LeapZipBlog: Steve Blade's blog: Millets Market Segments, Opportunity, Growth and Forecast by End-Use Industry 2017 to 2022

Millets Market Segments, Opportunity, Growth and Forecast by End-Use Industry 2017 to 2022

August 19, 2019 by Steve Blade  

A recent report published by Fact.MR projects the global millets market to reflect a steady growth over the forecast period (2017-2022). Revenues from sales of millets across the globe is forecast to increase from over US$ 10,000 Mn in 2017 to exceed US$ 13,500 Mn by 2022-end. Millets play an indispensable role in the economy and food security of several countries, especially in the regions of Asia-Pacific excluding Japan (APEJ)

Millets are gaining immense traction in North American regions owing to their hypoglycemic and gluten-free properties. Sales of millets in North America is projected to account for the largest revenue share of the global millet market during 2017 to 2022. APEJ will continue to stick to its position of being the second most lucrative market for millets. All types of millets are basically cultivated in APEJ countries such as India and China. India is a major producer of pearl millet, primarily cultivated in the north-western states of the country. In addition, China is the predominant producer of foxtail millet.

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Sales of Millets for Bakery Products and Direct Consumption to Exhibit Nearly Similar CAGRs through 2022

Based on application, revenues from sales of flour millets will remain the largest in the global market. Sales of millets for direct consumption and bakery products will exhibit nearly similar CAGRs through 2022. Application of millets in non-alcoholic beverages will exhibit the highest CAGR through 2022, followed by breakfast foods and fodder.

Key companies included in Fact.MR’s report on the global millets market are Roundstone Native Seed Company, Ernst Conservation Seeds, Brett-Young Seeds Limited, E.I. DuPont De Nemours and Company, Wise Seed Company, Inc., Bayer Crop Science AG, Cargill, Inc., and Archer Daniels Midland Company.

Modern Trade and Specialty Stores – Most Lucrative Distribution Channels for Millets

Modern trade and specialty stores are anticipated to remain the most lucrative distribution channels for millets throughout the forecast period. However, specialty stores will account for a relatively lower revenues share of the market than modern trade in 2017. By 2022-end, modern trade and specialty stores will witness a slight decline in sales of millets, while online stores will gain an upsurge to exceed revenues worth US$ 1,500 Mn. Traditional grocery stores will continue to be the second fastest expanding distribution channel for millets during the forecast period.

North America is anticipated to retain its position of being the largest market for millets, closely followed by Asia-Pacific excluding Japan (APEJ) in terms of revenues. Revenues from sales of millets in North America and APEJ will hold more than one-third share of overall market during the forecast period. Europe will also remain a lucrative market for millets, with sales projected to ride on a similar CAGR as that of in APEJ through 2022. Latin America will exhibit a steady expansion in the global millets market, although sales in the region are anticipated to hold a low market revenue share.

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