Millets Market Size, Share and Forecast to 2027

Millets Market Forecast to 2027 - Covid-19 Impact and Global 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 Geography

Publication Month : Apr 2020

  • Report Code : TIPRE00007550
  • Category : Food and Beverages
  • Status : Published
  • No. of Pages : 175
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The millets market was valued at US$ 9,407.8 million in 2018 and is expected to grow at a CAGR of 4.6% from 2019 to 2027 to reach US$ 14,026.3 million by 2027.

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 the 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.Based on application, millets market is categorized into infant food, bakery product, breakfast foods, beverages, fodder, and others. In 2018, the breakfast foods segment dominated the market by accounting for 32.1% of the total market share. The largest share of the breakfast food segment is attributed to the increasing demand for fiber-rich and gluten-free food products among health-conscious consumers.

Europe is expected to grow at the highest CAGR of 5.4% during the forecast period. Several domestic and international companies have a strong foothold in North America. The western part of Europe is known for its better standards of living, with people displaying a higher income level. It is one of the wealthiest regions on the European continent, with per capita Gross Domestic Product (GDP) more than the other parts. The European consumer displays variations in preferences and reflects economic status, culinary practices, and consumption habits of different countries. Europe is a well-established and mature market for millets.

Impact of COVID 19 on Global Millets Market

COVID 19 outbreak first began in Wuhan (China) during December 2019, and since then it has spread across the globe at a fast pace.China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the worst affected countries in terms confirmed cases and reported deaths as of March 2020. The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global chemical and materials industry is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak.For instance, China is the global hub of manufacturing and the largest raw material supplier for various industries. The overall market break down due to COVID-19 is also affecting the market growth of millets due to shutting down of factories, obstacle in supply chain, and downturn in world economy.

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Millets Market: Strategic Insights

millets-market
Market Size Value inUS$ 9,407.8 Million in 2018
Market Size Value byUS$ 14,026.3 Million by 2027
Growth rateCAGR of 4.6% from 2019-2027
Forecast Period2019-2027
Base Year2019
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Global Millets Market Insights

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Health benefits offered by millets has favored the millets market globally

Millet consumption is associated with the curing of various types of diseases. For instance, the high fiber levels present in millet reduces low-density lipoprotein or bad cholesterol and increases the high-density lipoprotein or good cholesterol. Besides, millet’s high fiber content reduces blood pressure and thus minimizing the risk of heart attacks. Likewise, the magnesium content in millets helps in improving insulin sensitivity and in preventing type 2 diabetes. Being rich in iron and folic acid, millets prevent anemia and maintain the right level of hemoglobin in the body. Also, it avoids other diseases such as obesity and cardiovascular problems—heart attack, coronary artery disease, and arrhythmias. The application of millets in nutrition products and infant food is increasing at an alarming rate due to the high nutritional content of millets. Therefore, rising awareness among consumers about the health benefits associated with regular consumption of millets is expected to drive the growth of the millets market.

Application-BasedInsights

The millets market, based on application, is segmented into infant food, bakery food, breakfast foods, beverages, fodder, and others. The breakfast foods segment accounted for the largest share of the global millets market, whereas the bakery products segment is expected to grow at a higher CAGR during the forecast period. As per the study published in Journal of Texture Studies, the replacement of wheat flour by 60% finger millets increases the nutritive value or texture of muffins. Millets flours especially white teff and proso millets are being rapidly produced in western countries, as gluten free flours for the production of pasta and baked goods. In Africa, there is expanding small-scale manufacture of convenience-type versions of traditional millet-based foods.These products cater for the needs of the growing numbers of urban middle-class consumers who are ready to pay premium price for millets.

Global Millets Market, by Application– 2018 & 2027

Global Millets Market, by Application– 2018 & 2027
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Product-Based Insights

The millets market, based on product type, is segmented into organic and regular. Theregular segment accounted for the largest share of the global millets market, whereas the organic segment is expected to register the fastest growth rate during the forecast period. Regular or inorganic millets are produced with the application of insecticides, pesticides, and other modern techniques in farming. Regular millets are rich in starch and have protein content equal to maize or wheat having high value of vitamin B and are extensively used in food industry. Despite their prominent nutritional qualities, millets have received less attention than the major cereals. Millets play an important role in food security and economy of many countries in Africa and Asia. Millets cultivation can keep dry lands productive and ensure future food and nutritional security. Millets hydrate the colon to keeps human from being constipated.

