The millet snacks market size was valued at $2,352.6 million in 2021 and is estimated to reach $3,736.6 million by 2031, registering a CAGR of 4.9% from 2022 to 2031. Millet is a pseudo-grain and a member of the grass family Poaceae which produces a dry, edible one-seeded fruit, caryopsis, commonly called a kernel, grain or berry. The grain has a moderate flavor and is tiny, spherical, and relatively soft. One of the easiest to digest and least allergic grains is millet. The need for a variety of healthy snacking options has increased due to a rise in health concerns as well as changes in lifestyles and eating habits around the world. Snacking more frequently in place of meals and the desire for vegan and allergen-free snacks are two important trends driving the business. Niacin, which is abundant in millet, aids the body in controlling more than 400 enzyme reactions. Niacin is crucial for healthy skin and proper organ operation. Furthermore, it enhances digestion health and helps to regulate body sugar.
The significant increase in demand for healthy food among a larger number of consumers across the globe notably contributes to the growth of the global millet snacks market. Food products that are healthier and more nutritious are gaining popularity with the current generation of consumers, especially the millennials and generation Z. Thus, consumers have been placing a strong priority on healthy eating practices and balanced meals, to get the greatest nutritional benefits for the body. Some of the most nutrient-dense cereal grains and seeds on the market are millet. They are low in carbs and high in all macronutrients. Moreover, the increase in the use of millet seeds in snack production is driving the growth of the market. Millet seeds are nutritious food grains that have different health benefits; they have a bland taste. Engaged stakeholders are trying to incorporate millet seeds in different types of snacks making it easier for consumers to have millets to increase the popularity of the consumption of millets.
In addition, the surge in the adoption of millets as a power food source is anticipated to offer potential opportunities for the expansion of the millet snacks market. Power food provides quick energy and nutrients to the body either via a meal or in the form of a nutrition supplement. Millets contain high protein content that helps provide energy to the body. Breakfast cereals made from millet seeds can help provide enough energy for the whole day. However, lack of access to quality millet seeds is the biggest reason for low production of millet snacks considerably expected to hinder the growth of the millet snacks market during the forecast period. Furthermore, inadequate primary processing at the village level and a huge distance between production units to processing units have inflated the cost of processed millet products. Thus, such factors are hampering the growth of the market.
According to the millet snacks market analysis, the millet snacks market is segmented into type, age group, distribution channel and region. By type, it is segregated into extruded products and bakery snacks. Extruded products are further segmented into namkeen, noodles, chips and others. On the basis of age group, the market is segmented into millennials, generation X and baby boomers. Based on the distribution channel, the market is categorized into online and offline. Offline segment further studied through hypermarket & supermarket, specialty stores, convenience stores, departmental stores, and others. Based on region, it is analyzed across North America (the U. S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Belgium, Russia and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, Indonesia and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia and Rest of LAMEA).
