February 19, 2020
According to the research report titled ‘Millets Market Size By Product (Organic [Pearl, Finger, Proso, Foxtail], Regular [Pearl, Finger, Proso, Foxtail]), By Application (Infant Food, Bakery Products, Beverages[Alcoholic, Non-Alcoholic], Breakfast Food, Fodder), By Distribution Channel (Trade Associations, Supermarket, Traditional Grocery Stores, Online Stores), Industry Analysis Report Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Indonesia, Australia, Argentina, Brazil, Mexico, Niger, Mali, Nigeria, Sudan, Rest of Africa, Middle East), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global millets market is expected to surpass USD 12 billion by the year 2025.
According to the report, increasing cultivation of millets due to their high nutritional value and ability to survive in harsh climatic conditions are major factors driving the millets market growth. Millets are largely produced in semi-arid tropics of Africa and Asia. Depleting sources of water and changing climatic conditions in Africa and Asia coupled with increasing awareness pertaining to healthy lifestyle are further aiding the market expansion.
Millets are largely produced for consuming in households while the remaining produce is utilized to make fodder, breakfast beer, and infant food. This factor coupled with growing demand for nutrient rich and healthy bakery products are stimulating the industry outlook. However, factors such as lack of enticing farm gate prices, labor intensive, complex post-harvest operations, and low crop productivity may hinder the market growth. Moreover, easy availability of wheat and rice and inadequate investment over product commercialization and development may inhibit the millets market growth.
As per product type, pearl millets market segment held the largest share in the year 2018 and is expected to register a growth rate of 3% during 2019-2025. Pearl is used as an alternative to rice in conventional food items due to its high iron content, thereby aiding the market expansion.
Citing distribution channels, online stores segment is expected to register substantial growth in the subsequent years, primarily due to the flourishing e-commerce sector. Online stores allow food processers to reduce cost of distribution as well as develop their own brand, which is fueling the segmental growth.
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As per the regional analysis, Asia-Pacific held 45% share of the overall market in the year 2018 and is projected to observe lucrative growth in the ensuing years, since millets are largely produced in this region. Moreover, rising demand for nutritionally rich food products in China and India owing to growing population are favoring the market outlook.
Inner Being Wellness Pvt. Ltd., Sresta Natural Bioproducts Pvt Ltd., Pristine Organics Pvt. Ltd., Treta Agro (P) Ltd., Dharmapuri District Minor Millet Farmers Producers Co. Ltd., Earthon Products Australia Pty. Ltd., South Indian Grains Corp., Shima Hills Offerings Pvt. Ltd., Dharani FaM CooP Ltd., Janadhanya Farmers Producer Co. Ltd., Sahaja Samrudha Organic Producer Co. Ltd., and Viruthai Millets Farmers Producer Co. Ltd. are the prominent companies operating in the millets market.
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