The global millet market is on a dynamic growth trajectory, expected to expand from a valuation of USD 12.5 billion in 2023 to an impressive USD 44.1 billion by 2033. This anticipated surge, reflecting a robust CAGR of 13.4% over the forecast period, underscores the rising consumer preference for nutritious, sustainable, and gluten-free food options. Millets, small-seeded cereal plants rich in nutrients, are gaining momentum across the globe, offering a compelling investment opportunity for stakeholders in the market research industry.
Market Overview
Millets are rapidly transitioning from being a staple in traditional diets to a sought-after ingredient in global health and wellness markets. Valued for their high nutritional content, including essential minerals such as calcium, iron, and fiber, millets are now recognized as a superior alternative to conventional cereals like wheat and rice. Their versatility and health benefits have spurred demand across various sectors, from food and beverages to pharmaceuticals and personal care products.
Demand Dynamics: Driving Factors Behind Millet Market Growth
The resurgence of millets is closely tied to global trends prioritizing health and sustainability. A growing awareness of the adverse health effects associated with common dietary choices, such as diabetes, obesity, and cardiovascular diseases, is steering consumers towards healthier alternatives. Millets, with their low glycemic index and gluten-free properties, are at the forefront of this shift.
Moreover, the increasing urbanization in countries like India is contributing to a greater demand for healthier food options. As urban populations grow, there is a rising preference for nutrient-dense, sustainable foods that align with modern health trends. This shift is further supported by government initiatives aimed at promoting millet consumption as a strategy to enhance food security and combat malnutrition.
Growing Factors: Key Drivers of Market Expansion
- Health Benefits and Nutritional Value: Millets are increasingly recognized for their role in managing lifestyle-related diseases. Their high protein and mineral content make them an ideal dietary choice for preventing conditions such as diabetes and heart disease. The market is expected to benefit from rising consumer awareness about these health benefits, driving demand across multiple regions.
- Government Initiatives and Support: Several countries, particularly in the Asia Pacific and Africa, have launched programs to promote millet cultivation and consumption. In India, for instance, government initiatives like the ‘Odisha Millet Mission’ and the National Food Security Mission (NFSM) are pivotal in revitalizing millet production. These efforts are not only enhancing domestic consumption but also positioning India as a leading exporter of millets globally.
- Rising Demand in Developed Markets: The growing popularity of gluten-free and low-calorie foods in North America and Europe is creating new avenues for millet-based products. As consumers in these regions increasingly adopt healthier eating habits, millet-based foods such as breakfast cereals, nutritional bars, and dairy alternatives are gaining traction, further boosting market growth.
- Sustainability and Food Security: In regions prone to arid climates, such as Africa and parts of Asia, millets offer a sustainable alternative to other cereal crops. Their ability to thrive in harsh conditions makes them a critical component of food security strategies in these areas. As global food security becomes a more pressing concern, millets are expected to play a significant role in addressing these challenges.
Key Takeaways for Investors
- Rapid Market Growth: With the millet market projected to grow at a CAGR of 13.4% and reach USD 44.1 billion by 2033, investors have a lucrative opportunity to tap into a market driven by health, sustainability, and government support.
- Expansion in Health-Conscious Markets: The increasing consumer shift towards gluten-free, low-calorie foods in developed markets presents significant growth potential for millet-based products. Companies that innovate and cater to these demands are likely to capture a substantial market share.
- Government and Institutional Support: Ongoing initiatives by governments in the Asia Pacific and Africa, alongside international bodies like the United Nations, are expected to continue driving millet production and consumption. These efforts not only support market expansion but also offer a stable and growing environment for investment.
- Diversification Opportunities: The versatility of millets across various industries—from food and beverages to pharmaceuticals and personal care—provides investors with multiple avenues for portfolio diversification.
Stay Ahead in the Market: https://www.futuremarketinsights.com/reports/millet-market
The Millet Market Recent Developments
- April 2022: The Orissa Government has approved the second stage of the ‘Odisha Millet Mission’ with an expected investment of over US$ 340 million over six years to revitalize millet production in the state. The project’s goal is to improve millet output across 19 different state districts.
- In order to promote millet on the global market, the Indian government created a five-year strategic plan in November 2022. The strategy calls for the participation of Indian embassies abroad and other international supermarket chains like Carrefour, Walmart, Al Ruya, Lulu Group, etc. in the export of millets to boost domestic exports of millets around the world.
- February 2022: To grow its millet-based services, Wholsum Food, an Indian firm with a Gurugram headquarters, has secured funding worth over US$ 7.0 million. The investment is focused on enhancing product innovation, marketing, and worldwide footprint.
Competitive Landscape
The global millet market is highly competitive. Due to the increasing focus on health benefits, the market is observing the continuous entry of new players. Key players are therefore concentrating on research & development and joint ventures to diversify their portfolio and launch innovative products more frequently.
Significant Key Players
- Britannia
- Hindustan Unilever
- ITC
- Tata Soulfull
- Nestle
- True Elements
- Mayoora Foods
- Navan Foods, LLC.
- Sydler India Pvt. Ltd
- Cargill Inc.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube