IMARC Group, a leading market research company, has recently released a report titled “Millet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the millet market growth, size, share, trends and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the Millet Market?
The global millet market size reached US$ 12.33 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 16.27 Billion by 2028, exhibiting a growth rate (CAGR) of 4.60% during 2023-2028.
What is Millet?
Millets refer to small-seeded grasses that yield cereal grains and are cultivated globally in semi-arid regions. They can be used in numerous dishes, including porridges, bread, soups, stews, beer, etc., and are also utilized as a source of animal feed, particularly for poultry and livestock. They are appropriate for consumers with gluten intolerance or celiac disease, owing to their high fiber, protein, vitamin, and mineral content and hypoglycemic properties. In addition to this, millets also offer several health advantages, such as improved digestion, decreased cholesterol levels, better control of blood sugar levels, etc. They are more cost-effective than other cereal grains, thereby making them an ideal option for individuals on a tight budget.
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What are the growth prospects and trends in the millet industry?
The escalating demand for large-scale cultivation of these grasses as a staple crop, on account of its affordability and sustainability as an alternative to rice, wheat, and corn, is primarily driving the millet market. Furthermore, the emerging trend of vegan and vegetarian diets featuring these small-seeded grains as nutritional and versatile ingredients is also augmenting the market growth. Apart from this, the increasing consumer awareness towards health and fitness is propelling the usage of organic, natural, and gluten-free millets, which is positively influencing the global market. Moreover, the elevating need for millet cultivation, as it is drought-resistant and has a low water requirement, is further bolstering the market growth. Besides this, the easy product availability across offline and online retail channels is acting as another significant growth-inducing factor. Additionally, the growing popularity of sustainable farming practices is expected to fuel the millet market in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Product Type Insights:
- Pearl Millet
- Finger Millet
- Proso Millet
- Infant Food
- Bakery Products
Distribution Channel Insights:
- Supermarket and Hypermarkets
- Traditional Grocery Stores
- Online Stores
Market Breakup by Region:
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Archer-Daniels-Midland Company
- Bayer AG
- Brett-Young Seeds Limited
- Cargill Incorporated
- Ernst Conservation Seeds
- Roundstone Native Seed Company
- Seedway LLC
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