Global Millets Market Insights Forecasts to 2033

• The Global Millets Market Size was Valued at USD 36.92 Billion in 2023
• The Market Size is Growing at a CAGR of 6.17% from 2023 to 2033
• The Worldwide Millets Market Size is Expected to Reach USD 67.16 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Millets Market Size is Anticipated to Exceed USD 67.16 Billion by 2033, Growing at a CAGR of 6.17% from 2023 to 2033.  

Market Overview

A class of plants with tiny seeds called millets are grown as grains for human use and animal feed. Millets are well-known for their nutritional value, as they are an excellent source of fiber, protein, and vitamins. In addition, omnivores are generally consuming more plant-based proteins, and there is a growing trend towards vegetarian and vegan diets. As a flexible and high-protein legume, millet is an essential part of a lot of plant-based diets. The most important is the rising understanding of the health and nutritional benefits of millet. A growing consumer interest in dietary diversity and the health benefits of millet a nutritious substitute for classic grains like wheat and rice amplify this demand. Additional factors driving the market include the agriculture sector's significant expansion, the growing acceptance of sustainable farming methods, the area of arable land declining as a result of urbanization, the aging population's need for healthier diets, and the market's heavy reliance on research and development (R&D).

For Instance, in May 2023, ITC launched the specialized program ITC Mission Millet, which is supported by a strategic three-pillar strategy that includes raising consumer knowledge of the advantages of millets, developing a portfolio of "good-for-you" products, and putting sustainable agricultural practices into practice.      

Report Coverage

This research report categorizes the millets market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the millets market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the millets market.

Driving Factors

Growing consumer awareness of health and fitness, the trend toward vegan and vegetarian diets, and the increasing need for large-scale millet production as a staple crop are some of the major factors propelling the millet market. A primary factor driving the market is the growing desire for large-scale millet production as a staple crop due to it is more affordable and sustainable than alternatives like rice, wheat, and corn. Growing consumer awareness of fitness and health is leading to increased demand for natural, organic, and gluten-free products, which is driving the millet market.  

Restraining Factors

Millets have a short shelf life, which is expected to severely affect market growth. Moreover, the high cost of the product in comparison to commonly consumed grains restrict the growth of the urban food market. 

Market Segmentation

The millets market share is classified into type and end-user.  

• The pearl millet segment is estimated to hold the largest market revenue share through the projected 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 estimated to hold the largest market revenue share through the projected period. Pearl millet is an essential crop in arid and semi-arid due to its remarkable resistance to adverse conditions, specifically drought and high heat. It is a staple food due to its excellent nutritional value, which includes rich iron, fiber, and protein content, guaranteeing consistent demand.     

• The B2B segment is anticipated to hold the largest market share through the forecast period.

Based on the end user, the millet market is divided into B2B and B2C. Among these, the B2B segment is anticipated to hold the largest market share through the forecast period. In the food processing sector, B2B millet is commonly used to make a variety of products, including breakfast cereals, snack meals, and baked products. The need for sustainable and healthful ingredients from food producers is the driving millets' bulk purchases.

Regional Segment Analysis of the Millets Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the millet market over the predicted timeframe.

North America is anticipated to hold the largest share of the millet market over the predicted timeframe. North America millet market is expanding mainly due to customers becoming more health-conscious. In addition, millet's high protein, fiber, and mineral content satisfy the demand for ancient grains, which is why people in North America are searching for them due to their better nutritional profiles. The robust vegan and plant-based movements in the region contribute to millet's appeal as a flexible plant protein source.

Asia Pacific is expected to grow at the fastest CAGR growth of the millets market during the forecast period. Asia Pacific countries used to be the home of millet cultivation and consumption. They are important to the culture and are the foundation of traditional diets. The rebound of interest in millet can be attributed to people discovering their culinary roots. Numerous millet species, such as finger millet, pearl millet, foxtail millet, and others, can be found in the region.

Europe is anticipated to hold a significant share of the millets market over the predicted timeframe. The strong organic food market in Europe is partly responsible for the millet market growth. The organic and non-GMO products that European customers value most include millet, which is frequently farmed without the use of pesticides. Millet benefits from the region's focus on biodiversity conservation since it keeps crop diversity intact. 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the millet market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Cargill, Incorporated
• ADM
• Marico Limited
• Seedway, LLC.
• Ernst Conservation Seeds
• ITC
• Eastern Colorado Seeds, LLC.
• Roundstone
• Bonn Group of Industries
• Mayoora Foods
• Nestle S.A.
• Sresta Natural Bioproducts Pvt. Ltd.
• Pristine Organics
• Others  

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In September 2024, one of the top FMCG brands in India, Marico, is excited to have launched its newest creation, Saffola Masala Millets, in two delicious new flavors. With a tasty and nutritious option that fits in with current dietary trends, this new product line builds on the brand's success in democratizing healthy grains.

• In May 2023, Bonn Group of Industries, one of India's largest makers of FMCG Food items, launched Millet Bread and other baking products within its category including Millet Pizza and Millet Burger. Bonn Millet baking products are a great source of vital nutrients and a healthy superfood, packed with the goodness of Ragi, Bajra, and Jowar.

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