry where it is used as fodder Some of the types of millet are grown for bird feed. Besides foods and feeds, millet has the industrial potential for ethanol and the other bio fuels. Due to its ability to feed the people better break the boring usage of few staple crops, besides seeing through climate shocks, Millets is now embraced by the whole world.
Growth Drivers of the Worldwide Millets Market
Rising Demand for Healthy and Nutrient-Dense Foods
The global millet market is on the rise due to the rising demand for healthy and nutritional food products in the global market. Millets contains fibers, vitamins, antioxidants, and minerals; therefore, they are popular with clients who are cutting on their calorie intake. With a change in diet from the popular vegan and gluten-free diets around the world the millet is coming out as a superfood. This is the reason the consumers are more concerned with the products that can help in managing their diabetes, digestion problems and in losing weight. Organic fight also added extra advantage to millet uptake as people are embracing ‘Natural and Organic’ foods including grains. This change in preferences directs demand for millet and its products prepared as, for instance, flour, snaks and FOCPs.Government Policies and Agricultural Promotion
Government policies and program in favour of the crop are the growth factors of the global millets market. Many countries especially in the Asian and Africa continent are urging the production and use of millet in food security and food diversification. Many governments have adopted policies such as provision of incentives, subsidies, and training to farmers to embrace millet farming than other crops since the former is resistant to climate change. The United Nations later in identifying and promoting the grains globally declared the year 2023 as the International Year of Millets. These initiatives are traditional millet farming and investing in technologies and supply chains for processing purpose and doubled up availability, demand of millet products.Rising Demand for Gluten Free and Eco-Friendly Products
Major trends influencing the consumption of millet are the gluten-free foods market and the trend towards the environmental friendliness of products. With increased cases of celiac disease coupled with other personal preference diets that Gluten free, millets apply as a natural as gluten free grains as compared to wheat and barleys. Also, yields from millets are relatively low on water and inputs, which is a good thing environmentally. Due to increasing awareness of available fresh water and sustainable agriculture around the world millets are now being cultivated as climate smart crops. The combined effect of these health and environmental impact is turning millets into many sectors like packed food products, specialty health foods, and other various markets around the globe.Europe Millets Market
The European millet market is currently on an impressive growth trajectory triggered by numerous factors. A main trend fueling this growth is the emergent health consciousness among consumers, thus the need for clean-label foods. Also, the growing number of vegan’s results in the demand for millet products as well as products containing millet. Germany, France, and the U. K are expected to lead such growth as exhibition strong demand towards the millet-based products in the forthcoming years.Understanding the prospect of Europe market, firms are positioning themselves to focus on carrying out research and developmental studies to developed innovative millet-based food products that will fit the palate of consumers. The proactive planning for this approach foresees positive results to boost the regional market prospects in the near future.
Global Millets Company Analysis
The key players in the global millets market are Archer Daniels Midland Company, Cargill, Bayer Crop Science AG and Nestlé S. A., NH Foods Ltd These companies are involved in both production and marketing of millets across the world.Global Millets Company News
- In September 2023, Nestlé India introduced Nestlé a+ Masala Millet-based porridges made with locally sourced ingredients, such as barley, vegetables, bajra, and spices. Available in Veggie Masala and Tangy Tomato flavors, they take just two minutes to make.
- In May 2023, Bonn Group of Industries introduced a range of bakery goods based on millet, including Millet Pizza, Millet Bread, and Millet Burgers. These products are made with Bajra, Jowar, and Ragi and promote a healthy millet-based diet in support of the International Millets Year and the Millet Mission in India.
Product - Market breakup in 2 viewpoints:
- Organic
- Regular
Application - Market breakup in 6 viewpoints:
- Infant Food
- Bakery Product
- Breakfasts
- Beverages
- Fodder
- Others
Distribution Channel - Market breakup in 5 viewpoints:
- Trade Associations & organizations
- Supermarkets
- Traditional Grocery Stores
- Online Stores
- Others
Countries - Market breakup in 25 viewpoints:
North America
- United States
- Canada
Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherland
- Turkey
Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Malaysia
- Indonesia
- Australia
- New Zealand
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
The key players have been covered from 5 viewpoints:
- Overviews
- Key Person
- Recent Developments & Strategies
- Product Portfolio & Product Launch in Last 1 Year
- Revenue
Key Players Analysis:
- Archer Daniels Midland Company
- Cargill
- Bayer Crop Science AG
- Nestlé S.A.
- NH Foods Ltd
Table of Contents
1. Introduction2. Research Methodology3. Executive Summary5. Global Millets Market
4. Market Dynamics
6. Market Share Analysis
7. By Product
8. By Application
9. By Distribution Channels
10. Countries
11. Porter's Five Forces Analysis
12. SWOT Analysis
13. Key Players Analysis
Companies Mentioned
- Archer Daniels Midland Company
- Cargill
- Bayer Crop Science AG
- Nestlé S.A.
- NH Foods Ltd
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | August 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 10.56 Billion |
| Forecasted Market Value ( USD | $ 17.65 Billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 5 |
