Millet Market: Valued at USD 11.38 Billion in 2023, Projected to Reach USD 15.82 Billion by 2030

Millet Market: Analysis by Growth Path, Competitors,need Analysis if in need - Oct 2023

The global millet market has been growing at a remarkable rate owing to the rise in consumer awareness regarding health benefits, sustainable agriculture practices, and supportive government policies. This press release focuses on the various market estimations, growth drivers, opportunities, U.S. market trends, other market segments, competitive landscape, country-level details, future growth opportunities, etc.

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Market Estimation | Growth Drivers & Opportunities

The worldwide millet market is approximated USD 13.4 billion in 2024 and USD 19.4 billion in 2033, growing at a compound annual growth rate (CAGR) of 3.93% through the forecast period.

A few reasons can be attributed to this growth:

Increased Demand for Health: As consumers are searching for nutrient-rich and gluten-free cereals, millets are gaining ground as a functional grain compared to traditional cereals.

Millets offer extremely sustainable agriculture; they have a high tolerance to drought and and pests, and a low input of resource requirement, which resonates with world sustainability goals.

Governments Initiatives: The market growth was also propelled by favorable policies from the governments of countries, such as India, to grow and use millet.

New Product Development: Several millet-based goods, like as snacks and health foods, have been developed, allowing them to reach more consumers and increase the market size.

Investment Trends and Trends In U.S. Market

The two occurrences mentioned above have seen some good trends along with investments for the U.S. millet market in 2024 as well.

Rise in Millet-based Products: As a result of the growth of the gluten-free diet trend and the need for high-fibre foods

Millet-Based Startups attract Investment: Troo Good and many such companies raised big investments for millet-based snacks. Big investor interest in millet-based products.

Retail Penetration: Leading retailers have launched exclusive millet product segments that have contributed to greater access for consumers.

Market Segmentation and Key Segments

Based on Product type, application and distribution channel, the millet market is segmented Some of the segments with the major shares of the mark include:

Type of Product: Pearl millet will lead the way as its high nutritional content quality and adaptability to a variety of climate conditions.

Wide range of application: The food and beverage industry dominates the market share as millets are used in bakery products, breakfast cereals and health drinks.

By Distribution Channel: Traditional grocery stores account for the largest market share; however, with the rapid expansion of e-commerce, the online retail market is also growing rapidly after a certain amount of time.

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Competitive Analysis

Some of the players operating in the global millet market are:

Tata Soulfull: Tata Soulfull is a subsidiary of Tata Consumer Products and sells products such as cereals and snacks that are based on millet. It has made capital investments in product innovation involved with health-conscious consumers.

Slurrp Farm - A company focused on developing millet-based foods for children, Slurrp Farm has broadened the scope of its product line and distribution network and raised funding to increase its manufacturing capacity.

24 Mantra Organic: 24 Mantra Organic specializes in organic food products including several varieties of millet grains and flours, grown through sustainable farming practices.

Troo Good - The little millet-based snack startup that sealed USD 9 million recently to scale and expand its product portfolio is a testimony to what is coming out to be a promising and growing segment of healthy snacks.

Pro Nature: This brand has a variety of organic millet products, and they've recently made some investments in their supply chain to meet the growing demand.

Regional Analysis

Diverse Dynamics in Millet Market : USA Vs. UK Vs. Germany Vs. France Vs. Japan Vs. China

United States: There is increasing awareness of the potential for millets in the U.S., driven by health trends. Millet might have received a boost from government programs to promote sustainable agriculture.

UK: Awareness of healthy eating has also boosted imports of millet to the UK, where government campaigns have persuaded the public of the benefits of eating whole grains.

Germany - With the cross-subsidy from the organic food movement, gluten-free options urgently promoted, buoyed by the post-2000 research into alternative grains, millets have found a place on the German table.

France: Popularity of millet is also rising in France - where consumers are focusing on a gluten-free diet - and local governments have introduced initiatives that promote the local grains.

Japan: Japan promotes substantial dietary diversity, with millets incorporated into traditional dishes; government programs help groups develop diet diversity across geographies.

China - As a global giant in millet production, in past few years China took strategic decision to modernize agricultural methods in millet production and promotion of millets as a staple grain, thereby, significantly enhancing domestic consumption and export potential.

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Conclusion

The Global Millet Market is experiencing an upward trend due to health trends, sustainability factors for agriculture and business policies. Key growth factors include:

Heightened Awareness Among Consumers: The market is sure to pick up if there is awareness about the health benefits of millets among the consumers.

Expanding the range: By innovation, new millet based products can be developed which will help in expanding the consumer base.

Government Initiative: A positive approach towards policies on millet growing and eating can continue to keep the market running.

Capitalizing on these opportunities can entrench millet in the global food industry and cater to the changing preferences of consumers who are looking for healthier and more sustainable options.

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