Millet Based Packaged Food Market Trade among Emerging Economies Opening New Opportunities by 2029

The Millet-Based Packaged Food Market is set for substantial growth, with a valuation of US$ 39.5 Million in 2022, projected to reach nearly US$ 78.9 Million by 2029. The market is expected to witness a robust Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period from 2023 to 2029, according to a comprehensive report .

Market Values: Projected Market Size (2029): $78.9 Million Market Size in 2022: $39.5 Million

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Market Dynamics: Millet-based packaged food products, derived from processed millet grains, have gained traction due to their high nutritional value, including fiber, essential minerals, and antioxidants. The market's substantial growth is attributed to increasing demand for gluten-free and plant-based options, rising health consciousness among consumers, and a growing awareness of the nutritional benefits associated with millet consumption.

Market Drivers:

Demand for Healthy and Convenient Options: Millets, known for their protein, fiber, vitamin, and mineral content, offer a healthy and convenient food option for consumers seeking quick and nutritious choices.

Health Advantages of Millets: Increased awareness of millets' health benefits, including reducing the risk of diabetes, cancer, heart disease, and stroke, has driven consumer preference for millet-based products.

Sustainability and Environmental Concerns: Millets are recognized for their sustainability, requiring less water and thriving in challenging conditions. This aligns with growing consumer preferences for environmentally friendly food options.

Market Restraints:

Limited Awareness and Acceptance: Despite growing interest, millets face challenges in breaking into mainstream markets due to historical perceptions as traditional or niche foods, necessitating efforts to educate consumers.

Availability and Supply Chain Challenges: Limited availability in certain markets and the establishment of efficient supply chains for millet-based products pose challenges, especially in regions where millets are not traditionally grown or consumed.

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Market Opportunities:

Product Innovation and Diversification: The market presents opportunities for innovation in product formulas, flavors, and packaging to meet changing consumer preferences. Companies like "Soulfull" and "Rise Foods" are exemplifying this trend with creative millet-based offerings.

Expansion in Unexplored Markets: While millet-based products have gained popularity in some regions, there is untapped potential in markets like North America and Europe, where consumers increasingly seek sustainable and healthier food choices.

Market Challenges:

Price Competitiveness: Millet-based products may face challenges in price competitiveness compared to conventional grain-based products, requiring efficient supply chain management and targeted pricing strategies.

Market Fragmentation and Competition: The industry's fragmentation with numerous small-scale players creates intense competition, emphasizing the need for differentiation through quality, branding, and effective marketing strategies.

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Market Segmentation:

by Product Type

Millet-Based Snacks
Millet-Based Breakfast Cereals
Millet-Based Baked Goods
Millet-Based Pasta and Noodles
Millet-Based Beverages

The millet-based packaged food market is divided into several segments based on the type of product: millet-based snacks, which comprise millet-based chips, puffs, and bars; millet-based breakfast cereals, which comprise millet-based cereals, granolas, and muesli; millet-based baked goods, which comprise millet-based bread, cookies, and cakes; millet-based pasta and noodles, which comprise millet-based spaghetti and noodles; and millet-based beverages, which comprise millet milk, millet-based milk, millet-based smoothies, and millet-based energy drinks.The majority of the market share is currently held by millet-based snacks, which are expected to grow as more people learn about the nutritional advantages of millet and its delicious, crunchy chips and puffs. This is especially true in regions like North America and Europe where consumers are becoming more health conscious.

by Distribution Channel

Supermarkets/Hypermarkets
Convenience Stores
Online Retail
Stores
Others

The millet-based packaged food industry is divided into specialty shops, supermarkets, convenience stores, internet retail platforms, and food service channels based on the distribution channel. Supermarkets hold the lion's share of market share in the distribution channel category. However, because e-commerce is becoming more and more popular with customers due to its convenience, online retail platforms have the greatest room for expansion among these distribution channels. Online retail is positioned as a significant distribution channel that is expected to increase in the next years because millet-based products are becoming more readily available and because customer desire for online shopping is increasing.

by Demography

Kids
Adults

The millet-based packaged food market is divided into two segments: children and adults, based on demographics. The kids section features kid-friendly millet-based items that are fortified with vital nutrients and provide a healthy substitute for traditional snacks. Products made from millet that are geared at adult consumers' dietary preferences and nutritional requirements make up the adult segment. Growth potential exists in both sectors due to variables like the rise in childhood obesity, adult health consciousness, and parental worries about better options. The adult segment serves people who are concerned about their health, while the kids segment focuses parents looking to provide their kids with healthy food. The adult market segment is widely used and has the potential to grow significantly in the future due to its larger market size and wider choice of product offerings.

Regional Analysis:

Asia-Pacific: Leading the market with countries like India, China, and Japan having a strong cultural affinity towards millets. Government initiatives, such as India's Millet Mission, further support the sector's growth.

North America: Witnessing a rise in market share due to increasing adoption of healthier lifestyles and dietary preferences, including gluten-free and plant-based diets.

Competitive Landscape:

The market features established players like Nature's Path Foods, Arrowhead Mills, and Ancient Harvest. New entrants, including Rise Foods, are gaining traction with a focus on organic ingredients and unique flavors.

Strategic moves, such as Dr. Oetker's majority stake acquisition of Soulfull, exemplify the industry's dynamics, allowing for global reach and market expansion.

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Research Methodology:

The research employs a robust methodology, combining primary and secondary data sources to ensure a comprehensive examination of factors affecting the market.

Bottom-up approaches, multiple data triangulation methodologies, and country-wise analyses contribute to accurate market size estimations and forecasts.

Key Players:

1. Nature's Path Foods
2. Arrowhead Mills
3. Bob's Red Mill
4. Orgran Natural Foods
5. Ancient Harvest
6. Purely Elizabeth
7. Lundberg Family Farms
8. Pamela's Products
9. Enjoy Life Foods
10. KIND Snacks
11. Quinn Snacks
12. Nature's Earthly Choice
13. Back to Nature
14. Simply7 Snacks
15. 24 Mantra Organic
16. Samrat India
17. Kawan Food
18. Harinsa Qatar
19. Ardent Mills
20. Perk Foods
21. Vaghasia Foods
22. Sresta Natural Bioproducts (24 Mantra Organic)
23. Shiloh Farms
24. Imlak'esh Organics
25. Lark Ellen Farm

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