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, at a CAGR of 4.60% during the forecast period (2024-2029).
Millet, a collection of small-seeded cereal grains, flourishes in arid climates. Across the globe, various millet types are cultivated, such as pearl millet, foxtail millet, finger millet, proso millet, and barnyard millet. Its ability to thrive in harsh conditions with minimal water makes millet crucial for areas grappling with water scarcity or subpar soil. Furthermore, the rollout of new millet varieties, customized for distinct climates, is propelling market expansion. For instance, in 2023, a partnership between HarvestPlus, the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT), and the Lake Chad Research Institute introduced 'Jirani' and 'Chakti' in Nigeria. These are the inaugural biofortified pearl millets, enriched with iron. Designed to be climate-smart and naturally nutritious, these varieties aim to bolster household nutrition and farmer productivity in the face of global challenges.
Millet is a dietary staple in many regions, especially in Asia, Africa, and select parts of Europe. As the world pivots towards gluten-free alternatives to wheat and rice, and embraces plant-based diets, the demand for millet has seen a significant uptick. While urbanization in developing nations has shifted preferences towards processed foods, millets are carving out a niche due to their health benefits as a whole grain. This trend is further amplified by the increasing availability of processed millet products. In 2023, Nestle India launched a+ Masala millet-based porridges, highlighting both taste and nutrition. These porridges, made from locally sourced ingredients like bajra (pearl millet), barley, vegetables, and a distinctive mix of 10 spices, resonate with local dietary preferences. Consequently, the growing allure of millets, coupled with innovative product launches and an uptick in processed food consumption, is steering the market's growth.
Millet Market Trends
Asia Pacific Dominates the Millet Production
- The Asia-Pacific region is essential for both producing and consuming millet, significantly impacting the agriculture and food security of many countries. Major producers in this region include India, China, Indonesia, Bangladesh, Nepal, and Pakistan. The region's diverse climates support various millet types, such as pearl millet, finger millet, foxtail millet, and barnyard millet. An increasing focus on sustainable agriculture, rising health awareness, and supportive government initiatives are driving millet production in the Asia-Pacific. According to FAOSTAT, Asia produced 15,619 thousand metric tons of millet in 2022, leading globally ahead of Africa, Europe, North America, and South America. India stands out as the leading millet producer in Asia, contributing a significant percentage of the total production.
- Governments and organizations in the region are actively promoting millet production due to its nutritional benefits. For example, the Ministry of Food Processing Industries (MoFPI) has launched the Production Linked Incentive Scheme for Millet-based Products (PLISMBP) with a budget of Rs. 800 crores (USD 96.8 million) for the period from 2022-23 to 2026-27. Additionally, the Government of India has classified millets as "Nutri-Cereals" due to their high nutritional value. These initiatives are projected to support market growth during the forecast period.
- Research and development initiatives by government institutions also favor market growth. The Indian Institute of Millets Research (IIMR), under the Indian Council of Agricultural Research (ICAR), is a leading agricultural research institute focused on sorghum and other millets. IIMR coordinates national millet research projects and collaborates with various national and international agencies. Their aim is to increase millet productivity through improved crop production and protection technologies. With high production levels, government support, and active research and development, the market is anticipated to grow during the forecast period.
Middle East and Africa Dominates the Import Market
- The Middle East and Africa have risen to become the world's leading millet importers. Despite being major producers, these regions have significantly increased their millet imports in recent years. Turkey, Kenya, the UAE, Saudi Arabia, and Morocco are the primary importing countries, with Turkey at the forefront. According to the ITC trade map, Turkey's millet imports surged from 19,507 metric tons in 2022 to 28,900 metric tons in 2023. This growth trend is evident in other importing nations as well. The rising interest in millet as an alternative to traditional grains like wheat, rice, and maize is driving this increase in imports.
- Health, nutrition, and food security concerns have boosted millet's popularity in the Middle East and Africa. These regions are shifting towards healthier diets, recognizing millet for its high nutritional content, including fiber, vitamins, minerals, and antioxidants. The demand for processed millet products, such as millet flour, millet-based snacks, and millet cereals, is also growing, particularly among health-conscious consumers.
- Frequent droughts and agricultural challenges in the region necessitate the import of drought-resistant grains like millet to stabilize food supplies. In 2023, researchers in Abu Dhabi identified a highly climate-resilient foxtail millet, which could address the region's food security issues. Thus, the increasing demand for gluten-free foods and ongoing food security concerns are anticipated to drive millet imports in the region during the forecast period.
Millet Market News
- August 2024: The Prime Minister of India has launched 109 new and hybrid varieties across 61 crops, including millets such as barley, sorghum, pearl millet, and finger millet. These hybrids are aimed to enhance yields and improve quality, enabling farmers to secure better prices and increase their income.
- January 2024: The Indo-US Millets Initiative, a collaboration between India and the United States, aims to enhance the awareness, production, and consumption of nutrient-rich millets. This initiative brings together key stakeholders in the millet sector, including non-profits Sorghum United and the North American Millets Alliance (NAMA), India's national India Millet Initiative, and the Daugherty Water for Food Global Institute from the University of Nebraska.
- July 2023: The India-Africa International Millet Conference took place in Nairobi, Kenya intending to raise public awareness about South-South exchange and collaboration opportunities. It also focused on the nutritional and health benefits of millets and their suitability for cultivation under challenging conditions exacerbated by climate change.
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
4.2.1 Rising Demand for Superfoods
4.2.2 Increasing Government Initiatives
4.2.3 Focus on Sustainable Crop Production
4.3 Market Restraints
4.3.1 Limited Awareness and Availability
4.3.2 Competition from Other Grains
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 Middle East and Africa
5.1.5.1 United Arab Emirates
5.1.5.2 Saudi Arabia
5.1.5.3 Turkey
5.1.5.4 Algeria
5.1.5.5 Mali
5.1.5.6 Nigeria
5.1.5.7 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 the Middle East 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 (USD) and volume (metric tons) for the above-mentioned segments.
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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 11.00 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.
Millet Industry Report
Statistics for the 2024 Millets market share, size and revenue growth rate, created by Mordor Intelligence™ 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.
Millet Market Report Snapshots
