According to a recent ResearchAndMarkets.com report, the Global Millets Market will grow with a CAGR of 2.33% during 2021-2027. The market size was US$ 10.3 Billion in 2021.
The growing inclination of the urban population towards healthy food coupled with the increasing unsustainable rice and wheat production will drive millet product demand during the forecast period.
Opting towards keeping healthy meals to boost immunity, people shifted from having junk foods to eating notorious rich superfoods like millets and derivatives. The rise in consumers demands towards having millets as a healthy option is expected to rise during the forecast period.
The millet industry is segmented into bakery products, infant food, breakfast food, Beverages, fodder, and others. Millets based infant meals such as porridge is excellent for infant trade growth and will aid in reducing the occurrence of malnutrition in babies and infants. Bakery goods, including packaged wafers, are gradually gaining importance because of their easy accessibility throughout traditional grocery stores, supermarkets and e-commerce sites worldwide
Asia-Pacific the most Significant Region for Millets
Millets play an essential role in food security and the economy in Asia- Pacific. India has the highest millet production globally; India produces all varieties of millets products and processes forms, which are gaining attention from its urban population. Moreover, millets are gaining prominence in Europe and North America due to their breakfast use; it is attributed to the increasing demand for fibre-rich, gluten-free, and hypoglycemic food products among health-conscious consumers.
Covid-19 impacted the millet market in negative ways. Counting the negative side, due to the pressure of repeated lockdowns, the business witnessed a disruption in labour shortage, supply chain, shutting of small processing units, etc. Since India has the highest millet production globally, there was a severe lockdown in India in 2020. Due to this, millet exports from India suffered a bit for the year 2020. However its forecast looks bright for the future.
According to another report by Research Dive, the Global Millet Seeds Market is expected to generate a revenue of US$ 551,469.70 thousand by 2028, growing exponentially at a CAGR of 6.0% during the forecast period 2021-2028. India’s Sresta Natural Bioproducts, owners of the 24 Mantra Organic brand and Mumbai-based Dugad Agro are mentioned in the report as some of the top millet seeds market players in the world.
Rising prevalence of gluten-free food among health-conscious people coupled with the rich nutritional content in millets is expected to drive the growth of the global millet seeds market during the forecast period. In addition, persistent technological advancements like genetically modified seeds and product innovation are further expected to create immense opportunities for the growth of the market during the forecast period. However, extortionate cost of millet seeds products is expected to hinder the growth of the market during the forecast period.
COVID-19 Impact on the Millet Seeds Market
The outbreak of coronavirus has had a moderate impact on the growth of the global millet seeds market, owing to the prevalence of lockdowns in various countries across the globe.
Stringent travel restrictions imposed by the government adversely affected the transportations and food supply chains of industries across the globe. On the other hand, increasing initiatives taken by various countries to corroborate farmers to produce millet seeds appreciably mitigated its impact on the market.
By type, the pearl millet type sub-segment is expected to be most profitable, and generate a revenue of $4,17,600.30 million during the forecast period. Pearl millet is extensively used as a baby food, owing to its high nutritional content. This factor is expected to bolster the growth of the sub-segment during the forecast period.
By region, the Asia-Pacific region is expected to dominate the market, and generate a revenue of US$ 2,73,529.00 million during the forecast period. Surging demand for healthy foods among urban population in this region is expected to bolster the growth of the market. In addition, presence of massive producers of millets in this region is further expected to accelerate the growth of the regional millet seeds market during the forecast period.
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