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on November 14, 2023
The latest report by IMARC Group, titled “Millet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. The global millet market size reached US$ 12.33 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 16.27 Billion by 2028, exhibiting a growth rate (CAGR) of 4.60% during 2023-2028.
Millets refer to small-seeded grasses that yield cereal grains and are cultivated globally in semi-arid regions. They can be used in numerous dishes, including porridges, bread, soups, stews, beer, etc., and are also utilized as a source of animal feed, particularly for poultry and livestock. They are appropriate for consumers with gluten intolerance or celiac disease, owing to their high fiber, protein, vitamin, and mineral content and hypoglycemic properties. In addition to this, millets also offer several health advantages, such as improved digestion, decreased cholesterol levels, better control of blood sugar levels, etc. They are more cost-effective than other cereal grains, thereby making them an ideal option for individuals on a tight budget.
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Millet Market Trends and Drivers:
The escalating demand for large-scale cultivation of these grasses as a staple crop, on account of its affordability and sustainability as an alternative to rice, wheat, and corn, is primarily driving the millet market. Furthermore, the emerging trend of vegan and vegetarian diets featuring these small-seeded grains as nutritional and versatile ingredients is also augmenting the market growth. Apart from this, the increasing consumer awareness towards health and fitness is propelling the usage of organic, natural, and gluten-free millets, which is positively influencing the global market. Moreover, the elevating need for millet cultivation, as it is drought-resistant and has a low water requirement, is further bolstering the market growth. Besides this, the easy product availability across offline and online retail channels is acting as another significant growth-inducing factor. Additionally, the growing popularity of sustainable farming practices is expected to fuel the millet market in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Product Type Insights:
- Pearl Millet
- Finger Millet
- Proso Millet
- Others
Application Insights:
- Infant Food
- Bakery Products
- Beverages
- Others
Distribution Channel Insights:
- Supermarket and Hypermarkets
- Traditional Grocery Stores
- Online Stores
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Archer-Daniels-Midland Company
- Bayer AG
- Brett-Young Seeds Limited
- Cargill Incorporated
- Ernst Conservation Seeds
- Roundstone Native Seed Company
- Seedway LLC
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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