Millets Market Opportunities, Size, Share And Analysis 2024-2033

The millets market size has grown strongly in recent years. It will grow from $10.99 billion in 2023 to $11.67 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increasing nutritional awareness, increasing health and wellness trends, rise in sustainable agriculture, government initiatives.

The millets market size is expected to see strong growth in the next few years. It will grow to $14.39 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to global population growth, climate change resilience, urbanization and convenience, research and development. Major trends in the forecast period include consumer education, research and innovation, culinary diversity, gluten-free and allergen-friendly foods.

Market Overview -
Millets refer to small-seeded cereal grains belonging to various grass species. These grains are cultivated and consumed for their nutritional value and adaptability to different environmental conditions. Millet grains are special crops that are high in nutrients, including calcium, dietary fiber, polyphenols and protein.

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Rising Obesity-Related Health Concerns Propel Millets Market Growth
The growing number of obesity-related problems is expected to propel the growth of the millets market. Obesity refers to a range of health issues that can arise from excessive body fat. Obesity-related disorders occur when the body cannot burn body fat through physical activity and exercise. Millets are high in critical vitamins and minerals, which can improve overall health and well-being, in addition to weight management and lowering obesity-related disorders. For instance, according to the World Obesity Atlas 2022, published by the World Obesity Federation, a UK-based non-profit organization, one billion people globally, including 1 in 5 women and 1 in 7 men, will be living with obesity by 2030. It will increase to 4 billion people, or 51% of the global population, living either overweight or obese by 2035. Therefore, the growing number of obesity-related problems is driving the growth of the millet market.

Competitive Landscape -
Major players in the millets market are Cargill Inc., Nestle S.A., Archer Daniels Midland Company, Bayer Crop Science AG, E.I. DuPont De Nemours and Company, Glanbia Nutritionals Inc., Warburtons Ltd., Bobs Red Mill UK Ltd., Bay State Milling Company, Grain Millers Inc., Woodland Foods, Eden Foods Inc., Sresta Natural Bioproducts Pvt. Ltd., Ernst Conservation Seeds, Sydler India Pvt. Ltd., Brett-Young Seeds Limited, Minn-Dak Growers Ltd., Wise Seed Company Inc., Avena Foods Limited, Roundstone Native Seed Company, To Your Health Sprouted Flour Co., Dharani FaMCooP Ltd., Nature's Logic, Arrowhead Mills Inc., Navan Foods LLC, Mayoora Foods LLC.

Strategic Investments Drive Growth And Innovation In The Millet Market
Companies operating in the millet market are investing and identifying opportunities within the food industry to create or promote products to sustain their position in the market. Investment in millets is required to support market growth, address climate and food security problems and encourage millets' health benefits. For instance, in February 2022, Wholsum Foods Pvt. Ltd., an India-based food startup, raised $7 million to expand millet-based offerings and the investment will help Wholsum Foods achieve its mission of making millets more accessible and appealing to consumers. Furthermore, in March 2023, Ivar Agro, an India-based food startup, invested 27.5 million (200 crores) to set up a millet-based food products project in Uttarakhand. The project is expected to be completed by 2024 and will have a monthly production capacity of 1,000 metric tons of millet-based products, including biscuits, cookies and flour.

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Key Segments -

The millets market covered in this report is segmented -

1) By Product Type: Pearl Millet; Foxtail Millet; Sorghum; Finger Millet; Other Products
2) By Distribution Channel: Trade Associations; Supermarkets; Grocery Stores; Online Platforms; Other Distribution Channels
3) By End Use: Ready To Eat Food; Direct Consumption; Bakery Products; Alcoholic Beverages; Non-Alcoholic Beverages; Breakfast Foods; Fodder

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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