Millets Market to Reach US$ 23.83 Billion at a CAGR of 5.3% by 2033: Fact.MR Analysis

Rockville , Oct. 17, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Millets Market is projected to reach US $23.83 Bn by the end of 2033 while growing at a CAGR of 5.3%

Millets are small-seeded grains that have been grown for thousands of years in various parts of the world. They stand out for their ability to grow in tough conditions like drought and high temperatures. Compared to other grains, millets offer several advantages. They're packed with nutrients like fiber, protein, vitamins, and minerals. Importantly, they don't contain gluten, making them suitable for people with gluten sensitivity. Millets also have a low impact on blood sugar levels, making them a good choice for those with diabetes.

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Key Segments of Millets Industry Research Report

The growth of the millet market is primarily driven by increasing consumer awareness and demand for gluten-free and nutritious alternatives to traditional grains. Millets, being naturally gluten-free and rich in essential nutrients, have gained popularity among health-conscious consumers. The millet industry faces some challenges as it lacks modern processing and storage facilities. This leads to a lot of millet being lost after it's harvested and lowers the quality of millet products in the millet industry, achieving consistent yields poses a significant challenge due to several factors, including unpredictable weather conditions and infestations by pests.

Key Takeaways:

• In India, millets have been a longstanding staple, particularly in regions with difficult agro-climatic conditions. The resurgence of enthusiasm for wholesome, traditional foods is a key factor driving the market.
• Millets are gaining popularity in the United States due to the growing awareness of gluten-related issues and the surge in popularity of gluten-free diets.
• Retail stores, including supermarkets and hypermarkets, are major distribution channels for millets in urban and suburban areas.

Rising awareness of gluten-related disorders and demand for gluten-free diets, the increasing popularity of millet-based products among health-conscious consumers, and millets' longstanding significance as a traditional staple, particularly in regions with challenging agro-climatic conditions are a few key driving factors - Says FACTMR Expert

Market Competition

In this reasonably competitive market, partnerships with various stakeholders in the food industry such as suppliers, retailers, and restaurants are enabling millet producers to broaden their market presence and product distribution. Prominent entities in this sector encompass Mayoora Foods, Navan Foods, LLC, Sydler India Pvt. Ltd., Nestle S.A., Nature’s Logic, Sresta Natural Bioproducts Pvt. Ltd.

These corporations hold significant sway in the global food product market, boasting a wide-reaching impact across numerous countries. Their product range featuring millet-based items like cereals, snacks, and beverages is diverse and extensive.

Engagements with fellow entities in the food industry, including suppliers, retailers, and restaurants, are aiding millet producers in broadening their market presence and product circulation. These collaborations often pave the way for mutual promotions and the development of inventive product lines.

• In August 2023, Nestle India bolstered its dedication to providing convenient millet-based options. The company is renowned for offerings like Ceregrow grain selection containing Ragi, breakfast cereals like Koko Krunch featuring millet and Jowar, as well as Milo Cocoa Malt enriched with Bajra.

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Winning strategies

• Hosting events like millet festivals, cooking competitions, and awareness campaigns focused on millets can create excitement and interest among consumers. These gatherings showcase the versatility and health benefits of millets.
• Creating specialized processing units for millet-based products enhances the value of raw millet, providing a wider range of ready-to-use options. This is a smart strategy for leading players in the millets market as it allows them to produce high-quality and diverse millet products.
• Big players in the millets market should target countries where there's a growing interest in millets. This can lead to substantial growth, especially in places where millets aren't commonly eaten.

Millets are becoming more popular in the United States as awareness of gluten-related issues and the demand for gluten-free diets are on the rise. Health-conscious Americans are embracing various millet-based products.

In response to consumer preferences for convenient and nutritious foods, food producers in the United States are launching creative millet-based offerings. These include gluten-free millet flour, easily consumable millet snacks, and millet-centric cereals.

Checkout More Related Studies Published by Fact.MR Research:

Millet Protein Market: The rise in the nutraceutical and pharmaceutical industry is likely to expand the market for millet protein. The growing nutraceutical and fitness industry will have a positive impact on the millet protein market.

Rice Flour Market: The global rice flour market stands at US$ 895 million in 2023. Global demand for rice flour is expected to reach a valuation of US$ 1.3 billion by the end of 2033, increasing at a CAGR of 4.1% during the forecast period (2023 to 2033).

Vegan Baking Mix Market: The global vegan baking mix market was valued at US$ 960 million in 2022. Worldwide sales of vegan baking mixes are forecasted to increase at a CAGR of 5.3% and reach US$ 1.68 billion by the end of 2033.

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