The major players operating in the market are Milletsnacks, Healthy Master, Sweet Karam Coffee, Orgtree, Moon Food, Urban Millets Pvt Ltd, Nativefoodtore, HiYou, Cicer Food Products and Slurrp Farm.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the millet snacks market analysis from 2021 to 2031 to identify the prevailing millet snacks market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the millet snacks market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global millet snacks market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Extruded Products
- Sub type
- Namkeen
- Noodles
- Chips
- Others
- Bakery Snacks
By Age Group
- Millennials
- Generation X
- Baby boomers
By Distribution Channel
- Online
- Offline
- Sub channel
- Hypermarket and Supermarket
- Specialty Stores
- Convenience Stores
- Departmental Stores
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Belgium
- Russia
- Rest Of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Indonesia
- Rest Of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest Of LAMEA
Key Market Players
- Milletsnacks
- Healthy Master
- Sweet Karam Coffee
- URBAN MONK PRIVATE LIMITED
- Orgtree
- Moon Foods
- Urban Millets Pvt Ltd
- Nativefoodstore
- HiYou
- Cicer Food Products
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Table of Contents
CHAPTER 1: INTRODUCTION1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
CHAPTER 4: MILLET SNACKS MARKET, BY TYPE
4.1 Overview
4.1.1 Market size and forecast
4.2 Extruded Products
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.2.4 Extruded Products Millet Snacks Market by Sub type
4.2.4.1 Namkeen Market size and forecast, by region
4.2.4.2 Namkeen Market size and forecast, by country
4.2.4.3 Noodles Market size and forecast, by region
4.2.4.4 Noodles Market size and forecast, by country
4.2.4.5 Chips Market size and forecast, by region
4.2.4.6 Chips Market size and forecast, by country
4.2.4.7 Others Market size and forecast, by region
4.2.4.8 Others Market size and forecast, by country
4.3 Bakery Snacks
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country
CHAPTER 5: MILLET SNACKS MARKET, BY AGE GROUP
5.1 Overview
5.1.1 Market size and forecast
5.2 Millennials
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 Generation X
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
5.4 Baby boomers
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market analysis by country
CHAPTER 6: MILLET SNACKS MARKET, BY DISTRIBUTION CHANNEL
6.1 Overview
6.1.1 Market size and forecast
6.2 Online
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market analysis by country
6.3 Offline
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market analysis by country
6.3.4 Offline Millet Snacks Market by Sub channel
6.3.4.1 Hypermarket and Supermarket Market size and forecast, by region
6.3.4.2 Hypermarket and Supermarket Market size and forecast, by country
6.3.4.3 Specialty Stores Market size and forecast, by region
6.3.4.4 Specialty Stores Market size and forecast, by country
6.3.4.5 Convenience Stores Market size and forecast, by region
6.3.4.6 Convenience Stores Market size and forecast, by country
6.3.4.7 Departmental Stores Market size and forecast, by region
6.3.4.8 Departmental Stores Market size and forecast, by country
6.3.4.9 Others Market size and forecast, by region
6.3.4.10 Others Market size and forecast, by country
CHAPTER 7: MILLET SNACKS MARKET, BY REGION
7.1 Overview
7.1.1 Market size and forecast
7.2 North America
7.2.1 Key trends and opportunities
7.2.2 North America Market size and forecast, by Type
7.2.2.1 North America Extruded Products Millet Snacks Market by Sub type
7.2.3 North America Market size and forecast, by Age Group
7.2.4 North America Market size and forecast, by Distribution Channel
7.2.4.1 North America Offline Millet Snacks Market by Sub channel
7.2.5 North America Market size and forecast, by country
7.2.5.1 U. S.
7.2.5.1.1 Market size and forecast, by Type
