Millet Market
PUBLISHED: 2023 ID: SMRC22955
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Millet Market

Millet Market Forecasts to 2028 - Global Analysis By Product Type (Pearl Millet, Foxtail Millet, Sorghum, Finger Millet and Porso Millet), Type (Organic Millet Flour and Normal Millet Flour), Distribution Channel (Trade Association& Organization, Traditional Grocery Stores, Supermarket, Online Stores and Grocery Stores), Application, End User and By Geography

4.3 (68 reviews)
4.3 (68 reviews)
Published: 2023 ID: SMRC22955

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $16.03 BN

Projected Year Value (2028)

US $23.38 BN

CAGR (2022 - 2028)

6.49%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

Asia Pacific


According to Stratistics MRC, the Global Millet Market is accounted for $16.03 billion in 2022 and is expected to reach $23.38 billion by 2028 growing at a CAGR of 6.49% during the forecast period. Millets are cereal crops with small seeds that have a high nutritional value. Millet comes in a variety of colors, including pale yellow, white, gray, and red. They outperform some commonly consumed cereals, such as rice and wheat, in terms of nutritional value.

According to Food and Agriculture Organization (FAO), global millet production was estimated at 28.33 million metric tons in 2019, which increased to 30.08 million metric tons in 2021.



Market Dynamics:

Driver:

Growing preference for healthy foods is driving the market

Factors that are driving the millet market are rising in high demand as they are nutritionally superior to cereals, non-acid-forming, non-allergenic, easy to digest, and high in protein, antioxidants, and dietary fiber. Millets have increased in production and productivity due to their benefits in maintaining body weight, improving hemoglobin levels, reducing iron deficiency, and fighting anemia, diabetes, and cardiovascular disease. One of the main drivers of international demand for organic millet is a shift in consumer lifestyles, which has increased their proclivity for healthier foods. Organic millets contain high levels of protein and minerals, which help prevent diseases such as obesity, diabetes, and cardiovascular disease.

Restraint:

Inadequate access to high-quality seeds

The most important reason for low millet consumption is a lack of access to high-quality seeds. Inadequate primary processing at the village level, as well as a long distance between production and processing units, have driven up the price of processed millet products. Private entrepreneurs are unaware of existing government policies and programs that allow them to obtain credit and other forms of assistance to procure and process millets using technology into ready-to-eat/ready-to-cook value-added millet products, limiting millet marketing.

Opportunity:

Promotional intervention for millets

The government has provided various types of assistance to various stakeholders, such as finance, infrastructure, and technology. Most states have already announced the Minimum Support Price (MSP) for significant millets, creating enormous opportunities for millet production. The processing units are located closer to the production sites, where primary processing and quality control checks are performed, followed by secondary processing, quality control checks, packaging, and branding on a larger scale at the central level. This has contributed to lower factory gate pricing for millet products as well as increased farm opportunities and monetary benefits for millet cultivators.

Threat:

Misalignment of supply and demand

The majority of millet production is concentrated in Asia and Africa, and an imbalance in supply and demand is expected to limit the global millet flour market's growth over the forecast period. Furthermore, millets contain goitrogens, which disrupt thyroid hormone production and can cause goiter, limiting the global millet flour market's growth in the near future.

Covid-19 Impact:

COVID-19 pandemic was spread across the globe in 2020.The COVID-19 pandemic is a global pandemic that has affected numerous countries. It has caused havoc in the fields of business and marketing. During the pandemic, demand for millet flour increased as consumers sought longer-lasting food staples that were also healthy to consume. Manufacturers are experiencing production difficulties due to a scarcity of raw materials and labor. Following the pandemic, there will be an increase in market demand for millet flour as consumers seek healthy food products that boost antioxidants in the body.

