Millet Based Packaged Food Market Forecast 2022-2032 - Market Size, Drivers, Trends, And Competitors

The India millet based packaged food market, valued at US$ 37.7 million in 2022, is poised for remarkable growth, projected to reach US$ 91.1 million by the end of 2032. With a projected compound annual growth rate (CAGR) of 9.2% from 2022 to 2032, this market is witnessing significant traction owing to a multitude of factors, including health consciousness, evolving consumer preferences, and strategic initiatives by key market players.

𝐆𝐞𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐫𝐞𝐩𝐨𝐫𝐭 @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=84859

Key Players and Market Developments
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.

Driving Factors Behind Market Expansion

The India millet based packaged food market is witnessing a surge in growth driven by various factors. Companies operating in this sector are forging collaborations with farmers and leveraging diverse distribution channels to ensure access to high-quality raw materials and expand their market presence. Furthermore, the rise in health concerns and increased awareness about the nutritional properties associated with millets are significant catalysts for market growth.

Health Benefits and Nutritional Properties of Millets

Millets are renowned for their nutritional richness and health benefits. They contain essential compounds with protein composition, antioxidants, and antimicrobial properties. Consumption of millet-based foods is gaining traction, particularly among individuals with chronic diseases such as type 2 diabetes, cancer, and cardiovascular ailments. Millet-based functional foods are perceived as vital in promoting preventive healthcare measures, aligning with the paradigm shift towards wellness-focused lifestyles.

Impact of COVID-19 Pandemic

The COVID-19 pandemic has further accentuated the demand for millet-based packaged foods. Recognized as a "super grain," millets have garnered increased attention for their immune-boosting properties, driving up consumption. This surge in demand has not only benefited consumers but also farmers, leading to expanded cultivation of millets to meet the rising market needs.

Market Segmentation and Product Dynamics

In terms of product segmentation, dosa & idli premix holds a significant share, particularly in South India, where it is a staple food. Factors such as changes in lifestyle, demand for gluten-free options, and a preference for convenient food products are driving the growth of this segment. Additionally, the segment is expected to witness the highest CAGR of 10.5% during the forecast period, indicative of evolving consumer preferences and dietary habits.

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Regional Outlook

South India emerges as the leader in the India millet based packaged food market, accounting for the largest value share in 2022. The region's consumption patterns are influenced by shifting lifestyles, growing health consciousness, and robust research and development infrastructure. Furthermore, West India exhibits significant growth potential, driven by factors such as rising disposable incomes, lifestyle changes, and a well-established network of sales channels.

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