The global Millets market reached a value of about 33.35 MMT in 2021. The industry is projected to grow at a CAGR of around 1.7% in the forecast period of 2022-2027 to reach a value of about 36.82 MMT by 2027.
The primary driving factors for the industry is unstable rice production, rising health consciousness, and the rapid development of online distribution channels. The global millets procurement market report gives a comprehensive analysis of the industry including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The key demand indicator is the highest category spender by region—Asia Pacific.
Millets are a type of grass seed that is widely grown with cereal crops for human consumption is the classification for them. In general, they are consumed in huge quantities as a form of food with the remaining being used to make beer and instant ready-to-eat dishes. Cornflakes and other breakfast cereals are made from millets. The pearl millet is the most widely grown and available in the large quantity in India and Africa. The end-use segments for the global millets market are divided into Breakfast, Bakery, Beverages, and Ready-to-Eat Food. The global millet procurement report comprises segments by product type (Pearl Millet, Foxtail Millet, Sorghum, Finger Millet, and others), application (Flour, Direct Consumption, Bakery Products, Alcoholic Beverages, Non-Alcoholic Beverages, Breakfast Foods, Fodder and Others), distribution channel (Modern Trade, Specialty Stores, Convenience Stores, Traditional Grocery Store, Online Stores and others) and regions (North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa).
India accounts for 41% of the global market. Millet's popularity as a food staple in India has diminished in recent decades due to various factors, including rising earnings, urbanisation, and government policies however, rather than being consumed as a staple, more than half of millet production will be used for other purposes. According to geography, almost all millet varieties are produced in the Asia Pacific and Africa. As per the FAO, Nigeria, India, Mali, China, and Niger were the top five product-growing countries. India has the most significant production volume globally, whereas Mali, Nigeria, and Niger are essentially Sub-Saharan African countries producing the grains for decades. The arid climatic zones of countries in a subregion of Africa are ideal for millet cultivation. Rising health consciousness advantages of food products that have nutritional value such as millets and increasing spending power of the consumes are the primary drivers that are rendering the growth of its market. Another factor that is determining the development of the millet’s procurement market is the emerging untenable nature of rice and wheat production. Soaring demand for foods especially the breakfast meals that are rich in fibre and elevated gluten food consumption is further generating growth prospects for the market. Progression and augmentation of e-commerce industry specifically in the emerging economies is expected to encourage growth in the millets market value. Alternation the lifestyle of people worldwide and the rising occurrence of cardiovascular problems like diabetes and obesity may also lead to the expansion in the demand for the grain.
Nevertheless, there are few millets cultivation challenges primarily faced by the emerging economies such as prevailing high yield disparities, less prioritisation of research plan of action and consequently low technological innovations which are leading in the fall in the volume of production of the grain. On the other hand, developed nations are facing other set of challenges like moving to millet-lands to more lucrative crops which has led to limit the millet production.
The millet procurement report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major millet cultivation and end-use products utilisation regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Millets are susceptible to frost and require mild temperatures for germination and development. Because of this, they are often planted in Minnesota and Wisconsin from mid-June to mid-July. The germination of seeds is done between 68 to 86 Fahrenheit. Proso and foxtail millet are efficient water users that thrive in low-moisture environments due to their early maturity, which allows them to avoid droughts. Millets are frequently produced as a fallback crop when other crops fail or postpone sowing due to inclement weather. Millet seedbed preparation is identical to spring-seeded small grain seedbed preparation. Before planting, weeds should be controlled, and the seedbed should be firm and well-worked. Because millets are planted late in the season, weed control can be accomplished through spring ploughing and cultivation.
The millets market is driven by an increase in water use efficiency in millet production during the next several years. The gluten-free feature of millets is predicted to open the profit potential for manufacturing gluten-free and low-GI foods. Spending on weight loss has accelerated over the world. People are attempting to eat healthier foods. This momentum, combined with the availability of healthy dietary options such as millets, has generated a promising market for this sector. The advent of eCommerce platforms has enticed numerous sectors to sell their products online. As a result, online rivalry is heating up. Furthermore, the costs of dissemination via the internet are significantly lower. These discounts are encouraging more people to shop on online platforms. As a result, demand generated through online platforms is another primary driver for the Millet Market.
The regional markets for the industry can be divided into the Asia Pacific including China and India, Europe, North America, and Africa.
Millets-based end-use items, such as flour, flakes, and cookies are becoming more widely available in the consumer market. These grains, which have high protein content, makes them suitable for vegetarians and vegans, primarily found in the Asia Pacific, Europe, and North America. African and Asian populations are also increasingly adopting breakfast cereals such as flakes and native cuisines. Fibrous and gluten-free food consumption millets-based breakfast items are expected to produce the most income because they are highly in demand.
1. Executive Summary
2. Millet Market Snapshot
2.1. Millet Market Outlook
2.2. Millet Industry Analysis by Type
2.2.1. Pearl Millet
2.2.2. Finger Millet
2.3. Millet Industry Analysis by Application
2.3.1. Infant Food
2.3.2. Bakery Products
2.4. Region Overview
2.4.3. North America
2.4.4. Latin America
2.4.5. Middle East & Africa
3. Impact of Recent Events
4. Millet Value Chain Analysis
5. Millet Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Millet Cost Structure
9. Millet Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Millet Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. Swot Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New Entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Industry Best Practices
13.1. Sourcing Strategy
13.2. Procurement Model
13.3. Contract Structure
13.4. Negotiation Levers
13.5. Pricing Model
13.6. Key Factors Influencing the Quotation
14. Key Supplier Analysis
14.1. Cargill, Inc.
14.2. Archer Daniels Midland Company
14.3. Wise Seed Company, Inc.
14.4. E.I. DuPont De Nemours and Company
14.5. Bayer Crop Science AG
The global millet market size was valued at 33.35 MMT in 2021.
The rising of health consciousness and the spread of online distribution channels, the millet sector is anticipated to lead the market between the period 2021 – 2028.
The major demand for Gluten-free and GI food products is one of the important drivers of the Millet market growth.
Some of the leading companies in the millet market are Cargill, Inc., Archer Daniels Midland Company, Wise Seed Company, Inc., E.I. DuPont De Nemours and Company, Bayer Crop Science AG, Ernst Conservation Seeds, Brett-Young Seeds Limited, Roundstone Native Seed Company.
The food sector of the millet industry holds the major share in the market.
The global millet market is expected to grow at an annualized rate pace of XX percent to USD XX billion by 2027. Millets are a type of small-seeded cereal with high nutritional value and comes in almost 6,000 different colour variants worldwide, including pale yellow, white, grey, and red. They outperform several commonly consumed portions of cereal, such as rice and wheat, in nutritional value. Millets are essential for many African and Asian countries' food security and economics. The grain is gaining popularity in Europe and North America because of their gluten-free and hypoglycemic properties. The key players in the global maltose market include Cargill, Inc., Archer Daniels Midland Company, Wise Seed Company, Inc., E.I. DuPont De Nemours and Company, Bayer Crop Science AG, Ernst Conservation Seeds, Brett-Young Seeds Limited, Roundstone Native Seed Company.
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