The pearl millet segment is expected to be the largest during the forecast period

The pearl millet segment is expected to account for a sizable market share. Pearl millet is a staple crop in many parts of Saudi Arabia and is one of the most widely grown millet varieties in the region. It is a high-protein, fiber-rich grain that is high in other essential nutrients, making it a popular choice among health-conscious consumers. Pearl millet also has a wide range of applications and can be used to make a variety of products, such as flour, porridge, and baked goods. Because of its versatility, pearl millet has become a popular ingredient in the food industry, and demand for pearl millet-based products in the country is expected to rise further.

The specialty stores segment is expected to have the highest CAGR during the forecast period

The specialty stores sub-segment of the global millet seed market is expected to have the largest market share and the fastest growth. This market expansion can be attributed to rising demand for millet-related brands. Specialty stores of millets or other goods can sell consumers specific items of specific brands, with a primary focus on high customer satisfaction. All of these factors may increase sub-segment and millet seed market demand.

Region with largest share:

The Asia-Pacific region is expected to hold the maximum millet market during the forecast period. India is the world's leading producer of millet. According to the FAO, global millet production in 2019 is expected to be 28.4 million metric tons. With 41.0 percent of the global market, India is the world's largest producer. Millet's popularity as a food staple in India has declined over the last two decades due to a variety of factors, such as increased earnings, urbanization, and government policy.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period. Asia-Pacific leads the millet market and will maintain its dominance throughout the forecast period. Because of rising personal disposable incomes, urbanization, and supportive government policies, India and China have emerged as the region's major contributors. Rising awareness of millets' health benefits and nutritional content will exacerbate millet demand and supply in the future.



Key players in the market

Some of the key players in Millet market include Allied Seed, LLC, Archer Daniels Midland Company, Bayer Crop Science AG, Britannia, Croda International Plc, Crystal Crop Protection Pvt. Ltd., DUGAD Agro Foods, Earthon Products Pvt Ltd, Eastern Colorado Seeds, LLC, Janadhanya Farmers Producer Company Limited, Mead Johnson & Company, LLC, Premier Nutrition Corporation, Pristine Organics Pvt Ltd., RiceBran Technologies, Roundstone Native Seed Company, Sahaja Samrudha Organic Producer Company Ltd (SSOPCL), Shimla Hills Offerings Pvt. Ltd., Sresta Natural Bioproducts Pvt Ltd, Sydler India Pvt. Ltd, The Nature's Bounty Co. and Viruthai Millets Farmer Producer Company Ltd.

Key Developments:

In November 2022, The Indian Government formulated a five-year strategic plan to promote millet in the international market. The plan includes the involvement of Indian missions abroad and global retail supermarkets such as Carrefour, Walmart, Al Ruya, Lulu Group, etc., to export millets to increase domestic export millets worldwide.

In February 2022, Wholsum food, a Gurugram-based millet-based food startup in India, has raised investments of over USD 7.0 million to expand its millet-based offerings further. The investment is aimed at increasing product innovation, marketing, and global footprint.

Product Types Covered:
• Pearl Millet
• Foxtail Millet
• Sorghum
• Finger Millet
• Porso Millet
• Little Millet
• Barnyard Millet
• Kodo millet
• Japanese barnyard millet
• Other Product Types

Types Covered:
• Organic Millet Flour
• Normal Millet Flour

Distribution Channels Covered:
• Trade Association& Organization
• Traditional Grocery Stores
• Supermarket
• Online Stores
• Grocery Stores
• Online Platforms
• Specialty Stores
• Other Distribution Channels

Applications Covered:
• Infant Food
• Bakery Products
• Beverages
• Flour
• Direct Consumption
• Breakfast Foods
• Fodder
• Family use
• Commercial use
• Other Applications

End Users Covered:
• Ready to eat food
• Bakery & Confectionery
• Protein and Nutritional Bars
• Breakfast Cereals
• Functional Beverages
• Dairy Alternatives
• Frozen Desserts
• Dietary Supplements
• Sports Nutrition
• Infant Nutrition
• Meat Additives, Analogs & Substitutes
• Dressings, Sauces & Spreads
• Pharmaceutical Products
• Personal Care Products
• Animal Nutrition
• Animal Feed
• Aquaculture
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Millet Market, By Product Type
5.1 Introduction
5.2 Pearl Millet
5.3 Foxtail Millet
5.4 Sorghum
5.5 Finger Millet
5.6 Porso Millet
5.7 Little Millet
5.8 Barnyard Millet
5.9 Kodo millet
5.10 Japanese barnyard millet
5.11 Other Product Types

