Millets Price Trend and Forecast

Regional Price Overview

Get the latest insights on price movement and trend analysis of Millets in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Millets Price Trend for the Second Half of 2023

Millets, gaining popularity globally, are driven by increasing health consciousness and demand for gluten-free alternatives. Millet crops have resilience to diverse climates and minimal water requirements make them suitable for cultivation in arid regions, appealing to farmers. Additionally, millet's rich nutritional profile, including high fiber and protein content, aligns with consumer preferences for nutritious and sustainable food choices.

Millets Price Chart

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After fluctuating in the early months of the year, the prices of millets started spiking in the H2 of 2023. However, the popularity of millet-based products such as pasta, noodles, and snacks resulted in a rise in demand for millet during the early months of the third quarter.

During this phase, erratic weather conditions and decreased crop sowing area depleted the inventories, which supported the rise in millet prices in India. The gradual rise in the prices became exponential in the later months, with an approximate 15-20% rise in the prices every month. The rise in government initiatives in this sector also proved beneficial for the millets market, and thus, the uptick in the prices continued throughout the third and fourth quarters of 2023.

Analyst Insight

According to Procurement Resource, the price trend of Millets is expected to continue its inclining journey in the upcoming quarters as the demand from the downstream industries and the rise in the usage of millets in food industries will support the inclining journey of the market.

Millets Price Trend for the First Half of 2023

The production of millets and other related crops took a deep hit amid challenging climate conditions in the majority of millets-producing countries such as India. This situation in India was further worsened by the low support from the government as they excluded millet from the list of MSP-supported commodities.

Despite these challenges, the prices of millet have soared in India in the first two quarters of 2023. The farmers also reaped the benefit of higher levels of exports and a hike in interest in international markets in Indian millets. Further, due to the extreme heat wave experienced by the northern states of India, the market feared a loss of supply of wheat and other commodities and thus emphasized the storage and timely harvest of millets. However, the level of production still failed to match the demand from the consumer sector, which led to an upsurge in the price trend of millets.

In addition to this, the overall market of food and beverages experienced inflation due to the supply constriction from Ukraine due to the ongoing war and depletion of existing stockpiles that, in turn, proved beneficial for the prices of millets.

Analyst Insight

According to Procurement Resource, the price of Millets is estimated to grow with the decline in production rates and rise in demand.

Millets Price Trend for the Second Half of 2022

Though India is the largest producer of millets in the world, its production and availability are still limited as the high-yielding varieties of wheat and rice are widely promoted, thereby hindering the expansion of millets production. Owing to this millets are generally cultivated in marginal lands and rain-fed regions. This mismatch limits the availability of millets to other regions.

With a major chunk of the population shifting to millets as their daily staple, the prices of millets increased during the said period. The prices of foxtail millets averaged 85 Rs/kg whereas that of barnyard millets averaged around 90 Rs/kg. While the little and brown top millets averaged 110 Rs/kg.

These high prices were due to the fall in market supply which was deeply impacted by the severe weather conditions. The limited production of millets suffered due to heavy and unseasonal rainfall. Hence, the price trend for millets kept on a higher trajectory in the said period.

Analyst Insight

According to the Procurement Resource, the millet market size is expected to grow in the coming years. The UN General Assembly declaring 2023 as the International Year of Millets and increased consumer demand, will likely influence the production and prices of millets.

Millets Price Trend For the First Half of 2022

Asia

The price trend for millets varied significantly across the prominent markets in the Asia-Pacific region. South Korea had the highest price in May 2022 averaging 681 USD/MT.

North America

The price of millet in May 2022 was 602USD/MT registering a rise of 4.6% from the previous month. However, the export price overall showed a slight decline. The export price reached its peak in January 2022 at 644 USD/MT and did not recover from February to May 2022.

Latin America

Guatemala recorded one of the lowest prices for exports of millet averaging 370 USD/MT during the said period.

Procurement Resource provides latest prices of Millets. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.