During the projection period (2017 to 2022), demand for millets will grow at a stable CAGR of 5.3%. By the end of 2022, the global millets market is expected to be valued more than US$ 13,500 Mn.Millets are highly variable small-seeded grasses that are commonly produced as grain and cereal crops for both feedstock and food.
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Millet crops are becoming increasingly popular due to their short growing season and good production under high-temperature circumstances. Pearl millet, finger millet, proso millet, and foxtail millet are some of the millet crops grown across the world.
Consumers will continue to choose pearl millets among products.
Pearl millets are predicted to continue popular among consumers’ items, with sales increasing steadily through 2022. Sales of pearl millets are expected to generate over US$ 8,000 million in revenue by the end of 2022. In 2017, sales of finger millets and proso millets are expected to account for roughly one-fourth of the market.
Competitive Landscape:
In September 2021, millets had been gaining traction as a healthy and sustainable food option due to their nutritional benefits and adaptability to various growing conditions. The millets market had been witnessing growth driven by increased consumer awareness of their health benefits and the growing demand for gluten-free and nutrient-dense foods. However, I do not have information about the competitive landscape beyond that point. Keep in mind that the market can change rapidly, so it’s recommended to consult more recent sources or market research reports for the latest information on the competitive landscape of the millets market.
Key Players:
- Archer Daniels Midland Company
- Cargill Inc.
- Bayer Crop Science AG
- Wise Seed Company Inc.
- I. DuPont De Nemours and Company
- Brett-Young Seeds Limited
- Ernst Conservation Seeds
- Roundstone Native Seed Company
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Regional Analysis:
Millets have been staple foods in many African countries for centuries. Countries like Nigeria, Mali, Niger, and Burkina Faso have a long history of millet cultivation and consumption. Millets play a crucial role in food security, especially in regions prone to drought and other climate challenges. The nutritional benefits and resilience of millets have garnered interest from both local populations and international development organizations
Millets, particularly foxtail millet and proso millet, have been cultivated in China for centuries. These millets are widely used in traditional Chinese diets. While modern dietary trends have shifted towards other grains, there has been some renewed interest in millets due to their nutritional content and gluten-free nature.
In developed regions like the United States and Europe, millets are often considered alternative grains and have gained attention due to their gluten-free attributes. There has been a growing interest in incorporating millets into diets to cater to individuals with gluten sensitivities or celiac disease. However, their popularity is still relatively modest compared to traditional grains like wheat and rice.
Key Segments of Industry:
- Product Type
- Pearl Millet
- Finger Millet
- Proso Millet
- Foxtail Millet
- Others (Japanese barnyard millet, Kodo millet, etc.)
- Application
- Flour
- Direct Consumption
- Bakery products
- Alcoholic Beverages
- Non Alcoholic Beverages
- Breakfast Foods
- Fodder
- Other Application
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