What Is The Current and Historic Market Size Analysis Of The Millets Market?
The millets market has seen considerable growth due to a variety of factors.
• The size of the millets market has seen robust growth in the past few years. It is projected to expand from $11.67 billion in 2024 to $12.36 billion in 2025, with a compound annual growth rate (CAGR) of 5.9%.
The surge during the historic period is credited to heightened nutritional awareness, growing health and wellness trends, an increase in sustainable agriculture, and government initiatives.
What Is The Forecast For The Millets Market Size?
The millets market is expected to maintain its strong growth trajectory in upcoming years.
• The market for millets is predicted to witness substantial expansion in the forthcoming years, reaching an estimated $15.29 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 5.5%.
This growth in the predicted period is linked to factors such as worldwide population increase, resilience to climate change, urbanization, ease of use, and research and development. Key trends during the forecast period encompass consumer awareness, research-driven innovation, a variety of culinary options, and foods free from gluten and other allergens.
What Are The Essential Drivers Behind The Growth Of The Millets Market?
The millet market is expected to experience substantial growth due to the increasing incidence of obesity and related health complications. Obesity, linked to an accumulation of unhealthy levels of body fat can lead to various health problems. The inability to burn this excessive fat through physical activity leads to obesity-related disorders. Millets, rich in crucial vitamins and minerals, enhance overall health and facilitate weight management while reducing obesity-related ailments. For example, the World Obesity Atlas 2022 released by the World Obesity Federation, a UK-based non-profit entity, predicts that by 2030, one billion people across the globe, including one out of every five women and one out of every seven men, will suffer from obesity. By 2035, this estimate is expected to rise to 4 billion people or 51% of the world's population, who will be overweight or obese. This anticipated surge in obesity-related issues is fostering the expansion of the millet market. The escalating demand for plant-based foods further serves to stimulate the expansion of the millet market. Plant-based foods are a food group and dietary selection mainly composed of plant-derived ingredients like vegetables, grains, fruits, legumes, nuts and seeds. Millets are grain types that blend well with various plant-based components, offering diverse, satisfying, plant-based meals. As an illustration, data from the Good Food Institute Europe, a non-profit organization from Belgium, shows that the worldwide market for combined plant-based milk, cheese and yogurt escalated to $21.6 billion in 2022, indicating a 7% increment from the previous year. Thus, the mounting demand for plant-based food products acts as a major driver for the millet market's growth.
How Is The Global Millets Market Divided Into 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, Super markets, 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
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How Are Emerging Trends Reshaping The Dynamics Of The Millets Market?
Firms engaged in the millet market are fostering and pinpointing opportunities in the food sector to develop or enhance products to preserve their market standing. The millet market necessitates investment to fuel market development, tackle climate and food security issues, and promote the health advantages of millets. Wholsum Foods Pvt. Ltd., an Indian food startup, for example, secured $7 million in funding in February 2022 to widen its range of millet-based products, aiding the company in its quest to make millets more readily available and attractive to customers. Moreover, in March 2023, Ivar Agro, another Indian food startup, committed 27.5 million (200 crores) to inaugurate a millet-based food products venture in Uttarakhand. The venture is slated to finish by 2024 and will possess a monthly production ability of 1,000 metric tons of millet-based products such as biscuits, cookies, and flour.
Who Are the Key Players In The Millets Market?
Major companies operating 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.
What Are The Regional Insights Into The Millets Market?
Asia-Pacific was the largest region in the millets market in 2024. Africa is expected to be the fastest-growing region in the forecast period. The regions covered in millets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
