The rise in global food demand paired with instability in the production of other staple crops like rice and wheat will drive millets market over the coming years. Millets are coarse grains and a repository of essential nutrients like vitamins, proteins, fiber, and minerals. Owing to its nutritional benefits, more and more people are considering millets as excellent additions to their diets.
In developed and developing regions, millets have surfaced as a hip ingredient served in the finest ways. Several restaurants and eateries are introducing millets to the organic, artisanal, and local dishes in their menu. The adoption of this versatile grain across the restaurant industry will positively influence millets market share.
U.S. millets market size, by application, 2014 - 2025 (USD Million)
Millets are one of the oldest foods and rich in plant-based phytonutrients or plant-based nutrients. This favors the emerging adherence to veganism in developed economies. The practice of consuming millets as part of the daily diet, owing to its health benefits, will further drive millets market share in the coming years.
The steadily rising global population is a significant factor driving the baby food and infant formula market, which is a major application segment of this industry. Millet based infant food provides a host of nutrients and is considered to be one of the most non-allergenic and easily digestible food. Millet products are perfect for infant growth and reduce the risk of malnutrition among babies and infants, thus augmenting millets market growth over the ensuing years.
The beverage industry has also adopted the super grain, especially the alcoholic beverages segment. Millets’ nutrients and health benefits make it a key ingredient for the gluten-free beer industry worldwide. Millet-based gluten-free beers have a vast untapped commercial potential, presenting huge growth prospects to numerous breweries around the world. Myriad companies are producing beers from millets to satisfy the growing demand for gluten-free beverages, impacting millets market growth significantly.
The agriculture sector is bound to face complex challenges to suffice the food demand from estimated population of nine billion by 2050. One of the main problems will be the need for water to produce the amount of food needed. According to the UN’s Food and Agriculture Organization, yielding more crops while using less water and building resilience toward floods and droughts are high priorities for the farming communities. Millets cultivation consumes significantly less water compared to other staples like rice and wheat. These benefits will favor millets industry share in the future.
Millets are also considered to be more climate resilient. A new study claims that adding millets to crop production mix could help the food supply withstand extreme climate changes. Several countries are facing a decrease in rainfall and a higher frequency of droughts. The study also claims that grains like finger millet and pearl millet depict less sensitivity and a smaller decline in yields under extreme weathers. The demand for more climate-resilient grains in drought-ridden or heavy rainfall nations will boost millets market demand.
The Asia Pacific and Africa are likely to show commendable growth as almost all millet varieties are produced in these regions. The Asia Pacific market is primarily led by India due to high millets production and growing popularity among the urban population. Moreover, increasing temperatures, heavy rains, and climatic instability are challenging India’s food security. Increasing millets production could help the nation meet these challenges, thereby augmenting Asia Pacific millets industry size.
Meanwhile, in sub-Saharan Africa millets are the third most widely grown crop. Africa produces a significant amount of the world’s output. Several nations within the region also use millets along with sorghum to brew beer. Based on crop type, pearl millets segment is likely to amass significant growth as they are the most common staple food for people in Africa.
The demand for millet products is rising across the world. The primary reason being millet’s growing popularity as a super grain. As opposed to rice and wheat, millets can be raised in marginal land and harsh weather. As global warming concerns substantially magnify, millets could actually be a smart way for the farming communities to maintain sufficient food supply.
According to Global Market Insights, Inc., millets market is estimated to be worth more than $12 billion by 2025.