People around the world are progressing towards maintaining a healthy lifestyle which has evoked the adoption of healthy and nutritious food products. In this regard millets are becoming increasingly popular owing to their high nutritional value and associated benefits in treating various diseases, which is expected to transform the business space of millets market over coming years.
Millets are very helpful in lowering down the blood sugar and cholesterol levels plus they are gluten-free which makes it an ideal choice for people with celiac disease. Citing an instance about health benefit of millets, in 2019, a first ever scientific study was conducted in schools in India, wherein millets were included in midday meals which were found to enhance the child growth significantly in terms of nutrition, body mass index (BMI), and can be a potential alternative for rice in the country.
According to a recent report by Global Market Insights, Inc., millets market is projected to surpass USD 12 billion by 2025, considering the below mentioned trends:
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Ability of millets to sustain in changing climatic conditions
Besides their nutritional value, millets are in huge demand for their ability to survive in a changing climate. Millets are majorly grown in semi-arid tropic of Africa and Asia wherein these regions together account for more than 95% of overall production. Changing climatic conditions and reducing water level in these regions will positively influence millet cultivation in subsequent years as it requires very less water content as compared to other crops such as rice and wheat.
Growing popularity of pearl millet
Pearl is a widely grown type of millet around the world and has 8 times higher iron content than rice, making it a better alternative for conventional foods. In 2018, pearl millet was the largest product segment and is expected to register an appreciable CAGR of over 3% through 2025.
Apart from iron, pearl is rich in protein and antioxidants and is gluten-free which has evoked its demand to a great extent. It is also considered as an excellent food for infants aged above six months as it is easy to digest and is highly nutritious.
Burgeoning demand for millet-based food products
Considering the growing healthy and nutritious food choices among the global population, use of millets in food has increased to a great extent. Millets are primarily produced for household consumption and rest of the produce is utilized for manufacturing breakfast beer, infant food and fodder. To illustrate, millets beer is very popular in Africa and observing wide acceptance around the world.
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Increasing preference for e-commerce sites as a distribution channel
With shifting consumer inclination towards advanced and convenient solutions coupled with the emerging trend of e-commerce, online stores are gaining immense popularity as a distribution channel for the market. Several food producers are focusing on direct tie-ups with farmers. Such farmer-producer organizations play a significant role in procurement and product distribution. As online stores are being introduced, the role of traditional middleman is gradually reducing. These stores help processors create their own brand and minimize the distribution cost which is fostering their adoption significantly.
Higher production of millets in Asia Pacific
Millets are predominantly grown in Asia and Sub Saharan region, and demand for millets is also significantly higher in the region, which makes APAC the most lucrative hub for the market. In 2018, millets market across Asia Pacific had secured a sizeable market share of over 45%. The countries majorly contributing to the regional growth are India and China where the product demand and the production are relatively high. The elevating demand for millets in the region is attributed to the growing population base and increased adoption of nutritional food.
About Global Market Insights:
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider offering syndicated and custom research reports, along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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