Millet Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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. The report offers market size and forecast in terms of value in USD million and volume in metric tonnes

Market Snapshot

Millet Market Size
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Africa
Largest Market: Asia-Pacific
CAGR: 4.5 %
Millet Market Key Players

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Market Overview

The global millet market is projected to register a CAGR of 4.8% during the forecast period (2022-2027).

COVID-19 in 2020 impacted the millet market positively and negatively. On 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 all these negative consequences, there was a significant increase in retail sales. Opting for healthy meals to boost immunity, people shifted from having junk foods to eating nutrient-rich superfoods like millets and their derivatives. Consumer demand for millets is expected to increase 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 world. The global millet consumption declined at a rate of 0.9% and is 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 the 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.

The high protein content of these grains makes them ideal for the vegetarian and vegan population, largely based in the United States, Europe, and Asia-Pacific. Hence, the demand for millet-based products is growing rapidly in these regions.

Scope of the Report

Millets are 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. The report offers market size and forecast in terms of value in USD million and volume in metric tons for the above-mentioned segments.

Geography (Production Analysis by Volume, Consumption Analysis by Value and Volume, Import Analysis by Value and Volume, Export Analysis by Value and Volume and Price Trend Analysis)
North America
United States
Canada
Europe
Germany
Italy
United Kingdom
Russian Federation
Asia-Pacific
China
India
Japan
South America
Peru
Argentina
Africa
Algeria
Mali
Nigeria
Niger

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Key Market Trends

India dominates the global production

According to FAO, the global millet production was estimated at 28.2 million metric tons in 2019, which had increased to 30.5 million metric tons in 2020. India is the largest global producer, with a 33.3% global market share in 2020. In the last two decades, the importance of millet as a food staple, 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. In 2018, Food and Agriculture Organisation (FAO) Council approved India’s proposal to observe an International Year of Millets in 2023.

Millets are superfoods that 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 ideal food for people suffering from chronic diseases such as diabetes, obesity, and heart diseases. Millets contain fiber that helps in digestion and fights against bowel issues. Regular consumption of millets helps in preventing gastrointestinal problems and other diseases related to the 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 consumers is likely to drive the market.

Millet Market Research

Africa Dominates the Global Consumption

Millet has been one of the basic nutrients of humans in Africa. African countries, mainly Niger, Mali, Nigeria, Burkina, and Sudan, hold more than 40.0% of the global millet consumption. Millets are popular in developing regions, like India and Africa, where food and nutritional security are the major challenges. The high drought tolerance capacity of the crop allows it to be cultivated in the adverse environmental conditions of the regions. India is the world’s leading producer of millet India.

In May 2021, in Africa, governments introduced policies to support the production and consumption of millets via community seed banks, seed fairs, and farmer networks. Public and private investments are limited to millet seed development and production. International prices for millets are highly volatile, determined largely by supply volumes, and are usually unrelated to those of other major coarse grains, such as maize, sorghum, or barley. Thus, as millets play an important role in the food security and economy of many countries in Africa, consumption is anticipated to be high.

Millet Market Analysis

Recent Developments

In 2021, the first consignment of organic millets grown in the Himalayas region, India, was shipped to Denmark. The Agricultural and Processed Food Products Export Development Authority in collaboration with Uttarakhand Agricultural Produce Marketing and Just Organik company, collected organic millets from farmers for processing and to export. Millets are gaining prominence in Europe and North America due to their gluten-free and hypoglycemic properties.

In 2021, Slurrp Farm, a children’s millet-based food brand, has been a pioneer in bringing back the super grain millet across India and, more recently, the UAE. Wholesome Foods, the parent company of Slurrp Farm, recently raised USD 7 million in a fresh round of funding. This fund enables Slurrp Farm, the maker of millet-based children’s food, to ramp up product innovation and marketing activities and increase its global footprint.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Value Chain / Supply Chain Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Geography (Production Analysis by Volume, Consumption Analysis by Value and Volume, Import Analysis by Value and Volume, Export Analysis by Value and Volume and Price Trend Analysis)

      1. 5.1.1 North America

        1. 5.1.1.1 United States

        2. 5.1.1.2 Canada

      2. 5.1.2 Europe

        1. 5.1.2.1 Germany

        2. 5.1.2.2 Italy

        3. 5.1.2.3 United Kingdom

        4. 5.1.2.4 Russian Federation

      3. 5.1.3 Asia-Pacific

        1. 5.1.3.1 China

        2. 5.1.3.2 India

        3. 5.1.3.3 Japan

      4. 5.1.4 South America

        1. 5.1.4.1 Peru

        2. 5.1.4.2 Argentina

      5. 5.1.5 Africa

        1. 5.1.5.1 Algeria

        2. 5.1.5.2 Mali

        3. 5.1.5.3 Nigeria

        4. 5.1.5.4 Niger

  6. 6. MARKET OPPORTUNITIES AND FUTURE TRENDS

  7. 7. AN ASSESSMENT OF COVID-19 IMPACT ON THE MARKET

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Frequently Asked Questions

The Millet Market market is studied from 2017 - 2027.

The Millet Market is growing at a CAGR of 4.5% over the next 5 years.

Africa is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2021.

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