Global Millets Market, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029
“Global Millets Market” is an upcoming market research report currently in process of completion at MarketResearch.biz. Vital data and information on the global market, including market trends, restraints, drivers, breakdown of revenue, potential revenue growth opportunities, recent developments, strategies, competitive landscape, and details of key players are included. The global millets market report is segmented on the basis of product, distribution channel, application, and regions and countries.
Millets belong to a family of small-seed grasses that offer high productivity and yield. The grasses can grow in dry and hot regions, and is sturdy and durable in areas with poor water resources. Millet flour is a primary base for flatbreads, and is also used as an ingredient in beers and other fermented beverages, and porridges. Millet is nutritious, non-glutinous, and is not acid-forming foods, and easy to digest. Millets are known to improve skin health, reduce wrinkles, and improve skin discoloration and pigmentation. Millet is high in fiber and protein and rich in B vitamins, –including niacin, B6, and folic acid – phosphorus, and manganese, and is widely considered a ‘nutri cereal’. Trace minerals act as an antioxidant and is believed to offer benefits to individuals with poor bone health, arthritis, inflammation, and premenstrual syndrome or PMS.
Factors resulting from climate change, global warming, constantly changing climatic conditions, and unstable or volatile nature of wheat and rice crop cultivation are projected to drive increasing demand and preference for millets and millet-based products. Rising product visibility and availability through social media and e-Commerce platforms is expected to continue to support demand and market growth over the forecast period. Health benefits associated with consumption and reviews and information available online and on social media platforms is further expected to continue to drive demand. Rising demand for and consumption of more fibrous breakfast food products that are gluten-free is another factor projected to drive growth of the market.
Among some of the primary factors expected to hamper market growth are short shelf life of millets, and comparatively higher prices than other grains that are widely consumed globally.
Increasing focus on health and wellness, and shift in preference towards consuming products that offer health benefits among a growing health-conscious consumer base – in developed as well as developing countries – is expected to continue to open up high potential opportunities for key players in the target market. Shift in preference for such food products is among some of the latest and rapidly growing trends in the market, which is expected to continue into the future.
Global Millets Market Segment Analysis:
By Product: The pearl millet segment currently accounts for highest revenue share among the product segments, and is projected to maintain its dominance over the next five years. Pearl millet are well adapted to growing in hot and dry conditions and is more resilient than other cereal grains. Pearl millet can also be grown on sandy soils, and is majorly grown in countries in Africa.
BY Distribution Channel: Among the distribution channel segments, the modern trade and specialty stores segments are projected to maintain dominance in terms of revenue share over the others over the forecast period. This can be attributed to easy availability of a range of brands, and convenience of these channels to access and procure products.
By Application: The non-alcoholic beverage segment among the application segments is expected to account for comparatively higher revenue share, and applications across various other industries in the food and beverage sector is projected to continue to increase in future.
Global Millets Market Regional Analysis:
The millets market in North America currently remains that largest consumer of millets and related products. It is expected to continue to maintain its dominance in future owing to increasing preference for organic products that offer health-associated benefits. The market in Asia Pacific is projected to continue to follow the North America market closely in terms of revenue share. Demand from the market in Europe is expected to remain steady over the forecast period. The market in Middle East & Africa is expected to increase steadily owing to millets flour porridge being a staple of several countries in the region.
Global Millets Market Segmentation:
- Pearl Millet
- Finger Millet
- Proso Millet
- Foxtail Millet
- Others (Includes Japanese barnyard millet, Kodo millet, etc.)
By Distribution Channel:
- Modern Trade
- Speciality Stores
- Convenience Stores
- Traditional Grocery Stores
- Other Distribution Channels
- Direct Consumption
- Bakery Products
- Alcoholic Beverage
- Non-alcoholic Beverage
- Breakfast Food
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Archer Daniels Midland Company
- Cargill, Inc.
- Bayer Crop Science AG
- Wise Seed Company, Inc.
- I. DuPont De Nemours and Company
- Brett-Young Seeds Limited
- Ernst Conservation Seeds
- Roundstone Native Seed Company
- Glanbia Nutritionals Inc.
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