7.2.5.1.1.1 U. S. Extruded Products Millet Snacks Market by Sub type
7.2.5.1.2 Market size and forecast, by Age Group
7.2.5.1.3 Market size and forecast, by Distribution Channel
7.2.5.1.3.1 U. S. Offline Millet Snacks Market by Sub channel
7.2.5.2 Canada
7.2.5.2.1 Market size and forecast, by Type
7.2.5.2.1.1 Canada Extruded Products Millet Snacks Market by Sub type
7.2.5.2.2 Market size and forecast, by Age Group
7.2.5.2.3 Market size and forecast, by Distribution Channel
7.2.5.2.3.1 Canada Offline Millet Snacks Market by Sub channel
7.2.5.3 Mexico
7.2.5.3.1 Market size and forecast, by Type
7.2.5.3.1.1 Mexico Extruded Products Millet Snacks Market by Sub type
7.2.5.3.2 Market size and forecast, by Age Group
7.2.5.3.3 Market size and forecast, by Distribution Channel
7.2.5.3.3.1 Mexico Offline Millet Snacks Market by Sub channel
7.3 Europe
7.3.1 Key trends and opportunities
7.3.2 Europe Market size and forecast, by Type
7.3.2.1 Europe Extruded Products Millet Snacks Market by Sub type
7.3.3 Europe Market size and forecast, by Age Group
7.3.4 Europe Market size and forecast, by Distribution Channel
7.3.4.1 Europe Offline Millet Snacks Market by Sub channel
7.3.5 Europe Market size and forecast, by country
7.3.5.1 UK
7.3.5.1.1 Market size and forecast, by Type
7.3.5.1.1.1 UK Extruded Products Millet Snacks Market by Sub type
7.3.5.1.2 Market size and forecast, by Age Group
7.3.5.1.3 Market size and forecast, by Distribution Channel
7.3.5.1.3.1 UK Offline Millet Snacks Market by Sub channel
7.3.5.2 Germany
7.3.5.2.1 Market size and forecast, by Type
7.3.5.2.1.1 Germany Extruded Products Millet Snacks Market by Sub type
7.3.5.2.2 Market size and forecast, by Age Group
7.3.5.2.3 Market size and forecast, by Distribution Channel
7.3.5.2.3.1 Germany Offline Millet Snacks Market by Sub channel
7.3.5.3 France
7.3.5.3.1 Market size and forecast, by Type
7.3.5.3.1.1 France Extruded Products Millet Snacks Market by Sub type
7.3.5.3.2 Market size and forecast, by Age Group
7.3.5.3.3 Market size and forecast, by Distribution Channel
7.3.5.3.3.1 France Offline Millet Snacks Market by Sub channel
7.3.5.4 Italy
7.3.5.4.1 Market size and forecast, by Type
7.3.5.4.1.1 Italy Extruded Products Millet Snacks Market by Sub type
7.3.5.4.2 Market size and forecast, by Age Group
7.3.5.4.3 Market size and forecast, by Distribution Channel
7.3.5.4.3.1 Italy Offline Millet Snacks Market by Sub channel
7.3.5.5 Belgium
7.3.5.5.1 Market size and forecast, by Type
7.3.5.5.1.1 Belgium Extruded Products Millet Snacks Market by Sub type
7.3.5.5.2 Market size and forecast, by Age Group
7.3.5.5.3 Market size and forecast, by Distribution Channel
7.3.5.5.3.1 Belgium Offline Millet Snacks Market by Sub channel
7.3.5.6 Russia
7.3.5.6.1 Market size and forecast, by Type
7.3.5.6.1.1 Russia Extruded Products Millet Snacks Market by Sub type
7.3.5.6.2 Market size and forecast, by Age Group
7.3.5.6.3 Market size and forecast, by Distribution Channel
7.3.5.6.3.1 Russia Offline Millet Snacks Market by Sub channel
7.3.5.7 Rest of Europe
7.3.5.7.1 Market size and forecast, by Type
7.3.5.7.1.1 Rest of Europe Extruded Products Millet Snacks Market by Sub type
7.3.5.7.2 Market size and forecast, by Age Group
7.3.5.7.3 Market size and forecast, by Distribution Channel
7.3.5.7.3.1 Rest of Europe Offline Millet Snacks Market by Sub channel
7.4 Asia-Pacific
7.4.1 Key trends and opportunities
7.4.2 Asia-Pacific Market size and forecast, by Type
7.4.2.1 Asia-Pacific Extruded Products Millet Snacks Market by Sub type
7.4.3 Asia-Pacific Market size and forecast, by Age Group
7.4.4 Asia-Pacific Market size and forecast, by Distribution Channel
7.4.4.1 Asia-Pacific Offline Millet Snacks Market by Sub channel
7.4.5 Asia-Pacific Market size and forecast, by country
7.4.5.1 China
7.4.5.1.1 Market size and forecast, by Type
7.4.5.1.1.1 China Extruded Products Millet Snacks Market by Sub type
7.4.5.1.2 Market size and forecast, by Age Group
7.4.5.1.3 Market size and forecast, by Distribution Channel
