Millets are generally small-seeded cereal crops and are known for their high nutritional value. There are millet varieties worldwide with different colors such as pale yellow, white, gray, and red. They are superior, in terms of nutritional property, to some highly consumed cereals such as rice and wheat. Inclination of interest in reviving millet consumption across different countries favors this market’s growth prospects in the last few years. There are several initiatives to improve the cultivation and consumption of millet to reduce the health risks caused by diabetes, obesity, and cardiovascular diseases. Millets play an important role in many countries in Africa and Asia as regards food security and economy. Because of their gluten-free and hypoglycemic properties, they are gaining popularity in Europe and North America.
Market scope and structure analysis:
|Market size available for years||2020–2027|
|Base year considered||2019|
|Forecast units||Value ($US)|
|Segments covered||Type, Distribution Channel, Application,and Region|
|Regions covered||North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain,and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Malaysia, Thailand, Indonesia, and Rest of Asia-Pacific), LAMEA (Middle East, Brazil,and Rest of LAMEA)|
|Companies covered||Cargill, Inc., Archer Daniels Midland Company, Wise Seed Company, Inc., E.I. DuPont De Nemours and Company, Bayer Crop Science AG, Ernst Conservation Seeds, Brett-Young Seeds Limited, and Roundstone Native Seed Company.|
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COVID-19 Scenario Analysis:
The COVID-19 outbreak has caused a decline in the growth of the global industries creating a mass disruption for buyers as well as sellers. Markets and production units have been shutdown globally which has stopped the production, sale, and marketing of the product. This has also offered an opportunity for the companies to look after their supply chain relationship and business models for the future.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers And Impact Analysis
Increase in urban population, inclination toward healthy food in Asia-Pacific, coupled with rise in unsustainability of rice and wheat production, drive the product demand during the forecast period. Several diseases such as diabetes, obesity and cardiovascular problems such as heart attack, coronary artery disease have been caused by urban lifestyle choices and related food habits as millets have high protein and mineral content, such as calcium, and iron that can help in preventing such diseases. Increasing public awareness of health benefits associated with millet consumption will, therefore, boost industry growth in the future.
Many developing nations and federal governments frame long-term policies to roll out nutrition programs to address malnutrition. Promoting government initiatives and including millets in various food and beverage products is likely to increase the size of its industry.
Millets have a limited shelf-life and this factor is estimated to adversely affect market growth. High product prices compared to largely consumed grains act as an impediment to urban food market penetration.
The Global Market Trend are as follows:
- The use of millets in infant food and nutrition products is increasing because it contains calcium, iron, and fibers that help fortify essential nutrients for children’s healthy growth. Millet is rich in vitamins A and B, iron, phosphorus, magnesium, and manganese and has more protein than rice.
- The gluten-free property is expected to offer lucrative possibilities for the production of food products which are gluten-free and low GI. Millets, buckwheat, and quinoa are widely used in the preparation of popular dishes such as waffles, pasta, pizza, and sandwiches. Changing outlook to low cholesterol and fat-free alternatives and increasing awareness of healthy diets can boost gluten-free demand for food.
- Increasing preference among consumers for healthy bakery preparations motivates producers to use naturally occurring and gluten-free ingredients. Gluten-free food products offer the same taste & consistency, without high saturated and trans-fat concentrations. Increasing inclination to adopt healthy food habits and shift to low-calorie alternatives can boost the market share of the millet market.
- Millet-based products such as flour, flakes, cookies, etc. are becoming more visible in the consumer market than ever before. These grains’ high protein content makes them ideal for vegetarian and vegan populations. Breakfast cereals like flakes and local recipes have seen an upward trend in adoption by population. Millet based breakfast foods generated revenue and is likely to witness maximum gains due to increased fibrous and gluten-free food consumption patterns.
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Key Segment Covered:
Key Benefits of the Report:
- This study presents the analytical depiction of the millet Industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the millet market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global millet market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed millet market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Millet Market Research Report:
- What are the leading market players active in the millet market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
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