Global Millets Market Size And Forecast 2024-2032

Posted 2024-09-05 08:39:20

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Global Millets Market Size

The global millets market is projected to reach US$17.65 billion by 2032, up from US$10.56 billion in 2023, with a compound annual growth rate (CAGR) of 5.88% between 2023 and 2032. This growth is being driven by increasing consumer demand for healthier food options, a shift towards vegan and vegetarian diets, the widespread cultivation of millets as food crops, and a growing emphasis on nutrition worldwide.

Millets Industry Overview

Millets are a group of small, nutrient-dense cereal grains that have been cultivated for thousands of years. They include varieties such as pearl millet, finger millet, and foxtail millet. Millets are known for their high nutritional value, offering a rich source of essential nutrients like fiber, proteins, vitamins, and minerals, including magnesium, phosphorus, and iron.

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Globally, millets are used in various culinary applications. They are a staple food in many parts of Africa and Asia, where they are used to make porridge, flatbreads, and fermented beverages. In recent years, millets have gained popularity in health-conscious diets due to their low glycemic index, making them suitable for managing diabetes and promoting heart health. They are also used as a gluten-free alternative to wheat and rice, catering to those with celiac disease or gluten sensitivity. Overall, millets offer a versatile and nutritious addition to diverse diets.

Growth Drivers of the Worldwide Millets Market

Rising Health Awareness

Increasing awareness of the health benefits associated with millets is a major growth driver for the worldwide millets market. Millets are known for their high nutritional value, including rich fiber content, essential vitamins, and minerals. They are particularly valued for their low glycemic index, making them an attractive option for managing diabetes and improving heart health. As consumers become more health-conscious and seek out nutrient-dense foods, the demand for millets as a gluten-free, high-protein alternative to traditional grains grows. This shift towards healthier eating habits drives market expansion and encourages the inclusion of millets in various food products and diets.

Growing Demand for Gluten-Free Alternatives

The increasing prevalence of gluten intolerance and celiac disease has fueled the demand for gluten-free food options, boosting the millets market. Millets, being naturally gluten-free, provide a suitable alternative for individuals with gluten sensitivity or those adhering to a gluten-free diet. As more consumers seek to avoid gluten for health reasons, the demand for gluten-free grains and products rises. Millets' versatility allows them to be used in various food applications, such as baked goods, snacks, and cereals, further driving their popularity and market growth.

Government Support and Agricultural Initiatives

Government support and agricultural initiatives aimed at promoting sustainable and nutritious crops contribute significantly to the growth of the millets market. Many countries are implementing policies and programs to encourage the cultivation of millets due to their resilience to harsh climates and low water requirements. These initiatives include subsidies for farmers, research and development funding, and promotional campaigns to raise awareness about the benefits of millets. By fostering a supportive environment for millet cultivation and consumption, these efforts help increase production and availability, driving market growth and sustainability.

Europe Millets Market

The Europe millets market is witnessing notable growth, driven by increasing health awareness and a rising demand for alternative grains. Consumers in Europe are becoming more health-conscious, seeking nutrient-dense foods that offer high fiber, protein, and essential minerals. Millets, with their gluten-free properties and low glycemic index, align well with the growing trend towards healthier eating and dietary inclusivity. This trend is particularly prevalent among those with dietary restrictions, such as gluten intolerance or diabetes.

Additionally, European consumers are showing interest in traditional and exotic grains, contributing to the market's expansion. Millets are being incorporated into various products, including cereals, snacks, and baked goods, reflecting their versatility and appeal. Government and agricultural initiatives promoting sustainable farming practices and crop diversification also support the growth of the millets market. Overall, the combination of health trends and increasing product availability is driving the positive trajectory of the Europe millets market.

Global Millets Company Analysis

The key players in the global millets market are Archer Daniels Midland Company, Cargill, Bayer Crop Science AG and Nestlé S. A., NH Foods Ltd These companies are involved in both production and marketing of millets across the world.

Global Millets Company News

In September 2023, Nestlé India introduced Nestlé a+ Masala Millet-based porridges made with locally sourced ingredients, such as barley, vegetables, bajra, and spices. Available in Veggie Masala and Tangy Tomato flavors, they take just two minutes to make.

In May 2023, Bonn Group of Industries introduced a range of bakery goods based on millet, including Millet Pizza, Millet Bread, and Millet Burgers. These products are made with Bajra, Jowar, and Ragi and promote a healthy millet-based diet in support of the International Millets Year and the Millet Mission in India.

May 2023- ITC introduced Sunfeast Farmlite Super Millets Cookies, made from a combination of millets like jowar and ragi and without maida. They offer Multi Millet and Choco-chip Multi Millet varieties, balancing taste and nutrition as a source of iron, fiber, and protein. This launch supports ITC's Mission Millet program.

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Vegetable Seeds Market: https://www.renub.com/vegetable-seeds-market-p.php

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Product– Market breakup in 2 viewpoints:

1. Organic

2. Regular

Application – Market breakup in 6 viewpoints:

1. Infant Food

2. Bakery Product

3. Breakfasts

4. Beverages

5. Fodder

6. Others

Distribution Channel – Market breakup in 5 viewpoints:

1. Trade Associations & organizations

2. Supermarkets

3. Traditional Grocery Stores

4. Online Stores

5. Others

Countries– Market breakup in 25 viewpoints:

North America

o United States

o Canada

Europe

o France

o Germany

o Italy

o Spain

o United Kingdom

o Belgium

o Netherland

o Turkey

Asia Pacific

o China

o Japan

o India

o South Korea

o Thailand

o Malaysia

o Indonesia

o Australia

o New Zealand

Latin America

o Brazil

o Mexico

o Argentina

Middle East & Africa

o Saudi Arabia

o UAE

o South Africa

All the key players have been covered from 5 Viewpoints:

· Overviews

· Key Person

· Recent Developments & Strategies

· Product Portfolio & Product Launch in Last 1 Year

· Revenue

Key Players Analysis:

1. Archer Daniels Midland Company

2. Cargill

3. Bayer Crop Science AG

4. Nestlé S.A.

5. NH Foods Ltd

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