Distribution Channel-Based Insights

The millets market, based on distribution channel, is segmented into super markets and hyper markets, grocery stores, online stores, and others.The others segment accounted for the largest share of the millets market, whereas the online segment is expected to register the fastest growth rate during the forecast period. The other distribution channel for millets include direct sales, specialty stores, and wholesalers. Direct sales channel creates a linkage between producers and food processing companies also between consumers and producer of products using millets. Specialty stores account for lower revenues in terms of millets sale. Many producers choose to sell millet through retail stores as the physical availability of millets, build confidence among the consumers. When local market producers does not get satisfactory price for their millet produce, they sell his produce to distant markets.

Report Spotlights

  • Progressive industry trends in the global millets market help players develop effective long-term strategies
  • Business growth strategies adopted by developed and developing markets
  • Quantitative analysis of the global millets market from 2017 to 2027
  • Estimation of global millets demandacross various industries
  • PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
  • Recent developments to understand the competitive market scenario and global millets demand
  • Market trends and outlook coupled with factors driving and restraining the growth of the global millets market
  • Decision-making process by understanding strategies that underpin commercial interest with regard to global millets marketgrowth
  • Global millets marketsize at various nodes of market
  • Detailed overview and segmentation of the global millets market, as well as its dynamics in the industry
  • Global millets market size in various regions with promising growth opportunities

Global MilletsMarket – By Product

  • Organic
  • Regular


Global Millets Market – By Application

  • Infant Food
  • Bakery Food
  • Breakfast Foods
  • Beverages
  • Fodder
  • Others


Global MilletsMarket – By Distribution Channel

  • Supermarkets and Hypermarkets
  • Grocery Stores
  • Online Stores
  • Others


Company Profiles

  • Just Organik
  • Earthon Products Pvt Ltd
  • Shimla Hills Offerings Pvt. Ltd.
  • Pristine Organics Pvt Ltd.
  • Sresta Natural Bioproducts Pvt. Ltd.
  • Dharani FaMCooP Ltd.
  • Dharmapuri District Minor Millet Farmer Producer Company Limited
  • Janadhanya
  • Sahaja Samrudha Organic Producer Company Ltd (SSOPCL)
  • Viruthai Millets Farmer Producer Company Ltd. (VMFPCL)
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product ; Application ; Distribution Channel , and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Niger, Russian Federation, Saudi Arabia, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


Based on application, why is the bakery products segment expected to grow at the highest rate during 2019–2027?

As per the study published in journal of Texture studies, the replacement of wheat flour by 60 percent finger millets increases the nutritive value or texture of muffins. Millets flours especially white teff and proso millets are being rapidly produced in western countries, as gluten free flours for the production of pasta and baked goods.

Which region held the largest share of the global millets market?

In 2018,the millets market was predominant in Asia Pacific at the global level. Rising awareness about the health benefits and increasing millets usage in foodstuff is propelling the market growth in the region. Rising expenditure towards research and development activities, to diversify the application base of millets has also led to market growth in the Asia Pacific region.

Can you list some of the major players operating in the global millets market?

Just Organik, Earthon Products Pvt Ltd., Shimla Hills Offerings Pvt. Ltd., Pristine Organics Pvt Ltd., Sresta Natural Bioproducts Pvt. Ltd., Dharani FaMCooP Ltd., Dharmapuri District Minor Millet Farmer Producer Company Limited, Janadhanya, Sahaja Samrudha Organic Producer Company Ltd (SSOPCL), Viruthai Millets Farmer Producer Company Ltd. (VMFPCL) are among the major players in the global millets market.

The List of Companies - Global Millets Market

  1. Dharani FaM CooP Ltd
  2. Dharmapuri District Minor Millet Farmer Producer Company Limited
  3. Earthon Products Pvt Ltd
  4. Janadhanya
  5. Just Organik
  6. Pristine Organics Pvt Ltd.
  7. Sahaja Samrudha Organic Producer Company Ltd (SSOPCL)
  8. Shimla Hills Offerings Pvt. Ltd
  9. Sresta Natural Bioproducts Pvt. Ltd.
  10. Viruthai Millets Farmer Producer Company Ltd. (VMFPCL)

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
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Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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