Millets Market Size was estimated at 8.37 (USD Billion) in 2022. The Millets Market Industry is expected to grow from 9.26(USD Billion) in 2023 to 22.8 (USD Billion) by 2032. The Millets Market CAGR (growth rate) is expected to be around 10.54% during the forecast period (2024 - 2032).
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The rising health consciousness and growing demand for gluten-free alternatives have fuelled the proliferation of millet in the global market. Consumers are increasingly seeking nutrient-rich and sustainable food options, which bodes well for the millet industry. Moreover, the increasing awareness about the environmental benefits of millet cultivation, such as its drought tolerance and low water requirements, is further propelling market growth.Opportunities abound in the millet market. The growing popularity of plant-based diets and the expansion of the food service industry present lucrative avenues for millet-based products. Additionally, the untapped potential in emerging markets, where millets are a staple food, offers significant growth opportunities.Recent trends indicate a shift towards value-added millet products. Consumers are seeking convenience and variety, driving the demand for millet-based snacks, flours, and breakfast cereals. Furthermore, the incorporation of millets into traditional recipes and innovative culinary creations is gaining traction, broadening the market appeal.
Rising Health Consciousness and Shift Towards Healthier Diets
Growing consumer awareness regarding the health benefits of millet has significantly influenced the market's growth. Millets are gluten-free, high in fiber, and rich in essential nutrients like iron, calcium, and magnesium. This has led to a surge in demand for millet-based products as consumers seek healthier and more nutritious alternatives to traditional grains like wheat and rice. The increasing prevalence of lifestyle diseases such as obesity, diabetes, and heart ailments has further fueled the demand for millets, as they are known to possess anti-inflammatory and antioxidant properties.As consumers become more health-conscious and prioritize preventive healthcare, the demand for millets is projected to continue its upward trajectory, driving the growth of the Millets Market Industry.
Expanding Applications in the Food and Beverage Industry
Millets are versatile grains that find applications in various food and beverage products. They can be used in the production of flour, bread, pasta, breakfast cereals, and snacks. The unique nutritional profile and gluten-free nature of millets make them suitable for a wide range of food applications. Moreover, millets are increasingly being used in the brewing industry as an alternative to barley in the production of craft beers. The growing demand for gluten-free and healthier food and beverage options has opened up new avenues for the utilization of millet.As the food and beverage industry continues to innovate and cater to changing consumer preferences, the demand for millets is expected to remain strong, contributing to the growth of the Millets Market Industry.
Government Initiatives and Support for Millet Cultivation
Governments worldwide are recognizing the importance of millet as a sustainable and nutritious crop. Several initiatives have been launched to promote millet cultivation and consumption. For instance, the Indian government has declared 2023 as the 'International Year of Millets' to raise awareness about the nutritional benefits and potential of millets. Additionally, various agricultural research institutions are working on developing improved millet varieties with enhanced yields and nutritional content.These initiatives are expected to boost millet production and make them more accessible to consumers, thereby stimulating the growth of the Millets Market Industry.