7.4.5.1.3.1 China Offline Millet Snacks Market by Sub channel
7.4.5.2 India
7.4.5.2.1 Market size and forecast, by Type
7.4.5.2.1.1 India Extruded Products Millet Snacks Market by Sub type
7.4.5.2.2 Market size and forecast, by Age Group
7.4.5.2.3 Market size and forecast, by Distribution Channel
7.4.5.2.3.1 India Offline Millet Snacks Market by Sub channel
7.4.5.3 Japan
7.4.5.3.1 Market size and forecast, by Type
7.4.5.3.1.1 Japan Extruded Products Millet Snacks Market by Sub type
7.4.5.3.2 Market size and forecast, by Age Group
7.4.5.3.3 Market size and forecast, by Distribution Channel
7.4.5.3.3.1 Japan Offline Millet Snacks Market by Sub channel
7.4.5.4 Australia
7.4.5.4.1 Market size and forecast, by Type
7.4.5.4.1.1 Australia Extruded Products Millet Snacks Market by Sub type
7.4.5.4.2 Market size and forecast, by Age Group
7.4.5.4.3 Market size and forecast, by Distribution Channel
7.4.5.4.3.1 Australia Offline Millet Snacks Market by Sub channel
7.4.5.5 Indonesia
7.4.5.5.1 Market size and forecast, by Type
7.4.5.5.1.1 Indonesia Extruded Products Millet Snacks Market by Sub type
7.4.5.5.2 Market size and forecast, by Age Group
7.4.5.5.3 Market size and forecast, by Distribution Channel
7.4.5.5.3.1 Indonesia Offline Millet Snacks Market by Sub channel
7.4.5.6 Rest of Asia-Pacific
7.4.5.6.1 Market size and forecast, by Type
7.4.5.6.1.1 Rest of Asia-Pacific Extruded Products Millet Snacks Market by Sub type
7.4.5.6.2 Market size and forecast, by Age Group
7.4.5.6.3 Market size and forecast, by Distribution Channel
7.4.5.6.3.1 Rest of Asia-Pacific Offline Millet Snacks Market by Sub channel
7.5 LAMEA
7.5.1 Key trends and opportunities
7.5.2 LAMEA Market size and forecast, by Type
7.5.2.1 LAMEA Extruded Products Millet Snacks Market by Sub type
7.5.3 LAMEA Market size and forecast, by Age Group
7.5.4 LAMEA Market size and forecast, by Distribution Channel
7.5.4.1 LAMEA Offline Millet Snacks Market by Sub channel
7.5.5 LAMEA Market size and forecast, by country
7.5.5.1 Brazil
7.5.5.1.1 Market size and forecast, by Type
7.5.5.1.1.1 Brazil Extruded Products Millet Snacks Market by Sub type
7.5.5.1.2 Market size and forecast, by Age Group
7.5.5.1.3 Market size and forecast, by Distribution Channel
7.5.5.1.3.1 Brazil Offline Millet Snacks Market by Sub channel
7.5.5.2 South Africa
7.5.5.2.1 Market size and forecast, by Type
7.5.5.2.1.1 South Africa Extruded Products Millet Snacks Market by Sub type
7.5.5.2.2 Market size and forecast, by Age Group
7.5.5.2.3 Market size and forecast, by Distribution Channel
7.5.5.2.3.1 South Africa Offline Millet Snacks Market by Sub channel
7.5.5.3 Saudi Arabia
7.5.5.3.1 Market size and forecast, by Type
7.5.5.3.1.1 Saudi Arabia Extruded Products Millet Snacks Market by Sub type
7.5.5.3.2 Market size and forecast, by Age Group
7.5.5.3.3 Market size and forecast, by Distribution Channel
7.5.5.3.3.1 Saudi Arabia Offline Millet Snacks Market by Sub channel
7.5.5.4 Rest of LAMEA
7.5.5.4.1 Market size and forecast, by Type
7.5.5.4.1.1 Rest of LAMEA Extruded Products Millet Snacks Market by Sub type
7.5.5.4.2 Market size and forecast, by Age Group
7.5.5.4.3 Market size and forecast, by Distribution Channel
7.5.5.4.3.1 Rest of LAMEA Offline Millet Snacks Market by Sub channel
CHAPTER 8: COMPANY LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product Mapping of Top 10 Player
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Key developments
CHAPTER 9: COMPANY PROFILES
9.1 Milletsnacks. com
9.1.1 Company overview
9.1.2 Company snapshot
9.1.3 Operating business segments
9.1.4 Product portfolio
9.1.5 Business performance
9.1.6 Key strategic moves and developments
9.2 Healthy Master
9.2.1 Company overview
9.2.2 Company snapshot
9.2.3 Operating business segments
9.2.4 Product portfolio
9.2.5 Business performance
9.2.6 Key strategic moves and developments
9.3 www. sweetkaramcoffee. in
9.3.1 Company overview
9.3.2 Company snapshot
9.3.3 Operating business segments
9.3.4 Product portfolio
