Global Millet-Based Product Market Insights Forecasts to 2032

• The Global Millet-Based Product Market Size was Valued at USD 36.6 Million in 2022
• The Market Size is Growing at a CAGR of 8.87% from 2022 to 2032
• The Worldwide Millet-Based Product Market Size is Expected to Reach USD 85.7 Million by 2032
• North America is expected to Grow the fastest during the forecast period

 

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The Global Millet-Based Product Market Size is Anticipated to Exceed USD 85.7 Million by 2032, Growing at a CAGR of 8.87% from 2022 to 2032.

 

Factors driving the millet-based product market include the growing trend of vegan and vegetarian diets, the increasing demand for large-scale millet cultivation as a staple crop, and the increasing consumer awareness of fitness and health is enhancing the demand for the global millet-based product market.

 

Market Overview

A group of extremely diverse small-seeded grasses known as millets is commonly cultivated as a cereal crop or grain all over the world. Millets have an extremely high nutritional value. Millet products are a great option for persons with wheat allergies or intolerances because they are low in GI (glycemic index), gluten-free, and high in B vitamins, calcium, iron, potassium, magnesium, and zinc. Compared to other grains, millets require less water and fertilizer, making them naturally sustainable crops. Products made from millet are a great weight loss option for diabetics. The millet-based product market includes agricultural methods, R&D projects to enhance millet production, and targeted marketing campaigns to promote millet-based products. The major goal is to increase millet-based product awareness and acceptance among both urban and rural communities. The purpose of this compilation is to support the development of a sustainable ecology for growers and processors. The market for millet-based products is expected to rise because of the numerous nations that have started implementing legislative initiatives to support millet research, cultivation, and market development. To increase consumer demand for millet-based products, a few marketing campaigns, educational initiatives, and instructional programs are being launched to educate people about the nutritional benefits and potential applications of millet-based products.

 

Report Coverage

This research report categorizes the market for the global millet-based product market based on various segments and regions, forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global millet-based product market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global millet-based product market.

 

Driving Factors

With growing consumer demand for quick and healthy food options, millet-based products are an excellent source of fiber, vitamins, minerals, and protein. They are also free of gluten and calories. Thus, millet-based products are suitable for consumers looking for a quick and convenient diet. Several benefits of millet-based products have been shown, including a decreased risk of diabetes, cancer, heart disease, and stroke. This is caused by the high fiber and antioxidant content of millet, which raises the demand for millet-based products. The demand for millet-based products is also being driven by environmental conscience and sustainability. Millets are a more sustainable crop since they need less water and can grow in difficult environments. Customers are leaning toward environmentally friendly food options.

 

Restraining Factors

However, despite the increasing popularity of millet-based products, mainstream consumers are still not aware of or accepting of them. Since millets have traditionally been viewed as specialty or traditional foods in some areas, it might be difficult to introduce them into general markets. It is necessary to make an effort to inform customers about the health advantages and adaptability of millet-based products. Since millets are mostly grown areas, their availability may be restricted in various markets. It can be difficult to build a strong and effective supply chain of millet-based products, particularly in areas where millets are not typically cultivated or consumed. The two most prominent issues facing market players include developing strong distribution networks and assuring a steady supply of superior millet grains.

 

Market Segmentation

The Global millet-based product market share is classified into product type, demography, and distribution channel.

 

• The millet-based snacks segment is expected to grow at the fastest pace in the global millet-based product market during the forecast period.   

The millet-based product market is categorized by product type into millet-based snacks, millet-based baked goods, millet-based beverages, and others. Among these, the millet-based snacks segment is expected to grow at the fastest pace in the millet-based product market during the forecast period. This is due to more people learning about the nutritional advantages of millet and its delicious, crunchy chips and puffs. This is especially true in regions like North America and Europe where consumers are becoming more health conscious.

 

•  The adult segment is expected to grow at the highest pace in the global millet-based product market during the forecast period. 

Based on the demography, the global millet-based product market is divided into kids and adults. Among these, the adult segment is expected to grow at the highest pace in the millet-based product market during the forecast period. This is due to the adult sector consisting of millet-based products tailored to the dietary needs and nutritional requirements of adult consumers. As consumers continue to look for convenient and nutrient-dense millet-based products, the adult sector, with its larger market size and wider range of product offers, is widely used, and has the potential for considerable future growth of the global millet-based product market.

 

• The online stores segment is expected to hold the largest share of the global millet-based product market during the forecast period.

Based on the distribution channel, the global millet-based-product market is divided into supermarkets and hypermarkets, traditional grocery stores, online stores, and others. Among these, the online stores segment is expected to hold the largest share of the global millet-based product market during the forecast period. Because e-commerce is becoming increasingly convenient for customers, online retail platforms have the most room to develop of all these distribution channels. Given the accessibility of millet-based products and the growing inclination of customers towards e-commerce, online retail is positioned as a noteworthy distribution channel with great growth potential in the upcoming years.

 

Regional Segment Analysis of the Global Millet-Based Product Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Asia-Pacific is anticipated to hold the largest share of the global millet-based product market over the predicted timeframe.

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Asia-Pacific is projected to hold the largest share of the global millet-based product market over the predicted years. This is because the region has a large population that prefers traditional and healthier food options. The region holds a substantial market share due to the growing demand for gluten-free products and increased health consciousness. The expansion of the industry is further assisted by government programs like the Millet Mission in India and the inclusion of millets in public distribution systems. The Asia-Pacific region is anticipated to sustain its prominent position in the millet-based product market due to its strong cultural affinities with millet and the continuous backing of the government.

 

North America is expected to grow at the fastest pace in the global millet-based product market during the forecast period. This is due to the growing acceptance of natural and gluten-free diets as well as healthier lifestyle choices. It is anticipated that the global millet-based product market will expand to become one of the major areas in the millet-based product market soon due to consumer knowledge of the nutritional advantages of millets and the availability of creative millet-based snacks and cereals.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global millet-based products along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Bliss Tree
• Coastal Foods
• FirmRoots Private Limited
• ITC Limited
• Marico
• Quaker Oats Company
• Slurrp Farms
• Swiss Bake Ingredients Pvt. Ltd.
• Tata Consumer Soulfull Pvt. Ltd.
• Urban Millets Pvt. Ltd.
• Urban Monk Private Limited

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

 

• In January 2022, Tata Soulfull, has launched the product millet muesli, with no added sugar, is composed of 97% wholegrains, fruits, nuts, and seeds, making it very wholesome. The target market for Tata Soulfull products is consumers who are looking for food options that complement their lifestyle and who are also health conscious.

 

• In February 2022, Slurrp Farm, has raised USD 7 million from institutional investors, Corporation of Dubai, and Fireside Ventures to grow its millet-based product line, enhance marketing efforts, develop new products, and establish its brand and products internationally.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Millet-Based Product Market based on the below-mentioned segments: 

 

Global Millet-Based Product Market, Product Type

• Millet-Based Snacks
• Millet-Based Baked Goods
• Millet-Based Beverages
• Others

 

Global Millet-Based Product Market, By Demography

• Kids
• Adults

 

Global Millet-Based Product Market, By Distribution Channel

• Supermarket and Hypermarkets
• Traditional Grocery Stores
• Online Stores
• Others

 

Global Millet-Based Product Market, By Region

• North America
• US
• Canada
• Mexico
• Europe
• Germany
• UK
• France
• Italy
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Rest of Asia Pacific
• South America
• Brazil
• Argentina
• Rest of South America
• Middle East & Africa
• UAE
• Saudi Arabia
• Qatar
• South Africa
• Rest of the Middle East & Africa