On the basis of type, the global millet market is bifurcated into Pearl Millet, Finger Millet, Foxtail Millet, Proso Millet, and Little Millet. In 2023, Pearl Millet accounted for 45% of the market share. It is grown in dry lands and is one of the most drought-resistant crops in countries like Africa and Asia. Apart from its high ability to grow in infertile lands, pearl millet contains valuable nutrients such as protein, fiber, and iron, making it popular in developing countries. The other main type of millet is Finger Millet, known as Ragi in India, which constitutes 20% of global market revenue in 2023.Cultivated mostly in India, the product is well-known for being rich in calcium and a good source of dietary fiber. Foxtail Millet consists of 15% of the market share, being mostly grown in China. Of the top 5 types of millet, Foxtail Millet has the highest capability of being gluten-free and is also relatively nutritious. Proso Millet accounts for 10% of the market; it grows mostly in Russia, Ukraine, and Kazakhstan, is rich in proteins, and has valuable antioxidants. Alongside the last type, Little Millet is also grown mostly in India and has a 10% stake in the market revenue.Its small size of grains is not an obstacle to being full of nutrients. Thus, the main factor that propels the growth of the global millet market is the increasing demand for gluten-free products. Being relatively healthy and having the potential to contribute to proper nutrition in regions with a mild or hot climate, the product is already used as a good substitute for rice and wheat. The rising awareness of the valuable effect on health that millet has is also a key driver.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The application segment is a highly important factor in boosting the global millet market. The "food & beverage" segment has accounted for the largest market share with the application in 2023 and is expected to remain the leader for the entire period of the study. The rising demand for gluten-free food products not only affects the target audience range but also boosts the segment with the fact that millet is healthy and nutritious. The expanding applicability of millets in food & beverage in various cuisines, from baking products and breakfast cereals to snack products, is also boosting the segment. Animal feed is another important application of millets. There are various types of millet with the properties of a high protein content and fiber content, which is beneficial to the health of livestock. Given the general trend toward increasing the amount of animal protein in regular meals, the growth of the animal feed segment of the millets market is expected. Among the emerging application segments of millets, one should also mention the "biofuel" one. Millets can be used to produce bioethanol, which is a renewable type of fuel that is also environmentally friendly.The existing negative global tendencies concerning climate change and the decreasing amount of available fossil fuels are creating favorable conditions for the growth of the segment. The remaining important but smaller application segment of millets is "pharmaceuticals and cosmetics". The pharmaceuticals market is also witnessing a trend toward naturality, which affects the expansion of the segment under analysis, aided by multiple beneficial properties of millets, which are also traditionally used in medicine. The cosmetics segment is also boosting the "pharmaceuticals and cosmetics" application segment.
The processing segment of the Millets Market is categorized into whole grain, flour, grits, pearls, and bran. Among these, the whole grain segment held the largest market share in 2023, accounting for over 45% of the global market revenue. This is due to the increasing demand for whole grain products as they are considered healthier and more nutritious than refined grains. The flour segment is expected to witness significant growth over the forecast period, owing to its wide application in various food products such as bread, pasta, and cookies.Grits, pearls, and bran are also gaining popularity as they offer unique nutritional benefits and can be incorporated into a variety of dishes. The Global millet market is expected to continue to grow at a steady pace, driven by factors such as increasing health consciousness, rising disposable income, and growing demand for gluten-free products.
The Millets Market segmentation by Distribution Channel into Online and Offline is expected to drive market growth in the coming years. In 2023, the Online segment accounted for a significant share of the Millets Market revenue and is projected to continue its dominance during the forecast period. The growing popularity of e-commerce platforms and the convenience of home delivery are major factors contributing to the growth of the Online segment. The Offline segment, which includes traditional retail channels such as supermarkets, hypermarkets, and convenience stores, is also expected to experience steady growth, primarily due to the wide availability of millet products and the preference of consumers to physically inspect the products before making a purchase.
The Millets Market is segmented regionally into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to hold the largest market share in 2023, owing to the increasing demand for millets in countries such as India, China, and Japan. North America and Europe are also expected to witness significant growth in the coming years, driven by the growing awareness of the health benefits of millet. South America and MEA are expected to witness moderate growth, due to the increasing adoption of millets in these regions.The Millets Market is expected to reach a valuation of USD 22.8 billion by 2032, exhibiting a CAGR of 10.54% during the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
This company is known for the development of a wide range of products based on this grain. For example, they offer a variety of whole grains, flour, and breakfast cereals. This company is based in India, but its products are known all over the world. Adani Wilmar Limited is trying to make millets more affordable. The products are of very high quality.
