The global millets market is expected to touch US$ 17.65 billion by 2032 from US$ 10.56 billion in 2023, with a CAGR of 5.88% between 2023-2032. The driving forces are rising customer demand for health and fitness requirements, shift in dietetics: vegan & vegetarian meals, millets being large scale food crops, and more stress on nutritionals around the world.
Rising Demand for Healthy and Nutrient-Dense Foods
The global millet market is on the rise due to the rising demand for healthy and nutritional food products in the global market. Millets contains fibers, vitamins, antioxidants, and minerals; therefore, they are popular with clients who are cutting on their calorie intake. With a change in diet from the popular vegan and gluten-free diets around the world the millet is coming out as a superfood. This is the reason the consumers are more concerned with the products that can help in managing their diabetes, digestion problems and in losing weight. Organic fight also added extra advantage to millet uptake as people are embracing 'Natural and Organic' foods including grains. This change in preferences directs demand for millet and its products prepared as, for instance, flour, snacks and FOCPs.
Government Policies and Agricultural Promotion
Government policies and program in favour of the crop are the growth factors of the global millets market. Many countries especially in the Asian and Africa continent are urging the production and use of millet in food security and food diversification. Many governments have adopted policies such as provision of incentives, subsidies, and training to farmers to embrace millet farming than other crops since the former is resistant to climate change. The United Nations later in identifying and promoting the grains globally declared the year 2023 as the International Year of Millets. These initiatives are traditional millet farming and investing in technologies and supply chains for processing purpose and doubled up availability, demand of millet products.
Rising Demand for Gluten Free and Eco-Friendly Products
Major trends influencing the consumption of millet are the gluten-free foods market and the trend towards the environmental friendliness of products. With increased cases of celiac disease coupled with other personal preference diets that Gluten free, millets apply as a natural as gluten free grains as compared to wheat and barleys. Also, yields from millets are relatively low on water and inputs, which is a good thing environmentally. Due to increasing awareness of available fresh water and sustainable agriculture around the world millets are now being cultivated as climate smart crops. The combined effect of these health and environmental impact is turning millets into many sectors like packed food products, specialty health foods, and other various markets around the globe.
Europe Millets Market
The European millet market is currently on an impressive growth trajectory triggered by numerous factors. A main trend fueling this growth is the emergent health consciousness among consumers, thus the need for clean-label foods. Also, the growing number of vegan's results in the demand for millet products as well as products containing millet. Germany, France, and the U. K are expected to lead such growth as exhibition strong demand towards the millet-based products in the forthcoming years.
Understanding the prospect of Europe market, firms are positioning themselves to focus on carrying out research and developmental studies to developed innovative millet-based food products that will fit the palate of consumers. The proactive planning for this approach foresees positive results to boost the regional market prospects in the near future.
Global Millets Company Analysis
The key players in the global millets market are Archer Daniels Midland Company, Cargill, Bayer Crop Science AG and Nestle S. A., NH Foods Ltd. These companies are involved in both production and marketing of millets across the world.
Global Millets Company News
- In September 2023, Nestle India introduced Nestle a+ Masala Millet-based porridges made with locally sourced ingredients, such as barley, vegetables, bajra, and spices. Available in Veggie Masala and Tangy Tomato flavors, they take just two minutes to make.
- In May 2023, Bonn Group of Industries introduced a range of bakery goods based on millet, including Millet Pizza, Millet Bread, and Millet Burgers. These products are made with Bajra, Jowar, and Ragi and promote a healthy millet-based diet in support of the International Millets Year and the Millet Mission in India.
