Growing consumer demand for convenience foods to escalate APAC millets market at CAGR of 4.4%
According to the latest market study on “APAC Millets Forecast Market to 2027 –COVID-19 Impact and Analysis by Product (Organic, Regular); Application (Infant Food, Bakery Product, Breakfast Foods, Beverages, Fodder, Others); Distribution Channel (Supermarket and Hypermarkets, Grocery Stores, Online Stores, Others);and Country,” the market was valued at US$ 3,851.45 million in 2018 and is expected to grow at a CAGR of 4.4% during 2019–2027 to account for US$ 5,652.60 million by 2027. The report highlights driving and restraining factors,as well as enumerates prominent players in the market and their developments.
Millets are small-seeded grasses widely grown across the world as cereal crops or grains for fodder and human food. Various types of millet crops such as sorghum, finger millet, pearl millet, barnyard millet, proso millet, and little millet are grown across the globe. These crops are grown in semiarid tropical regions as they are highly drought tolerant in nature. For centuries, millets have served as a major staple food in Asia and Africa. Millets are no gluten food and are rich in nutrients such as copper, magnesium, phosphorus, and manganese. The rich nutritional content in millets helps in maintaining a healthy life. Millets are an ideal food for people suffering from chronic diseases such as diabetes and heart diseases. Millets are rich in fiber, which helps in digestion and can relieve bowel issues. Regular consumption of millets helps in preventing gastrointestinal problems and other diseases related to kidney and liver.
Currently, the demand of convenience foods has increased with the increase consumer preference toward ready-to-eat food and beverages. Also, with the diversification of distribution channel, convenience foods have found a shelf in retail outlets and supermarkets. Further, changing working demographics and busy lifestyle, as well as focus toward health-promoting food products, are among the other factors that promote the demand for convenience food items. With the increase in the demand for convenience food items, the demand for millets is set to rise. Moreover, rising technology in innovative packaging attract consumers. Today, rising demand for food is highly met by convenience foods across the world. The urbanization of society has resulted into the prominence of these foods in the modern diet; e.g., there has been an increase in the trend of consumption of millets mixed with carbonated water, coffee, pancakes, waffles, tea, cake, etc., in breakfast. Additionally, the growing use of syrups as a topping in breakfast food items is contributing to market growth. Different and personalized flavors of syrups broaden their applications in bakery, dairy, frozen desserts, beverages, and confectionery industries. Furthermore, the increase in population, coupled with a rising economic standards; hike in disposable incomes; and diversification in food habits are surging the demand for convenience foods, including millets. To meet such increasing and varied demands, companies are coming up with improved varieties of millets and efficient distribution channels to serve the wider customer base.
The market for APAC Millets is concentrated with some very well-established players. Some of the key players in the APAC Millets market include Just Organik, Earthon Products Pvt Ltd, Shimla Hills Offerings Pvt. Ltd, Pristine Organics Pvt Ltd, Sresta Natural Bioproducts Pvt. Ltd, DharaniFaMCooP Ltd, Dharmapuri District Minor Millet Farmer Producer Company Limited, Janadhanya, SahajaSamrudha Organic Producer Company Ltd (SSOPCL), Viruthai Millets Farmer Producer Company Ltd. (VMFPCL).
Impact of COVID-19 on APAC Millets Market
COVID-19 first began in Wuhan (China) in December 2019 and since then it has spread at a fast pace across the globe. As of March 2020, China, Italy, Iran, Spain, republic of Korea, France, Germany, and the US were considered the worst affected countries in terms confirmed cases and reported deaths. The food & beverages industry is one of the major industries that is suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. The lockdown of various plants and factories is affecting the supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various goods in APAC. In addition, the global travel bans imposed by countries in North America, APAC, and Europe are affecting the business collaborations and partnerships opportunities. In North America, the US has the highest number of confirmed cases of COVID-19 as compared with Canada and Mexico.
