IMARC Group’s report titled “Millet Market by Product Type (Pearl Millet, Finger Millet, Proso Millet, and Others), Application (Infant Food, Bakery Products, Beverages, and Others), Distribution Channel (Supermarket and Hypermarkets, Traditional Grocery Stores, Online Stores, and Others), and Region 2024-2032“, The global millet market size reached US$ 12.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 18.6 Billion by 2032, exhibiting a growth rate (CAGR) of 4.14% during 2024-2032.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/millet-market/requestsample
Factors Affecting the Growth of the Millet Industry:
- Rising Awareness About the Nutritional Benefits of Millet:
The rising awareness among individuals about the nutritional benefits of millet, such as its rich composition of essential nutrients, is propelling the market growth. Millet is naturally gluten-free and packed with proteins, dietary fiber, vitamins, and minerals, making it a highly nutritious choice for consumers. It has a low glycemic index and contributes to stable blood sugar levels, making it suitable for individuals with diabetes or those seeking to manage their weight. Furthermore, millet contains antioxidants and phytochemicals that offer various health benefits, including reducing the risk of chronic diseases, such as heart disease and certain cancers.
- Increasing Demand for Healthy Food Products:
The increasing demand for healthy food products due to changing dietary preferences of individuals is bolstering the market growth. Moreover, the rising focus on health and wellness among the masses worldwide is impelling the market growth. Apart from this, the increasing prevalence of lifestyle-related diseases is supporting the market growth. People are seeking food items that are nutritious, natural, and minimally processed. Furthermore, food manufacturers are introducing a wide range of healthier options in millets, including organic, gluten-free, and non-genetically modified organisms (GMOs), which is propelling the market growth.
- Wide Availability:
The wide availability of millets via various distribution channels, such as supermarkets, hypermarkets, and convenience and online stores, is contributing to the market growth. These stores offer convenience and a diverse range of millet products, catering to different needs and preferences of consumers. In addition, people are increasingly preferring online stores due to their enhanced accessibility and convenience. Besides this, online stores allow individuals to compare prices of different brands and purchase millet products from the comfort of their homes.
Leading Companies Operating in the Global Millet Industry:
- Archer-Daniels-Midland Company
- Bayer AG, Brett-Young Seeds Limited
- Cargill Incorporated
- Ernst Conservation Seeds
- Roundstone Native Seed Company
- Seedway LLC.
Millet Market Report Segmentation:
By Product Type:
- Pearl Millet
- Finger Millet
- Proso Millet
- Others
Pearl millet represents the largest segment as it is rich in nutrients, such as protein, fiber, vitamins, and minerals.
By Application:
- Infant Food
- Bakery Products
- Beverages
- Others
Infant food holds the biggest market share on account of the rising focus on maintaining the enhanced health of babies.
By Distribution Channel:
- Supermarket and Hypermarkets
- Traditional Grocery Stores
- Online Stores
- Others
Traditional grocery stores account for the largest market share due to the wide availability of food products in one place.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific enjoys a leading position in the millet market, which can be attributed to the favorable agro-climatic conditions for millet cultivation.
Global Millet Market Trends:
Advancements in agricultural technology, breeding methods, and farming practices are significantly enhancing the efficiency and productivity of food production, thereby driving market growth. Precision farming technologies, such as GPS-guided machinery and drones, optimize resource utilization and crop management. Furthermore, biotechnology facilitates the creation of high-yielding and disease-resistant crop varieties, including millet, which bolsters resilience and productivity. Sustainable farming practices, like conservation tillage and integrated pest management, reduce environmental impact while preserving soil health.
Additionally, government bodies in various countries are providing subsidies, trade regulations, and support programs for farmers, further bolstering market growth.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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