The millet market is anticipated to reach a value of $12.5 billion by 2023 and $44.1 billion by 2033. The market is estimated to grow at a CAGR of 13.4% during the projection period.
Millet is a type of small, rounded whole grain that is grown in Nigeria, India, and other parts of Asia and Africa. Millet offers a lot of advantages over other crops, including drought and insect resistance. These millets may thrive even in challenging circumstances and in soil that is less fertile. Since millets are gluten-free and have hypoglycemic properties, they are commonly consumed in places like Asia and Africa. They come in a variety of colours, including white, red, grey, and pale yellow, and are more nutrient-dense than conventional grains like wheat and rice.
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India’s Goal is to Become the World’s Top Producer and Exporter of Millet:
In India, two varieties of millet are grown. Sorghum, pearl millet, and finger millet are essential millet, whereas foxtail, tiny millet, kodo, proso, and barnyard millet are minor millet. Rising public awareness of millet’s beneficial impacts on human health and the environment, along with initiatives to revive ancient agricultural methods and support small-scale farmers, is what is fueling the millet revolution in India. It is regarded as a solution to the nation’s twin problems of fostering sustainable agriculture and public health.
Significant Factors Driving the Growth of the Market:
- Due to their high protein content, millets are ideal for vegetarians and vegans, which is expected to fuel market expansion throughout the projection period.
- If more people are willing to switch to low-calorie choices and adopt healthy eating practices, the market share of millet is anticipated to rise.
- On account of key drivers, such as climate change, millets are expected to see significant gains during the projection period. Due to pollution, there can be climate change. Over the coming years, more droughts are expected. Millets are likely to be a significant solution for the farmers, though. Millets can resist exceptionally high temperatures and are often the last crop to survive a drought.
- Millet fits the current global health food trends due to its exceptional qualities, which include being gluten-free, an ancient grain, a superfood, helpful for weight loss, and having a low glycemic index.
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Key Takeaways:
- Millets are commonly used in underdeveloped countries like India and Africa where obtaining food and nutrition poses significant challenges. The production of millet is being encouraged in the region to solve the problems of food security and climate change.
- The millet protein market valuation is expected to reach a valuation of US$ 44.1 billion in 2033.
- Africa is the leading region in the world for millet production and consumption. More than 55% of the world’s output is produced in this region, with Asia coming in second with 40%. The majority of African countries that consume more than 40% of the world’s millet include Niger, Mali, Nigeria, Burkina Faso, and Sudan.
- The millet protein market is estimated to record a CAGR of 13.4%.
Competitive Landscape
The competitive landscape in the millet market is rapidly evolving as new players enter the market and existing companies expand their product offerings.
Some of the Key Players in the Market Include:
- Britannia
- Hindustan Unilever
- ITC
- Tata Soulfull
- Nestle
- True Elements
- Mayoora Foods
- Navan Foods, LLC.
- Sydler India Pvt. Ltd
- Cargill Inc.
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About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
Millet Market by Category
By Product Type, the Millet Market is Segmented as:
- Sorghum
- Pearl Millet
- Finger Millet
- Little Millet
- Porso Millet
- Kodo Millet
- Foxtail Millet
- Barnyard Millet
By End Use, the Millet Market is Segmented as:
- Bakery & Confectionery
- Protein and Nutritional Bars
- Breakfast Cereals
- Functional Beverages
- Dairy Alternatives
- Frozen Desserts
- Dietary Supplements
- Sports Nutrition
- Infant Nutrition
- Meat Additives, Analogs & Substitutes
- Dressings, Sauces & Spreads
- Pharmaceutical Products
- Personal Care Products
- Animal Nutrition
- Animal Feed
- Aquaculture
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