June 25, 2020
As per the report titled ‘Millets Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product; Application; Distribution Channel, available with Market Study Report LLC, global millets market is expected to reach USD 14,026.3 million at the end of forecast period, registering a CAGR of 4.6% over 2019-2027.
Millets are gluten-free and consists of nutrients like copper, magnesium, phosphorus, and manganese. Millets are ideal for people suffering from chronic diseases like diabetes and heart diseases. Apart from these, millets are rich in fiber too, which enhances digestion and relieves bowel related problems. The consumption of millets prevents gastrointestinal problems and other kidney and liver related diseases.
For those uninitiated, millets are small-seeded grass cultivated worldwide as grains or cereal crops for silage and human consumption. Owing to their drought tolerant nature, millets are cultivated in semiarid tropical regions. Sorghum, pearl millet, proso millet, finger millet, little millet, and barnyard millet are varieties of millet crops that are cultivated worldwide.
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Based on application, global millets market is classified in terms of beverages, infant food, fodder, bakery product, breakfast foods, and others. The breakfast foods segment is projected to hold a significant fraction of the market in the ensuing years, while the bakery product segment is slated to record highest CAGR during the analysis timeframe. Millets can be crushed by milling into flour and can be utilized in bakery products such as breads, cakes, and pastries, biscuits, and breakfast foods. Flattened and leavened breads are produced by use of millets. Millets find application in making of tortillas in India. Millets are sold globally due to its high vitamin, magnesium, and amino acid content. However, due to its tiny size, millets are difficult to process.
Geographically, Asia-Pacific accounts for the largest market share, followed by Middle East & Africa. In Asia-Pacific millets market, India dominates while China is second-best. Owing to its immense potential, Indian food sector has emerged as a high growth, and high profit sector. Increasing population is anticipated to fuel the demand for food and beverages, which in turn, is slated to add significant traction to the growth of regional millets market. The bakery industry is considered as one of the fastest growing sectors with strong potential for international companies. China tops India in terms of global food production; however, India is world’s largest producer of many commodities.
Dharmapuri District Minor Millet Farmer Producer Company Limited, Viruthai Millets Farmer Producer Company Ltd. (VMFPCL), Just Organik, Shimla Hills Offerings Pvt. Ltd., Janadhanya, Natural Bioproducts Pvt. Ltd., , Sahaja Samrudha Organic Producer Company Ltd (SSOPCL), Pristine Organics Pvt. Ltd., Earthon Products Pvt. Ltd., and Sresta Dharani FaMCooP Ltd. among others are major companies operating in global millets market.