The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Millets Global Market Report 2023, the millets market is expected to show significant growth in the forecast period.

The millets market has witnessed robust growth, surging from $10.99 billion in 2023 to $11.67 billion in 2024, showcasing a commendable compound annual growth rate (CAGR) of 6.2%. This growth is attributed to increasing nutritional awareness, the surge in health and wellness trends, the rise of sustainable agriculture, and government initiatives fostering the millets market.

Factors Driving Historic Growth

• Increasing nutritional awareness
• Rise in health and wellness trends
• Growth of sustainable agriculture
• Government initiatives supporting the millets market

Future Projections: A Nutritional Revolution

Expectations are high for the millets market as it is projected to grow to $14.39 billion in 2028, boasting a CAGR of 5.4%. This growth is fueled by global population growth, the need for climate change resilience, urbanization and convenience trends, and ongoing research and development efforts. Major trends in the forecast period include consumer education, research and innovation, culinary diversity, and the rise of gluten-free and allergen-friendly foods.

Trends Shaping the Future

• Consumer education
• Research and innovation
• Culinary diversity
• Gluten-free and allergen-friendly foods

Rising Obesity-Related Health Concerns Propel Millets Market Growth

The escalating concerns related to obesity are expected to drive the growth of the millets market. With one billion people globally predicted to be living with obesity by 2030, millets, rich in essential vitamins and minerals, offer a nutritional solution for weight management and overall health. As per the World Obesity Atlas 2022, the global population living either overweight or obese is projected to reach 51% by 2035.

Impact on Millets Market

• Millets contribute to weight management and lower obesity-related disorders
• One billion people globally predicted to have obesity by 2030

View More On The Millets Market Report 2023 – https://www.thebusinessresearchcompany.com/report/millets-global-market-report

Strategic Investments Drive Growth And Innovation

Companies in the millet market are making strategic investments to identify and capitalize on opportunities within the food industry. These investments not only sustain their market position but also contribute to addressing climate and food security challenges. For example, Wholsum Foods Pvt. Ltd., an Indian startup, raised $7 million to expand millet-based offerings, making millets more accessible and appealing. Another Indian startup, Ivar Agro, invested 27.5 million (200 crores) to set up a millet-based food products project in Uttarakhand, emphasizing the growing importance of millets in the food industry.

Notable Investments

• Wholsum Foods raises $7 million for millet-based offerings
• Ivar Agro invests 27.5 million in a millet-based food products project

Tata Consumer Products Expands Portfolio With Soulfull Acquisition

In a strategic move, Tata Consumer Products Limited acquired Soulfull from Kottaram Agro Foods Pvt. Ltd. for $18.8 million in February 2021. This acquisition enables Tata Consumer Products to expand its product offering into the on-the-go and on-the-go categories. The millets market is witnessing such acquisitions, highlighting the industry’s dynamism and potential for growth.

Strategic Acquisition

• Tata Consumer Products acquires Soulfull for $18.8 million
• Expanding product offering into on-the-go categories

Market Segmentation: Unveiling Diversity

The millets market is diverse and segmented based on product type, distribution channels, and end-use, providing a comprehensive understanding of its dynamics.

Market Segmentation

1. Product Type:
   • Pearl Millet
   • Foxtail Millet
   • Sorghum
   • Finger Millet
   • Other Products
2. Distribution Channel:
   • Trade Associations
   • Supermarkets
   • Grocery Stores
   • Online Platforms
   • Other Distribution Channels
3. End Use:
   • Ready To Eat Food
   • Direct Consumption
   • Bakery Products
   • Alcoholic Beverages
   • Non-Alcoholic Beverages
   • Breakfast Foods
   • Fodder

Regional Dynamics: Asia-Pacific Leads, Africa Emerges Fastest-Growing

In 2023, Asia-Pacific emerged as the largest region in the millets market. Looking ahead, Africa is expected to be the fastest-growing region in the forecast period, underscoring the global nature of millets’ market expansion.

Regional Insights

• Asia-Pacific leads in 2023
• Africa expected to be the fastest-growing region in the forecast period

Request A Sample Of The Global Millets Market Report 2023:

https://www.thebusinessresearchcompany.com/sample_request?id=12961&type=smp

The Millets Global Market Report 2023  provides an in-depth analysis on the millets market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the millets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Breakfast Cereal Global Market Report 2023
Grain Products Global Market Report 2023
Grain Fumigants Global Market Report 2023

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