Millet Market

Millet Market Outlook (2023 to 2033)

The millet market is anticipated to reach a valuation of USD 12.5 billion in 2023 to reach a valuation of USD 44.1 billion by 2033. The market is expected to record a CAGR of 13.4% over the forecast period.

Millets are typically small-seeded cereal plants that are valued highly for their nutritional content. Millet comes in a variety of colors, including red, white, grey, and pale yellow. In terms of nutritional value, they outperform several popular kinds of cereal like wheat and rice.

Significant Growth Aspects of the Millet Market

• The possibilities for this market's growth in recent years have been boosted by a global trend toward restoring millet consumption.
• Increasing initiatives for millet consumption as it helps to lower the health risks associated with diabetes, obesity, and cardiovascular conditions, drive the market.
• Regarding economic development and food security, millets are significant in the Asia Pacific and Africa. Moreover, they are increasingly cherished in North America and Europe due to their hypoglycemic and gluten-free qualities.
• Demand for the product is driven due to increase in India's urban population. A preference for healthier foods, and an increase in the production of rice and wheat that is progressively less sustainable.
• Although millets have a high protein content and a high mineral content, such as calcium and iron, that can help in preventing such diseases, millets have been linked to ailments, including diabetes, obesity, and cardiovascular issues, such as heart attack and coronary artery disease. Future industry growth is likely to be boosted by raising public awareness of the health benefits linked to millet consumption.
• Long-term strategies are developed by many developing countries and federal governments to implement nutrition programs to combat malnutrition. The industry is anticipated to grow with surging government initiatives for millets to be used in more foods and beverages.

Restraining Factors of the Millet Market

Millets have a short shelf life, which is predicted to negatively impact market growth. Moreover, urban food market penetration is hampered by high product prices relative to widely consumed grains.

Attributes	Values
Millet Market CAGR (2023 to 2033)	13.4%
Millet Market Size (2023)	USD 12.5 billion
Millet Market Size (2033)	USD 44.1 billion

Market Trends

• Manufacturers are encouraged to use naturally occurring and gluten-free ingredients by consumers' growing preference for healthy bakery preparations. The flavor and consistency of gluten-free food products are identical, and they lack excessive amounts of saturated and Trans fats. The market share of millet is expected to increase if people are more inclined to switch to low-calorie options and embrace healthy eating habits.
• Considering millets include calcium, iron, and fiber that help strengthen important nutrients for kids' healthy growth, their use in infant food and nutrition products is on the rise. Also, millet is a good source of iron, manganese, phosphorus, and vitamins A and B.
• Millet-based items such as flour, flakes, biscuits, etc. are becoming more apparent in the consumer market than ever before. These grains are perfect for vegetarian and vegan populations due to their high protein content. Granules and regional recipes for breakfast cereal have experienced an increase in popularity among people. Due to rising trends in the consumption of fibrous and gluten-free foods, millet-based breakfast items generated revenue and are expected to have significant growth in the future.
• The ability to produce food that is both gluten-free and low GI is predicted to open up profitable opportunities. Many common foods including waffles, pasta, pizza, and sandwiches are made from millet, buckwheat, and quinoa. Increased awareness of healthy diets and a shift in consumer preferences towards low-cholesterol and fat-free options is expected to increase the demand for gluten-free food.

Surging Millet Production and Consumption in India

• Intending to improve farmers' lives and food security, millet has recently gained widespread acceptance around the world, with India taking the lead in this effort. The Indian government changed the name of millet from ‘coarse cereals’ or ‘cereals of the poor’ to ‘Nutri-cereals’ because of its excellent nutritional value in an effort to change the way that consumers view millet.
• As millet offers a variety of nutrients to the diet, it is claimed to be more nutrient-dense compared to wheat and rice. Millet is a rich source of dietary fibre, calcium, iron, magnesium, potassium, zinc, and vitamins like thiamine, riboflavin, folic acid, and niacin. The protein, fat, and carbohydrate content of these grains ranges from 7 to 12%, 2-5%, 65-75%, and 15-20%, respectively. Besides that, it is gluten-free and the market for millet holds untapped potential given the rise in celiac disease.
• In order to boost awareness of millet as a more affordable, eco-friendly, and nutrient-dense replacement in response to the growing challenge of food and nutritional security, the United Nations General Assembly (UNGA) designated 2023 as the International Year of Millet.
• India introduced the resolution, which was unanimously passed by the UNGA in March 2021. According to the UN's Food and Agricultural Organization, the program aims to raise awareness and direct policy attention to the nutritional benefits of millet and its appropriateness for cultivation.
• According to FAO, India contributed 12.5 million metric tonnes (MMT) of the 30.4 million MMT of millet produced globally in 2020, which makes it the biggest producer with a 41% market share. India produced 27% more millet from 2021 to 2022, as compared to the 15.9 MMT produced in the year before in 2019.

The Production and Consumption Patterns of Millet are Being Boosted by Several Initiatives and Actions Performed by State and Federal Governments, for instance

• Uttar Pradesh to spend over USD 13.3 million to promote millet in 2023 the drive to run for 5 years of tenure.
• The Government of Maharashtra in January 2023 launched a millet mission with a USD 2.4 million allocation.
• Under the National Food Security Mission – NFSM of the preliminary targets for enhancing food grain production by an additional 25 million Tons, the share allocated for millet is 2 million Tons i.e. 8% of the enhanced food grain production.