6 Global Millet Market, By Type
6.1 Introduction
6.2 Organic Millet Flour
6.3 Normal Millet Flour

7 Global Millet Market, By Distribution Channel
7.1 Introduction
7.2 Trade Association & Organization
7.3 Traditional Grocery Stores
7.4 Supermarket
7.5 Online Stores
7.6 Grocery Stores
7.7 Online Platforms
7.8 Specialty Stores
7.9 Other Distribution Channels

8 Global Millet Market, By Application
8.1 Introduction
8.2 Infant Food
8.3 Bakery Products
8.4 Beverages
8.4.1 Alcoholic Beverages
8.4.2 Non Alcoholic Beverages
8.5 Flour
8.6 Direct Consumption
8.7 Breakfast Foods
8.8 Fodder
8.9 Family use
8.10 Commercial use
8.11 Other Applications

9 Global Millet Market, By End User
9.1 Introduction
9.2 Ready to eat food
9.3 Bakery & Confectionery
9.4 Protein and Nutritional Bars
9.5 Breakfast Cereals
9.6 Functional Beverages
9.7 Dairy Alternatives
9.8 Frozen Desserts
9.9 Dietary Supplements
9.10 Sports Nutrition
9.11 Infant Nutrition
9.12 Meat Additives, Analogs & Substitutes
9.13 Dressings, Sauces & Spreads
9.14 Pharmaceutical Products
9.15 Personal Care Products
9.16 Animal Nutrition
9.17 Animal Feed
9.18 Aquaculture
9.19 Other End Users

10 Global Millet Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa

11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies

12 Company Profiling
12.1 Allied Seed, LLC
12.2 Archer Daniels Midland Company
12.3 Bayer Crop Science AG
12.4 Britannia
12.5 Croda International Plc
12.6 Crystal Crop Protection Pvt. Ltd.
12.7 DUGAD Agro Foods
12.8 Earthon Products Pvt Ltd
12.9 Eastern Colorado Seeds, LLC
12.10 Janadhanya Farmers Producer Company Limited
12.11 Mead Johnson & Company, LLC
12.12 Premier Nutrition Corporation
12.13 Pristine Organics Pvt Ltd.
12.14 RiceBran Technologies
12.15 Roundstone Native Seed Company
12.16 Sahaja Samrudha Organic Producer Company Ltd (SSOPCL)
12.17 Shimla Hills Offerings Pvt. Ltd.
12.18 Sresta Natural Bioproducts Pvt Ltd
12.19 Sydler India Pvt. Ltd
12.20 The Nature's Bounty Co.
12.21 Viruthai Millets Farmer Producer Company Ltd.

