MILLET MARKET ANALYSIS:
Millets are ancient Super grains, nowadays known as Nutri-Cereals, is the reservoirs of nutrition for better health. They are classified into major and minor. Major Millets( Sorghum and Pearl Millet) and Minor Millets(Foxtail, Proso, Kodo, Little, Barnyard Millet). They are predominantly gaining more importance in the world and in India.
DEMAND & CONSUMPTION:
Millets were considered as the Poor Man’s Food. Now it has shifted to Rich Man’s Food. The demand for it is increasing in urban areas not only due to its nutritional value but also enhancing immunity in the human body. They are considered to be promising sources as an immunity booster. The important elements that maintain our body’s immune system are those which contain all vitamins and minerals and a completely balanced diet.
So, the first cereals that come to my mind which contain vitamins, minerals, fiber, and anti-oxidants are the MILLETS. The increase in awareness of the health benefits of Millets will directly boost the consumption and trigger the industry growth rapidly by 2025.
Innovative millet products are taking their share in many segments like Infant Food, Bakery Products, Health Drinks, Ready to Eat Food, Breakfast Food, and the emerging industry i.e. Alcohol.
|Market Share by Distribution Channel|
In 2018, millets market share by distribution channel shows that e-commerce online stores are gaining importance and likely to show promising above growth more than 3% CAGR by 2025. Previously people were dependant on traditional grocery stores for millet products but now in the situation of COVID-Pandemic, everyone is dependant on online stores. Keep in mind that Millets are the immunity booster and getting the product at the doorstep, Online Store will take the maximum share in the distribution channel.
INCREASE IN MILLET PRODUCTION:
India is the largest producer of millets with 41% market share in the world. The importance of millet is increasing day by day due to increased awareness among people and government policies supporting nutritional security. The only crop to withstand drought and climate change is the millet as it can be grown in every soil with less rainfall. Many states like Odisha, Karnataka are promoting millets on a large scale benefitting small and marginal farmers. There is an increase in MSP of millets for the last 3 years giving confidence to farmers to grow more millets.
MILLET MARKET FORECAST:
According to a report announced by the Reportlinker.com “North America Millets Market Forecast to 2027- COVID-19 Impact and Regional Analysis By Product; Application; Distribution Channel; and Country, where they have mentioned that The North America Millets Market was valued at US$ 841.87 million in 2018 and expected to grow at a CAGR of 4.0% during 2019-2027 to reach US$ 1,192.24 million by 2027.
The global millet market is unorganized and fragmented. The millet processors are generally small in size catering small export business. As the trend of growth in millet will bring more opportunities for the entrepreneurs and simultaneously have more competition in the market. The entrepreneur with the right strategy and good quality products will take the maximum market share. The organic millets with more traceability and transparency will win the game.
Author: Tapas Chandra Roy