9.3.5 Business performance
9.3.6 Key strategic moves and developments
9.4 URBAN MONK PRIVATE LIMITED
9.4.1 Company overview
9.4.2 Company snapshot
9.4.3 Operating business segments
9.4.4 Product portfolio
9.4.5 Business performance
9.4.6 Key strategic moves and developments
9.5 Orgtree
9.5.1 Company overview
9.5.2 Company snapshot
9.5.3 Operating business segments
9.5.4 Product portfolio
9.5.5 Business performance
9.5.6 Key strategic moves and developments
9.6 Moon Foods
9.6.1 Company overview
9.6.2 Company snapshot
9.6.3 Operating business segments
9.6.4 Product portfolio
9.6.5 Business performance
9.6.6 Key strategic moves and developments
9.7 Urban Millets Pvt Ltd
9.7.1 Company overview
9.7.2 Company snapshot
9.7.3 Operating business segments
9.7.4 Product portfolio
9.7.5 Business performance
9.7.6 Key strategic moves and developments
9.8 Nativefoodstore
9.8.1 Company overview
9.8.2 Company snapshot
9.8.3 Operating business segments
9.8.4 Product portfolio
9.8.5 Business performance
9.8.6 Key strategic moves and developments
9.9 HiYou
9.9.1 Company overview
9.9.2 Company snapshot
9.9.3 Operating business segments
9.9.4 Product portfolio
9.9.5 Business performance
9.9.6 Key strategic moves and developments
9.10 Cicer Food Products
9.10.1 Company overview
9.10.2 Company snapshot
9.10.3 Operating business segments
9.10.4 Product portfolio
9.10.5 Business performance
9.10.6 Key strategic moves and developments
Executive Summary
According to this report, titled, 'Millet Snacks Market,' the millet snacks market was valued at $2.4 billion in 2021, and is estimated to reach $3.7 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031.
An increase in the use of millet seeds in snacks is fueling the growth of the global millet snacks market. The bland-tasting millet seeds are a healthy food grain with a long list of health advantages. Engaged stakeholders are attempting to include millet seeds in various sorts of snacks that will make it simpler for customers to eat millet in an effort to increase the popularity of millet consumption. Moreover, the increase in demand for healthy food is further boosting the growth of the millet snacks market size. Some of the most nutrient-dense cereal grains and seeds in the market are millet. They are low in carbs and high in all macronutrients. They also include a lot of fiber, which supports intestinal health and boosts metabolism. In addition, the high amounts of vitamins, minerals, and calcium found in millet seeds aid to increase bone density and give the body the nutrition it needs to maintain healthy bodily functioning and fend against disease. People are increasingly consuming millet snacks as it is an excellent source of vitamin A & B, phosphorus, potassium, antioxidants, niacin, calcium, and iron.
However, the decline in the production of millet seeds and the limited farming area under the millet seeds are likely to hamper the production of millet snacks which restraints the growth of the global market. Furthermore, inadequate primary processing at the village level and a huge distance between production units to processing units have inflated the cost of processed millet products. In addition, millets have a relatively short shelf life. This causes extra speediness in the preservation and processing, which increases is cost. This pricing hike is making it more difficult for this sector to appeal to general customers.
Nevertheless, the surge in the adoption of millets as a power food source is another significant factor creating opportunities in the millet snacks market. Power food provides quick energy and nutrients to the body either via a meal or in the form of a nutrition supplement. Millets contain high protein content that helps provide energy to the body. Breakfast cereals made from millet seeds can help provide enough energy for the whole day. This utilization of millet seeds as power food is anticipated to offer potential opportunities for the expansion of the millet snacks market.