Furthermore, the R&D department of this company tries to make millet production even more sustainable. The produce of this company is relatively cheap. ITC Limited can also be identified as a major player in the millet market. The Sunfeast products are popular in India and have recently been introduced in several foreign markets. The company's R professionals try to raise awareness of the health benefits of consuming millet among people. The highly developed distribution network creates favorable conditions for the promotion of Sunfeast products.One more competitor should not be overlooked. This is The Nirmal Lifestyle, which offers a wide range of organic whole grains, flours, mixes, and snacks. The firm is known for its wide range of millet products. This company highly values sustainability and the principles of ethical sourcing. The Nirmal Lifestyle is actively working with farmers who are involved in the cultivation of millets. The main objective is to encourage them to use organic methods of farming. Simultaneously, the company is trying to ensure that the farmers receive a fair price for their crops. However, the products of The Nirmal Lifestyle may appear to be more expensive than the products of such companies as Adani Wilmar Limited or ITC Limited. MTR Foods Limited can also be regarded as a major competitor. This company is known for its range of ready-to-eat meals, snacks, and mixes. Obviously, MTR Foods Limited is also promoting the ideas of the Millets Market. This company is actively involved in research and development and introduces various innovative products based on millets.
Key Companies in the Millets Market Include
Millets Market Industry Developments
Recent news developments in the Millets Market include the growing demand for gluten-free and nutrient-rich food products, increasing consumer awareness about the health benefits of millets, and government initiatives promoting millet cultivation and consumption. Key current affairs shaping the market are the rising popularity of millets as a sustainable and nutritious alternative to traditional cereals, the development of new millet-based products, and the expansion of millet cultivation in Africa and Asia. The market is expected to witness significant growth in the coming years due to increasing demand for healthy and sustainable food options and the growing popularity of plant-based diets.
| Report Attribute/Metric | Details |
| Market Size 2022 | 8.37(USD Billion) |
| Market Size 2023 | 9.26(USD Billion) |
| Market Size 2032 | 22.8(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 10.54% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2022 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Ingredion Incorporated, Bunge Limited, Louis Dreyfus Company, Wilmar International, Olam International, CHS, Corbion, Grain Millers, ADM, DuPont, LDC, Minsa Group, Cargill |
| Segments Covered | Type, Application, Processing, Distribution Channel, Regional |
| Key Market Opportunities | Rising health consciousness. Growing demand for gluten-free products. Increasing awareness of millet nutritional benefits. Expanding applications in the food industry Government initiatives to promote millet cultivation. |
| Key Market Dynamics | Rising health consciousness, The expanding vegan population, Growing food security concerns. |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Millets Market is expected to be valued at 9.26 billion USD in 2023.
The Millets Market is expected to grow at a CAGR of 10.54% from 2024 to 2032.
Asia-Pacific is expected to hold the largest share of the global millet market in 2023.
The food & beverage segment is expected to account for the largest share of the global millet market in 2023.
Some of the key competitors in the Millets Market include Adani Wilmar, ITC Limited, and The Sresta Natural Bioproducts Pvt. Ltd.
The major factors driving the growth of the Millets Market include the increasing demand for gluten-free and healthy food products, the rising awareness of the nutritional benefits of millets, and the growing popularity of millets in various cuisines.
Some of the challenges faced by the Millets Market include the limited availability of millets, the lack of awareness about millets in some regions, and the price volatility of millets.
Some of the key trends in the Millets Market include the increasing demand for organic millets, the rising popularity of millet-based snacks and beverages, and the growing use of millets in gluten-free and vegan products.
The COVID-19 pandemic is expected to have a positive impact on the global millet market as consumers are increasingly seeking out healthy and nutritious food products.
The major opportunities for growth in the Millets Market include the expansion of the food & beverage industry, the growing demand for gluten-free and healthy food products, and the increasing popularity of millets in various cuisines.
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Research Analyst Level II I have about two years of experience working in the consumer goods and retail industries and i am a biotech graduate.a tech-savvy analytically focused professional with a strong capabilities in identification, concept generation, and strategy evaluation. i can produce data-driven solutions while fusing unusual viewpoints with original concepts. i have been extensively working on business case studies, competitive & comparative analyses, and strategic reports. my primary areas of experience include client management, financial analysis, supply chain evaluation, market entry strategy evaluation, and estimating and forecasting market size.
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