The global millet market is expected to witness significant growth over the forecast period. Rising consumer inclination towards healthy food by the urban population in Asia Pacific countries, including China and India, coupled with the growing unsustainable nature of wheat and rice manufacturing, will bolster the product demand over the forecast period.
Changes in lifestyle and food habits have given rise to several diseases, including obesity, diabetes, and cardiovascular problems like coronary artery disease, heart attack, and arrhythmias, to name a few. Millets have a high content of minerals and proteins, including calcium, iron, among others, which can help in avoiding such diseases. Thus, increasing awareness amongst the urban population about health benefits linked with millet consumption will drive market growth over the forecast period.
Millets are considered small-seeded cereals that hold the best nutritional qualities. There are almost 6,000 diversities of millet across the globe with numerous colors such as white, pale yellow, red, and gray. With regards to nutritional property, they are superior to certain highly consumed cereals such as wheat and rice. Even though millets have high nutritional qualities, it has received less attention compared to cereals. Millets play a significant role in food security and the economy of many countries in Asia and Africa. They are gaining importance in North America and Europe owing to their hypoglycemic and gluten-free properties.
Millets are projected to exhibit high gains over the forecast period on account of significant drivers, including climate change. Change in climate is expected to increase owing to the pollution. It is expected to have more droughts over the forecast period. However, millets will be a more critical solution for the farmers. Millets are the last crop standing in times of drought and withstand extremely high temperatures. Furthermore, owing to superior characteristics including gluten-free, an ancient grain, superfood, good for losing weight, and low glycemic index, millet fit the current biggest global health food trends, therefore, it's significant to capitalize now to drive the markets and research & development.
With gradually increasing demand from Asia Pacific countries, mostly China and India, farmers have begun floating towards millet cultivation over wheat and rice. High product costs in association with mostly consumed grains are acting as a restraint for penetration in the urbanized food market. These prices are usually high owing to weak supply chain and lesser production volume in the millet market as compared to rice and wheat.
Based on the product, the millet market is segmented into pearl, finger, proso, foxtail, and others. Pearl is accounted for to have the largest share over the forecast period. The product accounts for almost half of global millet production. The said product is considered as the most significant species of millet both in respect to harvested areas and contributions to food security in the Asia Pacific and Africa regions. India accounts for the most significant millet production in terms of volume across the globe.
Based on the application, the millet market is segmented into infant food, bakery products, beverages (inclusive of Alcoholic and Non-Alcoholic), breakfast food, and fodder. Millets based infant food such as porridge is ideal for infant market growth and will aid in lowering the occurrence of malnutrition in babies and infants. Bakery products, including packaged cookies, are gradually gaining importance on account of its easy accessibility throughout supermarkets & hypermarkets and e-commerce sites, especially in Asia Pacific countries.
Based on the region, the Asia Pacific and Africa are two significant regions where almost all millet variations are produced. According to the FAO 2017, the primary five product growing countries were Nigeria, India, Mali, China, and Niger. India has the most significant production volume across the globe, where Mali, Nigeria, and Niger are mostly Sub-Saharan countries where millets are conventionally being produced for a few decades. The dry climatic areas of countries in a subpart of the African region are favorable to millet production.
Key companies, including 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, and Roundstone Native Seed Company. The industry is largely fragmented and unorganized. The products have the presence of numerous medium-sized processors and are majorly grown by farmers' organizations.
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FDA, in particular, has relaxed the nutrition labeling of products which is expected to aid in increasing the distribution of packaged foods by restaurant operators leading to the optimum supply chain of products to consumers. Furthermore, food safety testing and processing industries are expected to function at full capacity owing to consumers stock-piling goods during the COVID-19 lockdown. The report will account for Covid19 as a key market contributor.
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