Millet Market Size, Share, Demand, Key players Analysis and Forecast 2024-2032

IMARC Group's report titled "Millet Market by Product Type (Pearl Millet, Finger Millet, Proso Millet, and Others), Application (Infant Food, Bakery Products, Beverages, and Others), Distribution Channel (Supermarket and Hypermarkets, Traditional Grocery Stores, Online Stores, and Others), and Region 2024-2032", The global millet market size reached US$ 12.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 18.6 Billion by 2032, exhibiting a growth rate (CAGR) of 4.14% during 2024-2032. 

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/millet-market/requestsample

Factors Affecting the Growth of the Millet Industry:

● Rising Awareness About the Nutritional Benefits of Millet:

The rising awareness among individuals about the nutritional benefits of millet, such as its rich composition of essential nutrients, is propelling the market growth. Millet is naturally gluten-free and packed with proteins, dietary fiber, vitamins, and minerals, making it a highly nutritious choice for consumers. It has a low glycemic index and contributes to stable blood sugar levels, making it suitable for individuals with diabetes or those seeking to manage their weight. Furthermore, millet contains antioxidants and phytochemicals that offer various health benefits, including reducing the risk of chronic diseases, such as heart disease and certain cancers.

● Increasing Demand for Healthy Food Products:

The increasing demand for healthy food products due to changing dietary preferences of individuals is bolstering the market growth. Moreover, the rising focus on health and wellness among the masses worldwide is impelling the market growth. Apart from this, the increasing prevalence of lifestyle-related diseases is supporting the market growth. People are seeking food items that are nutritious, natural, and minimally processed. Furthermore, food manufacturers are introducing a wide range of healthier options in millets, including organic, gluten-free, and non-genetically modified organisms (GMOs), which is propelling the market growth.  

● Wide Availability:

The wide availability of millets via various distribution channels, such as supermarkets, hypermarkets, and convenience and online stores, is contributing to the market growth. These stores offer convenience and a diverse range of millet products, catering to different needs and preferences of consumers. In addition, people are increasingly preferring online stores due to their enhanced accessibility and convenience. Besides this, online stores allow individuals to compare prices of different brands and purchase millet products from the comfort of their homes.   

Leading Companies Operating in the Global Millet Industry:

● Archer-Daniels-Midland Company
● Bayer AG, Brett-Young Seeds Limited
● Cargill Incorporated
● Ernst Conservation Seeds
● Roundstone Native Seed Company
● Seedway LLC.

Explore full report with table of contents: https://www.imarcgroup.com/millet-market

Millet Market Report Segmentation:

By Product Type:

● Pearl Millet
● Finger Millet
● Proso Millet
● Others

Pearl millet represents the largest segment as it is rich in nutrients, such as protein, fiber, vitamins, and minerals.

By Application:

● Infant Food
● Bakery Products
● Beverages
● Others

Infant food holds the biggest market share on account of the rising focus on maintaining the enhanced health of babies.  

By Distribution Channel:

● Supermarket and Hypermarkets
● Traditional Grocery Stores
● Online Stores
● Others
 

Traditional grocery stores account for the largest market share due to the wide availability of food products in one place.  

Regional Insights:

● 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

Asia Pacific enjoys a leading position in the millet market, which can be attributed to the favorable agro-climatic conditions for millet cultivation.   

Global Millet Market Trends:

Advancements in agricultural technology, breeding techniques, and farming practices assist in enhancing the efficiency and productivity of food production, which is bolstering the market growth. Precision farming technologies, such as global positioning system (GPS)-guided machinery and drones, optimize resource use and crop management. Moreover, biotechnology enables the development of high-yielding and disease-resistant crop varieties, including millet, enhancing resilience and yields. Sustainable farming practices, such as conservation tillage and integrated pest management, minimize environmental impact while maintaining soil health.

Besides this, governing agencies of various countries are offering various subsidies, trade regulations, and support programs for farmers, which is bolstering the market growth.

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