IMARC Group, a leading market research company, has recently releases report titled “Millet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global millet market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the millet market?
|Market Size in 2022||US$ 12.33 Billion|
|Market Forecast in 2028||US$ 16.27 Billion|
|Growth rate (2023 to 2028)||CAGR of 4.60%|
|Base Year of the Analysis||2022|
What is millet?
Millets are small-seeded grass that produces cereal grains cultivated worldwide in semi-arid regions. These crops are resilient and can grow even in challenging soil and water-scarce environments, making them a sustainable choice for agricultural areas with diverse dry, semi-arid, and sub-humid climates. Millets comprise various small portions of cereals, including sorghum, finger millet, pearl millet, barnyard millet, proso millet, and little millet. They have a wide range of culinary uses, including porridges, bread, soups, stews, and beer, and are also a source of animal feed, especially for poultry and livestock. They have high fiber, protein, vitamin, and mineral content, and gluten-free and hypoglycemic properties, making them suitable for individuals with gluten intolerance or celiac disease.
Moreover, they offer several health benefits, such as improved digestion, decreased cholesterol levels, and better control of blood sugar levels. In addition, they are more cost-effective than other cereal grains, making them an excellent choice for people on a tight budget. In recent years, millet production has increased significantly across the globe as various countries encourage dryland agriculture due to sub-tropical climatic conditions and low water availability favoring millet production.
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What are the growth prospects and trends in the millet?
The global millet market is primarily driven by the increasing demand for large-scale millet cultivation as a staple crop owing to its affordability and sustainability as compared to rice, wheat, and corn, making them an attractive option for farmers. This can be attributed to the rising use and high cost of farming resources such as underground water, crop medicines, labor, and land availability, especially in developing economies. Moreover, the emerging trend of adopting vegan and vegetarian diets among the masses is positively influencing market growth as millet is a versatile and nutritious ingredient, which aligns well with these dietary choices. Apart from this, the augmenting demand for organic, natural, and gluten-free products, which include millet, due to increasing consumer awareness about health and fitness, is propelling the market growth. Additionally, the rising utilization of millet and millet derivatives in infant food formulation has catalyzed the product demand.
Besides this, there has been a rise in the need for sustainable farming practices owing to elevating concerns about climate change and global warming. In line with this, the escalating millet production due to its drought-resistant nature and low water requirement has fueled market growth. Furthermore, the easy availability of millet products through offline and online retail channels is contributing to the market growth. Other factors, including ongoing research and development (R&D) activities, the rapid growth of the agriculture industry, declining arable lands owing to rapid urbanization, the expanding geriatric population that requires healthier diets, and the increasing popularity of sustainable farming practices, are also anticipated to drive the market further.
What is included in market segmentation?
The report has segmented the market into the following categories:
Product Type Insights:
- Pearl Millet
- Finger Millet
- Proso Millet
- Infant Food
- Bakery Products
Distribution Channel Insights:
- Supermarket and Hypermarkets
- Traditional Grocery Stores
- Online Stores
Breakup by Geography:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Archer-Daniels-Midland Company
- Bayer AG
- Brett-Young Seeds Limited
- Cargill Incorporated
- Ernst Conservation Seeds
- Roundstone Native Seed Company
- Seedway LLC.
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