Millet Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The global millet market is projected to register a CAGR of 4.5 % during the forecast period (2021-2026).

The situation of COVID-19 in 2020 impacted the millet market in both positive and negative ways. Counting the negative side, due to the imposition of repeated lockdowns the market witnessed a disruption in the supply chain, labor shortage, shutting of small processing units, etc. Despite of all these negative consequences, there was a significant increase in retail sale. Opting towards choosing healthy meals to boost immunity people shifted from having junk foods to eat nutrious rich superfoods like millets and its derivatives. The increase in consumer demand towards having millets as an healthy option is expected to rise during the forecast period.

Millets are grown in various types such as sorghum, finger millet, pearl millet, barnyard millet, proso millet, and little millet across the globe. The global millet consumption has declined at a rate of 0.9% and expected to witness positive movement during the forecast period. India, Niger, and China are the largest producers of millet in the world, accounting for more than 55.0% of global production. For many years, India was the world’s major producer of millet. However, in recent years, millet production has increased dramatically in Africa.

Scope of the Report

Millets are the cereal crops generally small-seeded and known for high nutritive value. The Millet Market is Segmented by Geography (North America, Europe, Asia-Pacific, South America, and Africa). The report includes Production Analysis (Volume), Consumption Analysis (Value and Volume), Export Analysis (Value and Volume), Import Analysis (Value and Volume), and Price Trend Analysis.

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Key Market Trends

India dominates the global production

According to FAO, the global millet production was estimated at 28.4 million metric ton in 2019. India is the largest global producer with a 41.0% global market share. In the last two decades, the importance of millet as food staples, particularly in India, has been declining due to various factors, including rising incomes, growing urbanization, and government policies. More than 50.0% of the millet production is currently finding its way into alternative uses as opposed to its consumption only as a staple.

Millets are super foods which are rich in nutrients such as copper, magnesium, phosphorus, and manganese. The rich nutritional content in millets helps in maintaining a healthy life. These
are an ideal food for people suffering from chronic diseases such as diabetes , obesity and heart diseases. Millets contains fiber, that helps in digestion and fights against bowel issues. Regular consumption of millets helps in preventing gastrointestinal problems and other diseases related to kidney and liver. 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. Thus, the rising demand for millets among the consumers is likely to drive the market.

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