The Indian government refocused its attention on millet farming practices and passed legislation to create an environment that is supportive of farmers.

The Government of India's Ongoing Initiatives Related to Millet Production

• Integrated cereals development programs in areas with cropping systems based on coarse cereals (ICDP-CC) under Macro Management of Agriculture (MMA).
• The comprehensive program to encourage millet production is the Rashtriya Krishi Vikas Yojana (RKVY), which includes the Initiative for Nutritional Security through Intensive Millet Promotion (INSIMP).
• A part of the Rashtriya Krishi Vikas Yojana is the Rainfed Area Development Programme (RADP).

Certification & Export Policies of Millet

Since the National Programme for Organic Production (NPOP's) was established in 2001, as announced under the Foreign Trade (Development and Regulations) Act, 1992, APEDA has been implementing it. Standards for livestock, poultry, aquaculture, apiculture, and other agricultural practices are covered by NPOP. The nation exports under NPOP's guidelines.

The European Union and Switzerland have acknowledged the NPOP certification, allowing India to export unprocessed plant products such as millet to these nations without the need for extra certification.

Region-wise Analysis

Asia Pacific is the region that is likely to contribute the most in terms of production and export, expected to be followed by Africa. The significant production and consumption share in Asia Pacific belongs to India. Globally, India produces the most millet. Nigeria, Mali, and Niger, among other African nations, consistently produce a good amount of goods. A favourable environment for the growth of millets is provided by the arid climate of these regions.

The Millet Market Recent Developments

• April 2022: The Orissa Government has approved the second stage of the ‘Odisha Millet Mission’ with an expected investment of over USD 340 million over six years to revitalize millet production in the state. The project's goal is to improve millet output across 19 different state districts.
• In order to promote millet on the global market, the Indian government created a five-year strategic plan in November 2022. The strategy calls for the participation of Indian embassies abroad and other international supermarket chains like Carrefour, Walmart, Al Ruya, Lulu Group, etc. in the export of millets to boost domestic exports of millets around the world.
• February 2022: To grow its millet-based services, Wholsum Food, an Indian firm with a Gurugram headquarters, has secured funding worth over USD 7.0 million. The investment is focused on enhancing product innovation, marketing, and worldwide footprint.

Competitive Landscape

The global millet market is highly competitive. Due to the increasing focus on health benefits, the market is observing the continuous entry of new players. Key players are therefore concentrating on research & development and joint ventures to diversify their portfolio and launch innovative products more frequently.

Significant Key Players

• Britannia
• Hindustan Unilever
• ITC
• Tata Soulfull
• Nestle
• True Elements
• Mayoora Foods
• Navan Foods, LLC.
• Sydler India Pvt. Ltd
• Cargill Inc.

Scope of the Report

Attribute	Details
Forecast Period	2023 to 2033
Historical Data Available for	2018 to 2022
Market Analysis	USD billion for Value and Metric Ton for Volume
Key Regions Covered	North America; Latin America; Europe; East Asia; South Asia; Oceania; and The Middle East & Africa
Key Countries Covered	United States of America, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, Japan, South Korea, India, Thailand, Indonesia, Malaysia, Singapore, Australia, New Zealand, GCC countries, North Africa, South Africa, others
Key Segments Covered	Product, End Use, and Region
Key Companies Covered	Britannia; Hindustan Unilever; ITC; Tata Soulfull; Nestle; True Elements; Mayoora Foods; Navan Foods, LLC.; Sydler India Pvt. Ltd; Cargill Inc.
Report Coverage	Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing	Available upon Request

Millet Market by Category

By Product Type, the Millet Market is Segmented as:

• Sorghum
• Pearl Millet
• Finger Millet
• Little Millet
• Porso Millet
• Kodo Millet
• Foxtail Millet
• Barnyard Millet

By End Use, the Millet Market is Segmented as:

• Bakery & Confectionery
• Protein and Nutritional Bars
• Breakfast Cereals
• Functional Beverages
• Dairy Alternatives
• Frozen Desserts
• Dietary Supplements
• Sports Nutrition
• Infant Nutrition
• Meat Additives, Analogs & Substitutes
• Dressings, Sauces & Spreads
• Pharmaceutical Products
• Personal Care Products
• Animal Nutrition
• Animal Feed
• Aquaculture

By Region, the Millet Market is Segmented as:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• The Middle East and Africa

Frequently Asked Questions

What is the Projected CAGR of the Millet Market by 2033?

The projected CAGR of the millet market by 2033 is 13.4%.

What is the Projected Millet Market value by 2033?

The projected market value by 2033 is USD 44.1 billion.

What is the Current Millet Market Valuation?

The market is estimated to secure a valuation of USD 12.5 billion in 2023.

Which Industry is the Key Consumer of the Millet Market?

The food industry is the key consumer of the millet market.

What are the Opportunities in the Millet Market?

The opportunities in the millet market are increasing demand for healthy food.