With growing population across the globe, demand for food is on a tremendous rise, with cereals and grains gaining paramount importance owing to their health benefits and convenience in availability. Among these cereals and grains, millets are gaining a significant momentum in feedstock and food purposes, on the back of its high productivity in dry and high-temperature conditions.
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Steady Expansion Anticipated for Global Millets Markets During 2017 to 2023
A recent report published by Fact.MR projects the global millets market to reflect a steady growth over the forecast period (2017-2022). Revenues from sales of millets across the globe is forecast to increase from over US$ 10,000 Mn in 2017 to exceed US$ 13,500 Mn by 2023-end. Millets play an indispensable role in the economy and food security of several countries, especially in the regions of Asia-Pacific excluding Japan (APEJ)
The global market is currently teeming with millet-based food products such as pasta or ragi biscuits, and noodles prepared from barnyard millet. Several new startups focused on production of millet-based food products are entering into the market. With the rise in awareness among consumers demand for these products is gaining traction, particularly in semi-arid regions that have minimal access to water resources. Key players in the global millet market are conducting training programs for farmers, providing them with knowledge and measures for increasing millet cultivation.
North America to Account for Largest Revenue Share of Global Millets Market during 2017 to 2023
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Millets are gaining immense traction in North American regions owing to their hypoglycemic and gluten-free properties. Sales of millets in North America is projected to account for the largest revenue share of the global millet market during 2017 to 2023. APEJ will continue to stick to its position of being the second most lucrative market for millets. All types of millets are basically cultivated in APEJ countries such as India and China. India is a major producer of pearl millet, primarily cultivated in the north-western states of the country. In addition, China is the predominant producer of foxtail millet.
Europe is also an attractive market for millets, with sales forecast to account for revenues worth US$ 3,500 Mn approximately. The market for millets in Europe and APEJ will register a parallel expansion through 2023. Revenues from the market for millet in Middle East & Africa (MEA) and Latin America will remain relatively lower than that from other regions, however sales of millets in Latin America will register a relatively faster expansion than in North America, Japan and MEA through 2023.
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Dominance of Pearl Millets among Product Types to Remain Unchallenged
On the basis of product type, dominance of pearl millets will remain unchallenged throughout the forecast period. Pearl millets adapt well to extremely hot climatic conditions, and are resistant to draught conditions. Sales of proso millets are also expected gain momentum, owing to their property of lowest water necessity. Compared to all the product variants of millets, foxtail millets will witness the fastest expansion in sales through 2023.
While modern trade and specialty stores are anticipated to remain the major distribution channels for millets, their sales in online stores and traditional grocery stores are expected to witness a relatively faster expansion through 2023, Between online stores and traditional grocery stores, although the former will represent faster expansion in millet sales, the latter will account for a higher revenue share of the market through 2023.
Sales of Millets for Bakery Products and Direct Consumption to Exhibit Nearly Similar CAGRs through 2023
Based on application, revenues from sales of flour millets will remain the largest in the global market. Sales of millets for direct consumption and bakery products will exhibit nearly similar CAGRs through 2023. Application of millets in non-alcoholic beverages will exhibit the highest CAGR through 2023, followed by breakfast foods and fodder.
Key companies included in Fact.MR’s report on the global millets market are Roundstone Native Seed Company, Ernst Conservation Seeds, Brett-Young Seeds Limited, E.I. DuPont De Nemours and Company, Wise Seed Company, Inc., Bayer Crop Science AG, Cargill, Inc., and Archer Daniels Midland Company.
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