Global Millets Market Size To Worth USD 67.16 Billion by 2033 | CAGR of 6.17%
Category: Consumer GoodsGlobal Millets Market Size To Worth USD 67.16 Billion by 2033
According to a research report published by Spherical Insights & Consulting, The Global Millets Market Size is Expected to Grow from USD 36.92 Billion in 2023 to USD 67.16 Billion by 2033, at a CAGR of 6.17% during the forecast period 2023-2033.
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Browse key industry insights spread across 205 pages with 110 Market data tables and figures & charts from the report on the "Global Millets Market Size, Share, and COVID-19 Impact Analysis, By Type (Pearl Millet, Finger Millet, Foxtail Millet, Proso Millet, and Others), By End-user (B2B and B2C), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/millets-market
Millets are a family of small-seeded grains, sometimes known as cereal grains, that are members of the Poaceae family. Due to they are high in proteins, dietary fiber, vitamins, and minerals, they are renowned for having a high nutritional density. Many different places use millet as a staple food. Owing to their adaptability, millets find extensive use in food companies. They are a staple in classic recipes like pilafs, porridge, and flatbreads, and they are also showing up in more and more contemporary products like baked products free of gluten, breakfast cereals, and snacks. The market is driven by growing activities to promote millet intake as it reduces health risks related to diabetes, obesity, and cardiovascular diseases. Due to growing trends in the consumption of gluten-free and fibrous foods, breakfast dishes made from millet have generated income and are predicted to rise significantly. The market for millets is being driven by the Ready-to-Eat (RTE) food segment, which is growing increasingly popular due to shifting consumer lifestyles and the increasing need for quick and wholesome meal options. However, due to their unfamiliarity, customers can be reluctant to include millets in their diets, which could restrict the growth of the millets market.
The pearl millet segment is predicted to hold the greatest market share through the forecast period.
Based on the type, the millet market is classified into pearl millet, finger millet, foxtail millet, proso millet, and others. Among these, the pearl millet segment is predicted to hold the greatest market share through the forecast period. The market appeal of pearl millet is increased by its adaptability, which goes beyond human consumption and includes the manufacture of animal feed and biofuel. Increased efforts by the governments to support food security and sustainable agriculture in key producing nations reinforce its leading position in the millet market.
The B2B segment is anticipated to hold the greatest market share during the projected timeframe.
Based on the end user, the millet market is divided into B2B and B2C. Among these, the B2B segment is anticipated to hold the greatest market share during the projected timeframe. The B2B millet food market depends on them as a wholesome feed alternative for cattle, particularly in areas where the climate makes other grains less viable. In addition, millets are used in the brewing sector, particularly in some areas for the production of traditional and craft brews.
North America is estimated to hold the largest share of the millet market over the forecast period.
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North America is estimated to hold the largest share of the millet market over the forecast period. The market for millet is expanding quickly in North America as a result of rising consumer awareness of the nutrient-dense grains' potential health advantages. The increased desire for gluten-free and plant-based alternatives has positioned millets as a popular choice for health-conscious customers.
Asia Pacific is predicted to have the highest CAGR growth in the millets market over the forecast period. This is due to regional culinary customs, rising health consciousness, and government programs encouraging millet production and consumption, the Asia Pacific region is currently leading the world millet market. This trend of incorporating millets into a variety of food products and cuisines is being led by countries such as China, Japan, and India.
Europe is estimated to hold a significant share of the millet market over the forecast period. The realization that millet can assist with managing type 2 diabetes and has a high magnesium content that promotes bone health is another reason why its aging population is drawn to Europe.
Major key players in the millets market include Cargill, Incorporated, ADM, Marico Limited, Seedway, LLC., Ernst Conservation Seeds, ITC, Eastern Colorado Seeds, LLC., Roundstone, Bonn Group of Industries, Mayoora Foods, Nestlé S.A., Sresta Natural Bioproducts Pvt. Ltd., Pristine Organics, and Others.
Recent Developments
- In September 2023, A variety of Nestlé a+ Masala Millet-based porridges were launched by Nestlé India. A combination of locally sourced ingredients, such as barley, vegetables, bajra (pearl millet), and a range of spices, are used to make this porridge. They are available in two flavors Veggie Masala and Tangy Tomato and just take two minutes to create.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the millets market based on the below-mentioned segments:
Global Millets Market, By Type
- Pearl Millet
- Finger Millet
- Foxtail Millet
- Proso Millet
- Others
Global Millets Market, By End-User
- B2B
- B2C
Global Millets Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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