Press release
Millet Based Packaged Food Market to Reach US$ 91.1 Mn by 2032, Growing at 9.2% CAGR from 2022-2032
Market Size and Growth
Valued at US$ 37.7 million in 2022, the Indian millet-based packaged food market is projected to reach US$ 91.1 million by 2032, growing at a CAGR of 9.2%. This growth is attributed to rising consumer awareness, diverse product offerings, and supportive government policies promoting millet consumption.
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Market Drivers
• Health and Nutrition Awareness: Consumers are increasingly recognizing the health benefits of millets, including their role in managing lifestyle diseases and supporting overall well-being.
• Government Initiatives: Programs like the National Millet Mission and the declaration of 2023 as the "International Year of Millets" have boosted millet cultivation and consumption.
• Convenience and Lifestyle Changes: The demand for ready-to-eat and easy-to-prepare millet-based products aligns with modern, fast-paced lifestyles.
Market Challenges
• Premium Pricing: Millet-based products often come at a higher price point compared to traditional grains, potentially limiting their accessibility to price-sensitive consumers.
• Taste and Shelf Life: Consumer perceptions regarding the taste and shorter shelf life of millet products pose challenges to widespread adoption.
Market Trends
• Product Innovation: Companies are introducing a variety of millet-based products, including dosa & idli premixes, cookies, porridges, and bakery items, to cater to diverse consumer preferences.
• Strategic Partnerships: Collaborations between startups and established firms are facilitating product development and market expansion.
• Sustainability Focus: Millets' low water requirements and adaptability to arid conditions make them an environmentally friendly crop, aligning with sustainable agriculture practices.
Competitive Landscape
The market is characterized by a mix of large corporations and emerging startups. Key players include:
• Established Companies: ITC Limited, Marico, Tata Consumer Soulfull Pvt. Ltd., and Quaker Oats Company are investing in R&D to expand their millet-based product lines
• Emerging Startups: Brands like Slurrp Farms, Naturally Yours, and Urban Millets Pvt. Ltd. are gaining traction by offering innovative and health-focused millet products.
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Future Outlook
The millet-based packaged food market in India is poised for robust growth, driven by health trends, government support, and increasing consumer demand for nutritious and sustainable food options. Continued innovation, strategic partnerships, and efforts to address pricing and taste challenges will be crucial for market expansion.
Key Market Study Points
• Market Size: US$ 37.7 million in 2022; projected to reach US$ 91.1 million by 2032.
• Growth Rate: CAGR of 9.2% from 2022 to 2032.
• Leading Region: South India, accounting for 44% of the market share in 2022.
• Dominant Product Segment: Dosa & idli premixes, holding a 15.6% market share in 2022.
Market Segmentation
• By Product Type:
• Dosa & Idli Premix
• Waffle & Pancake Premix
• Instant Upma
• Instant Poha
• RTE Noodles
• Pasta
• Vermicelli
• Porridge/Daliya
• Multigrain Flour
• Protein Rich Bars
• Other Bakery Mixes
• By Demography:
• Adults
• Kids
• By Sales Channel:
• Modern Trade
• Specialty Stores
• Convenience Stores
• Online Retail
• Other Sales Channels
• By Region:
• North India
• South India
• West India
• East India
Regional Analysis
• South India: Leading the market with a 44% share in 2022, driven by traditional consumption patterns and increasing health awareness.
• West India: Expected to grow at a CAGR of 9.6%, supported by a growing service-class population and health-conscious consumers.
• North and East India: Anticipated to experience growth as millet-based foods gain popularity among consumers seeking nutritious alternatives.
Recent Developments
• Nestlé India: Launched Nestlé a+ Masala Millet-based porridges in September 2023, offering quick and nutritious meal options.
• Bonn Group of Industries: Introduced a range of millet-based bakery products in May 2023, including Millet Pizza and Millet Bread, promoting healthy eating habits.
• ITC Limited: Under its Mission Millet initiative, launched Sunfeast Farmlite Super Millets Cookies, focusing on taste and nutrition.
• Slurrp Farms: Secured US$ 7 million funding in February 2022 to expand its millet-based offerings and enhance global presence.
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