Millet Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 11.53 Billion |
| Market Size (2029) | USD 14.43 Billion |
| CAGR (2024 - 2029) | 4.60 % |
| Fastest Growing Market | Africa |
| Largest Market | Asia-Pacific |
Millet Market Analysis
The Millet Market size is estimated at USD 11.53 billion in 2024, and is expected to reach USD 14.43 billion by 2029, growing at a CAGR of 4.60% during the forecast period (2024-2029).
- Millets comprise various small portions of cereal such as sorghum, finger millet, pearl millet, barnyard millet, proso millet, and little millet. They are cultivated in adverse and diverse climates in dry, semi-arid, and sub-humid agriculture areas in over 32 million hectares worldwide. India, Niger, and China are the largest millet producers in the world, accounting for more than 55.0% of global production. India is the largest producer of millet in the world. However, in recent years, millet production has increased dramatically in Africa as many countries encourage dryland agriculture due to low water availability and sub-tropical climatic conditions favoring millet production.
- The high protein content of these grains makes them ideal for the vegetarian and vegan population, primarily based in the United States, Europe, and Asia-Pacific. Furthermore, the pandemic has affected the market positively as many people are including millets in their diet and shifting from junk foods to nutrient-rich foods like millets and their derivatives to boost immunity and health. Hence, the demand for millet-based products is growing rapidly in these regions, which is anticipated to drive the millet market.
Millet Market Trends
This section covers the major market trends shaping the Millet Market according to our research experts:
India Dominates the Global Production
- The government and organizations promote millet production in India due to its importance in making a nutritional diet. Due to their nutritional value, millets are notified as Nutri-Cereals by the Government of India. Furthermore, the Department of Agriculture and Farmers Welfare (DA&FW) is implementing a sub-mission on nutri-cereals under National Food Security Mission to enhance the area, production and productivity of millets.
- According to Food and Agriculture Organization (FAO), global millet production was estimated at 28.33 million metric tons in 2019, which increased to 30.08 million metric tons in 2021. India is the largest global producer, with a 43.0% global market share in 2021 with Sorghum(jowar), Pearl Millet (bajra), Finger millet (ragi), and other minor millets are grown in the country. According to the Ministry of Agriculture and Farmers Welfare, millet production in India has increased from 14.52 million tonnes in 2015-16 to 17.96 million metric tons in 2020-21.
- The expanding domestic production has further boosted the export of millet. According to Director General for Commercial Intelligence & Statistics (DGCI & S), the millet exports in India rose by 8% to 159,332.16 metric tons in 2021-22 against 147,501.08 metric tons in 2020-21, which is anticipated to boost the local millet production. Furthermore, the government of India is promoting the export of millet due to rising demand in the global market.
- For instance, Agriculture and Processed products Export Development Authority (APEDA) has planned 16 programs for the promotion of millets and millet products in countries such as UAE, Indonesia, the United States, Japan, the United Kingdom, Germany, South Africa, Australia, Saudi Arabia, etc. to increase the millet exports of the country. Thus, the rising demand for millets in the global market and increased domestic production in India are anticipated to drive the market in the coming years.
Africa Dominates the Global Consumption
- Africa is the largest region in terms of global millet production and consumption. The region accounts for more than 55% of the global output, followed by Asia with 40%. African countries, mainly Niger, Mali, Nigeria, Burkina, and Sudan, hold more than 40.0% of the global millet consumption.
- Millets are prevalent in developing regions, like India and Africa, where food and nutritional security are significant challenges. The high drought tolerance capacity of the crop allows for its high productivity in the semi-arid areas of Africa. Therefore, efforts are being made to promote millet cultivation as a solution to the region's climate change and food security challenges.
- In May 2021, in Africa, governments introduced policies to support the production and consumption of millet via community seed banks, seed fairs, and farmer networks. 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. Thus, with growing climate and food security challenges in the region. Millet production and consumption are anticipated to increase in Africa, driving the millet market.
Millet Market News
- November 2022: The Indian Government formulated a five-year strategic plan to promote millet in the international market. The plan includes the involvement of Indian missions abroad and global retail supermarkets such as Carrefour, Walmart, Al Ruya, Lulu Group, etc., to export millets to increase domestic export millets worldwide.
- April 2022: In a bid to revive millet production in the state, the Orissa Government has approved the second phase of the 'Odisha Millet Mission' at an estimated investment of over USD 340 million over six years. The project aims to increase the production of millet in 19 districts of the state.
- February 2022: Wholsum food, a Gurugram-based millet-based food startup in India, has raised investments of over USD 7.0 million to expand its millet-based offerings further. The investment is aimed at increasing product innovation, marketing, and global footprint.
Millet Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
5. MARKET SEGMENTATION
5.1 Geography (Production Analysis by Volume, Consumption Analysis by Value and Volume, Import Analysis by Value and Volume, Export Analysis by Value and Volume and Price Trend Analysis)
5.1.1 North America
5.1.1.1 United States
5.1.1.2 Canada
5.1.2 Europe
5.1.2.1 Germany
5.1.2.2 Italy
5.1.2.3 United Kingdom
5.1.2.4 Russian Federation
5.1.3 Asia-Pacific
5.1.3.1 China
5.1.3.2 India
5.1.3.3 Japan
5.1.4 South America
5.1.4.1 Peru
5.1.4.2 Argentina
5.1.5 Africa
5.1.5.1 Algeria
5.1.5.2 Mali
5.1.5.3 Nigeria
5.1.5.4 Niger
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Millet Industry Segmentation
Millets are a group of small-seeded grasses that produce cereal grains and are widely grown worldwide in semi-arid areas. Millets are used for fodder and human food due to their high nutritional content.
The millet market is segmented by geography (North America, Europe, Asia-Pacific, South America, and Africa). The report includes production analysis (volume), consumption analysis (value and volume), export analysis (value and volume), import analysis (value and volume), and price trend analysis.
The report offers market size and forecast in terms of value in USD million and volume in metric tons.
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Millet Market Research FAQs
How big is the Millet Market?
The Millet Market size is expected to reach USD 11.53 billion in 2024 and grow at a CAGR of 4.60% to reach USD 14.43 billion by 2029.
What is the current Millet Market size?
In 2024, the Millet Market size is expected to reach USD 11.53 billion.
Which is the fastest growing region in Millet Market?
Africa is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Millet Market?
In 2024, the Asia-Pacific accounts for the largest market share in Millet Market.
What years does this Millet Market cover, and what was the market size in 2023?
In 2023, the Millet Market size was estimated at USD 11.02 billion. The report covers the Millet Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Millet Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Millets Industry Report
Statistics for the 2024 Millets market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Millets analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
