The global millet market is projected to register a CAGR of 4.5 % during the forecast period (2021-2026).
The situation of COVID-19 in 2020 impacted the millet market in both positive and negative ways. Counting the negative side, due to the imposition of repeated lockdowns the market witnessed a disruption in the supply chain, labor shortage, shutting of small processing units, etc. Despite of all these negative consequences, there was a significant increase in retail sale. Opting towards choosing healthy meals to boost immunity people shifted from having junk foods to eat nutrious rich superfoods like millets and its derivatives. The increase in consumer demand towards having millets as an healthy option is expected to rise during the forecast period.
Millets are grown in various types such as sorghum, finger millet, pearl millet, barnyard millet, proso millet, and little millet across the globe. The global millet consumption has declined at a rate of 0.9% and expected to witness positive movement during the forecast period. India, Niger, and China are the largest producers of millet in the world, accounting for more than 55.0% of global production. For many years, India was the world’s major producer of millet. However, in recent years, millet production has increased dramatically in Africa.
Key Market Trends
India dominates the global production
According to FAO, the global millet production was estimated at 28.4 million metric ton in 2019. India is the largest global producer with a 41.0% global market share. In the last two decades, the importance of millet as food staples, particularly in India, has been declining due to various factors, including rising incomes, growing urbanization, and government policies. More than 50.0% of the millet production is currently finding its way into alternative uses as opposed to its consumption only as a staple.
Millets are super foods which are rich in nutrients such as copper, magnesium, phosphorus, and manganese. The rich nutritional content in millets helps in maintaining a healthy life. These
are an ideal food for people suffering from chronic diseases such as diabetes , obesity and heart diseases. Millets contains fiber, that helps in digestion and fights against bowel issues. Regular consumption of millets helps in preventing gastrointestinal problems and other diseases related to kidney and liver. The largest share of the breakfast food segment is attributed to the increasing demand for fiber-rich and gluten-free food products among health-conscious consumers. Thus, the rising demand for millets among the consumers is likely to drive the market.
Africa dominates the global consumption
More than 40.0% of global millet consumption is held by African countries mainly Niger, Mali, Nigeria, Burkina, and Sudan. Millets are popular in developing regions, like India and Africa, where food and nutritional security are the major challenges. The high drought tolerance capacity of the crop allows it to be cultivated in the adverse environmental conditions of the regions. India is the world’s leading producer of millet India. Public and private investments are limited to millet seed development and production. International prices for millets are highly volatile, determined largely by supply volumes, and are usually unrelated to those of other major coarse grains, such as maize, sorghum, or barley.
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