List of Tables
1 Global Millet Market Outlook, By Region (2020-2028) ($MN)
2 Global Millet Market Outlook, By Product Type (2020-2028) ($MN)
3 Global Millet Market Outlook, By Pearl Millet (2020-2028) ($MN)
4 Global Millet Market Outlook, By Foxtail Millet (2020-2028) ($MN)
5 Global Millet Market Outlook, By Sorghum (2020-2028) ($MN)
6 Global Millet Market Outlook, By Finger Millet (2020-2028) ($MN)
7 Global Millet Market Outlook, By Porso Millet (2020-2028) ($MN)
8 Global Millet Market Outlook, By Little Millet (2020-2028) ($MN)
9 Global Millet Market Outlook, By Barnyard Millet (2020-2028) ($MN)
10 Global Millet Market Outlook, By Kodo millet (2020-2028) ($MN)
11 Global Millet Market Outlook, By Japanese barnyard millet (2020-2028) ($MN)
12 Global Millet Market Outlook, By Other Product Types (2020-2028) ($MN)
13 Global Millet Market Outlook, By Type (2020-2028) ($MN)
14 Global Millet Market Outlook, By Organic Millet Flour (2020-2028) ($MN)
15 Global Millet Market Outlook, By Normal Millet Flour (2020-2028) ($MN)
16 Global Millet Market Outlook, By Distribution Channel (2020-2028) ($MN)
17 Global Millet Market Outlook, By Trade Association & Organization (2020-2028) ($MN)
18 Global Millet Market Outlook, By Traditional Grocery Stores (2020-2028) ($MN)
19 Global Millet Market Outlook, By Supermarket (2020-2028) ($MN)
20 Global Millet Market Outlook, By Online Stores (2020-2028) ($MN)
21 Global Millet Market Outlook, By Grocery Stores (2020-2028) ($MN)
22 Global Millet Market Outlook, By Online Platforms (2020-2028) ($MN)
23 Global Millet Market Outlook, By Specialty Stores (2020-2028) ($MN)
24 Global Millet Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
25 Global Millet Market Outlook, By Application (2020-2028) ($MN)
26 Global Millet Market Outlook, By Infant Food (2020-2028) ($MN)
27 Global Millet Market Outlook, By Bakery Products (2020-2028) ($MN)
28 Global Millet Market Outlook, By Beverages (2020-2028) ($MN)
29 Global Millet Market Outlook, By Alcoholic Beverages (2020-2028) ($MN)
30 Global Millet Market Outlook, By Non Alcoholic Beverages (2020-2028) ($MN)
31 Global Millet Market Outlook, By Flour (2020-2028) ($MN)
32 Global Millet Market Outlook, By Direct Consumption (2020-2028) ($MN)
33 Global Millet Market Outlook, By Breakfast Foods (2020-2028) ($MN)
34 Global Millet Market Outlook, By Fodder (2020-2028) ($MN)
35 Global Millet Market Outlook, By Family use (2020-2028) ($MN)
36 Global Millet Market Outlook, By Commercial use (2020-2028) ($MN)
37 Global Millet Market Outlook, By Other Applications (2020-2028) ($MN)
38 Global Millet Market Outlook, By End User (2020-2028) ($MN)
39 Global Millet Market Outlook, By Ready to eat food (2020-2028) ($MN)
40 Global Millet Market Outlook, By Bakery & Confectionery (2020-2028) ($MN)
41 Global Millet Market Outlook, By Protein and Nutritional Bars (2020-2028) ($MN)
42 Global Millet Market Outlook, By Breakfast Cereals (2020-2028) ($MN)
43 Global Millet Market Outlook, By Functional Beverages (2020-2028) ($MN)
44 Global Millet Market Outlook, By Dairy Alternatives (2020-2028) ($MN)
45 Global Millet Market Outlook, By Frozen Desserts (2020-2028) ($MN)
46 Global Millet Market Outlook, By Dietary Supplements (2020-2028) ($MN)
47 Global Millet Market Outlook, By Sports Nutrition (2020-2028) ($MN)
48 Global Millet Market Outlook, By Infant Nutrition (2020-2028) ($MN)
49 Global Millet Market Outlook, By Meat Additives, Analogs & Substitutes (2020-2028) ($MN)
50 Global Millet Market Outlook, By Dressings, Sauces & Spreads (2020-2028) ($MN)
51 Global Millet Market Outlook, By Pharmaceutical Products (2020-2028) ($MN)
52 Global Millet Market Outlook, By Personal Care Products (2020-2028) ($MN)
53 Global Millet Market Outlook, By Animal Nutrition (2020-2028) ($MN)
54 Global Millet Market Outlook, By Animal Feed (2020-2028) ($MN)
55 Global Millet Market Outlook, By Aquaculture (2020-2028) ($MN)
56 Global Millet Market Outlook, By Other End Users (2020-2028) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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