Demand for millets will register a steady CAGR of 5.3% during the forecast period (2017 to 2022). Global millets market is anticipated to sell over US$ 13,500 Mn worth across the globe by 2022-end.
Highly variable small-seeded grasses, millets are widely grown across the globe, as grain and cereal crops for both feedstock and food.
On the back of its short growing season and high productivity under high-temperature conditions, millet crops are becoming more favorable. Various types of millet crops produced around the world include pearl millet, finger millet, proso millet, and foxtail millet.
Pearl Millets to Remain Preferred Among Products by Consumers
Pearl millets are expected to remain preferred among products by consumers, and their sales will register a steady expansion through 2022. Over US$ 8,000 Mn revenues are estimated to be gathered by sales of pearl millets by 2022-end. Sales of finger millets and proso millets are projected to collectively account for nearly one-fourth share of the market in 2017.
However demand for these two product variants of millets will witness a decline by 2022-end. Although foxtail millets currently account for a very low revenue share of the market, sales are projected to register the highest CAGR through 2022.
Non-alcoholic beverages are anticipated to be the fastest expanding application of millets throughout the forecast period. Sales of millets for application in alcoholic beverages will account for a comparatively larger revenue share of the market than in non-alcoholic beverages, although projected to register a relatively lower CAGR through 2022.
Application of millets will remain the largest in preparation of flour, with sales estimated to surpass US$ 2,500 Mn in revenues by 2022-end.
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.
Fact.MR’s report identifies key player contributing to expansion of the global millets market, which include
- Archer Daniels Midland Company
- Cargill Inc.
- Bayer Crop Science AG
- Wise Seed Company Inc.
- E.I. DuPont De Nemours and Company
- Brett-Young Seeds Limited
- Ernst Conservation Seeds
- Roundstone Native Seed Company
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