According to the millet snacks market analysis, the millet snacks market is segmented into type, age group, distribution channel, and region. By type, it is segregated into extruded products and bakery snacks. extruded products are further segmented into namkeen, noodles, chips, and others. On the basis of age group, the market is segmented into millennials, generation x, and baby boomers. Based on the distribution channel, the market is categorized into online and offline. The offline segment was further studied through hypermarkets & supermarkets, specialty stores, convenience stores, departmental stores, and others. Based on region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Belgium, Russia and the Rest of Europe), Asia-Pacific (China, India, Japan, Australia, Indonesia and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia and Rest of LAMEA).
According to the millet snacks market trends, on the basis of type, the market is classified into extruded products and bakery snacks. The extruded products segment accounted for a major share of the millet snacks market in 2021 and is expected to grow at a significant CAGR during the forecast period. Extruded snacks are gaining popularity among consumers across the globe due to their enticing flavor profile and crispy and crunchy texture. Extrusion processing has been widely used in the creation of RTE cereal-based snacks due to its simplicity of preparation and capacity to produce a variety of textures and shapes that appeal to customers. Snacks with tasty organoleptic qualities are in demand. Thus, the above-mentioned factors are likely to supplement the millet snacks market growth through extruded products segment during the forecast period.
By age group, the millennials segment accounted for a major share of the millet snacks market in 2021 and is expected to grow at a significant CAGR during the forecast period. The surge in the inclination of the millennial population for healthy food products and the rise in demand for convenience especially fast-food products are likely to propel the demand for millet snacks during the forecast period. Furthermore, an increase in awareness regarding plant-based food products among the millennial population is likely to boost the millet snacks market demand.
As per the distribution channel, the online segment is projected to grow at the highest CAGR growth rate during the forecast period, attributed to the availability of food products in online stores and other benefits such as doorstep delivery, convenient shopping facilities, and hassle-free payment gateway. Furthermore, most of the companies are opening their online stores and providing their products at discounted rates and other promotional coupons to sell their products which further boost the growth of the millet snacks market through the online segment during the forecast period.
According to the millet snacks market opportunities, region wise, Asia-Pacific held the major millet snacks market share in 2021 and is projected to grow at a significant CAGR of 4.0% from 2022 to 2031. India contributes to nearly 20% of the global export value of millet and thus is a key player in terms of its ability to provide for global demand. China has shown a gradual increase in the yields of millet. Millets, which are minor grain crops, have drawn special interest in China because both foxtail millet and broomcorn millet were domesticated there and later became the country's main traditional grain crops.
The major players analyzed in the global millet snacks industry are Milletsnacks.com, Healthy Master, orgtree, Moon Food, Urban Millets Pvt Ltd, Nativefoodtore, HiYou, Cicer Food Products and Slurrp Farm.
Key findings of the study
By type, the extruded products segment was the highest revenue contributor to the market with $1,999.9 million in 2021, and is estimated to reach $3,130.1 million by 2031, with a CAGR of 4.8%.
By age group, the millennials segment was the highest revenue contributor to the market, with $1,083.8 million in 2021, and is estimated to reach $1,584.5 million by 2031, with a CAGR of 4.0%.
By distribution channel, the offline segment was the highest revenue contributor to the market, with $17,63.8 million in 2021, and is estimated to reach $2728.5 million by 2031, with a CAGR of 4.6%.
Region-wise, Asia-Pacific was the highest revenue contributor, accounting for $1,043.3 million in 2021, and is estimated to reach $1,532.0 million by 2031, with a CAGR of 4.0%.
Companies Mentioned
- Milletsnacks
- Healthy Master
- Sweet Karam Coffee
- Urban Monk Private Limited
- Orgtree
- Moon Foods
- Urban Millets Pvt Ltd.
- Nativefoodstore
- Hiyou
- Cicer Food Products
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 295 |
| Published | October 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 2352.6 million |
| Forecasted Market Value ( USD | $ 3736.6 million |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
