Millet Based Packaged Food Market Trends and Forecast, 2022-2032

India Millet Based Packaged Food Market Outlook 2032
• The India millet based packaged food market was valued at US$ 37.7 Mn in 2022
• It is estimated to grow at a CAGR of 9.2% from 2022 to 2032
• The India millet based packaged food market is expected to reach US$ 91.1 Mn by the end of 2032

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Overview of India Millet Based Packaged Food

Millets are good sources of compounds with protein composition, and antioxidant and antimicrobial properties. Millet based food is beneficial for patients suffering from chronic diseases such as type 2 diabetes, cancer, and cardiovascular diseases. Millet based functional food can help address the increasing burden on the health care system by promoting healthy lifestyle through prevention rather than treatment.
Rise in consumer preference for millet based products, which offer a unique experience based on taste and texture, is expected to drive the India millet based packaged food market. Millets are also healthy and highly nutritious. This is also anticipated to augment the millet based packaged food market.
Evolving Landscape of Processed Food Driving Demand for India Millet Based Packaged Food

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The food processing industry in India has been evolving at a rapid pace owing to the emergence of innovative product segments. This indicates a shift in customer preference toward processed foods. Additionally, food processing capacities have increased in many Indian states. The market is anticipated to further diversify in terms of product type. Production of packaged foods is rising significantly in India. This is driving the demand for value-added millet products. There exists substantial growth potential for millet based processed food in India primarily due to the increase in disposable income of the people.

The government needs to provide incentives for processing and export of millet products in order to encourage key private corporations such as ITC, Britannia, Marico, Kellogg's, and MTR to aggressively include millets in their product portfolio. It is essential to strengthen small and medium-sized businesses to promote millet products in local markets and provide consistent supply to government R&D programs on millets.

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COVID-19 Pandemic Boosting Demand for Millet Based Packaged Food
Traditional millet is beginning to be recognized as a super grain due to the rise in awareness about its nutritional properties. Consumption of millet-based products has been rising consistently, especially since the start of the COVID-19 pandemic. This rise in consumption of millets during the pandemic can be ascribed to the increase in health awareness among the people. Growth in demand for millet based packaged food has benefited farmers, who have expanded their sowing areas for millets. People are also turning to millets to increase their immunity levels.

Growth in Awareness about Health Benefits of Millets Augmenting Demand for Millet Based Packaged Food among Adults
In terms of demography, the adults segment held major share of 82.7% of the India millet based packaged food market in 2022. The segment is expected to grow at a value CAGR of 9.1% during the forecast period. Growth in awareness about the benefits of millet based processed food and significant rise in cultivation are factors driving the demand for millet based packaged food in India.

Significant Consumption of Dosa & Idli Premix Packaged Food in South India
In terms of product type, the dosa & idli premix segment dominated the market in India with 15.6% share in 2022. Dosa & idli premix is one the staple foods in most of the states in South India. Changes in lifestyle, rise in demand for gluten free food, and growth in preference for instant and convenient food products is likely to fuel the segment. Demand for millet based dosa & idli premix packaged food is expected to rise at the highest CAGR of 10.5% during the forecast period.
Regional Outlook of India Millet Based Packaged Food Market
South India held the largest value share of 44.0% of the India millet based packaged food market in 2022. Consumption of millet based packaged food is increasing in South India due to changes in consumer lifestyle, rise in concern about health and sustainability, high disposable income of the people, and presence of established research & development centers and manufacturing units throughout the region.

West India accounts for around 9.6% CAGR of the millet based packaged food market. Rise in service class population, changes in lifestyle, and high penetration of various sales channel are some of the major factors driving the demand for millet based packaged food in West India.

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Analysis of Key Players in India Millet Based Packaged Food Market

The India millet based packaged food market is a fragmented, with the presence of large numbers of small scale manufacturers. Large players hold minimum share of the market. Most of the millet based processed food companies are focusing on comprehensive research and development (R&D) activities. They are striving to expand their product portfolios and create innovative millet based packaged food. Bliss Tree India, Coastal Foods, Early Foods, FirmRoots Private Limited, ITC Limited, Marico, Moon Foods, Naturally Yours, Num Num, OGMO Foods, Priya Foods, Quaker Oats Company, Slurrp Farms, Sri Lakshmi Foods, Swiss Bake Ingredients Pvt. Ltd., Tata Consumer Soulfull Pvt. Ltd., Tropolite, Truefarm Foods, Urban Millets Pvt. Ltd., and Urban Monk Private Limited are some of the prominent companies operating in the millet based packaged food market in India.

Global India Millet Based Packaged Food Market: Key Developments
• In February 2022, Slurrp Farms secured a US$ 7 Mn funding from Institutional Investors Investment Corporation of Dubai and Fireside Ventures to expand its millet-based offering and ramp up its marketing activities, product innovation, as well as increase the global presence of its brand and products
• In the fiscal year 2020, Slurrp Farms launched Saffola Oodles in the instant noodles category. The company has been focusing on enhancing its healthy, ready-to-cook snacking category and meeting the growing demands of consumers preferring delicious and healthy food.
• In 2019, ITC Limited launched a new range of gluten-free flour, ragi flour, and multi-millet mix flour under the brand Aashirvaad Nature's Super Foods. The new products were first made available in New Delhi, Mumbai, Bengaluru, Kolkata, Hyderabad, and Chennai.

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