Bizizz Market Research has recently published a research report, “Millet Market By Product Type (Organic (Pearl, Finger, Proso, Foxtail and Others) Regular(Pearl, Finger, Proso, Foxtail and Others), Application (Beverages, Breakfast, foods, Bakery product, Infant food, Fodder and Others), distribution channel(Online stores, Traditional grocery stores, Supermarket, Trade associations and Others), Component, and Region-Global Industry Trends, Estimation & Forecast, 2019 – 2027”.
As per the report, Global Millet Market was valued at US$ XX Bn in 2018 and it is anticipated to reach at market value of US$ 12.3 Bn by 2027, witnessing a CAGR of 4.3 % during the forecast period. Key drivers of the market are growing population and rising demand for healthy food across the globe.
The consumers are shifting towards urban lifestyle that had plunged to several diseases such as arrhythmias, diabetes, heart related issues, and obesity that could be reduced by intake of millets. Millets are a good source of protein and minerals such as iron and calcium that can reduce the risk of these illnesses. However, millets are yielded in little harvesting time with little water quantity. These could be a substitute to wheat and rice. Such factors are increasing the consumption of millets that are driving its market growth globally. By an increased demand from China and India, farmers are increasingly growing millets cultivation in place of wheat or rice. This is expected to poise a positive impact on the growth of global millet market.
The Millet market is anticipated to register a CAGR of over 4.3% during the forecast period.
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By Product, Pearl Millets segment held a key share in Global Millet Market in 2018.
The pearl millets accounts for maximum share in 2018. It is anticipated to show lucrative growth during the forecast period. Growth of this segment is supported by the increased consumption and cultivation patterns in the region. Moreover, it could be attributed to increased harmful effects of insecticides and chemical fertilizers used in production of regular millets.
North America is Anticipated to Dominate the Global Millet Market during the Forecast Period.
The Asia pacific region is the major revenue contributors in global millets market. This region offers variety of food products including millets that is supporting the global demand of millet. As per the study conducted by Food and Agriculture Organization, in 2017 the top five millet producers are listed as Niger, India, Mali, China, and Nigeria. Suitable climatic conditions are dry climate of millet production that is found in these countries contributes to the growth of millet market. India is the highest contributor of millet market in Asia Pacific region and has a substantial demand for the millet production. The high yield capacity of millet and demand from urban population is fuelling the growth of Indian market.
Global Millet market was moderately consolidated with key players accounting for significant share in 2018. Companies involved in the millet production are competing by offering variety of millets.
Prominent players operating in the Global Millet Market are: Viruthai Millets Farmers Producer Company Limited, Being Wellness Private Limited, Pristine Organics Pvt Ltd., Treta Agro (P) Ltd., Dharmapuri District Minor Millet Farmers Producers Company Ltd, Earthon products Australia Pty Ltd, Sresta Natural Bioproducts Pvt Ltd., Shimla hills offerings pvt. Ltd, Dharani FaM CooP Ltd., Sahaja Samrudha Organic Producer Company Limited, and Janadhanya Farmers Producer Company Limited., among others.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
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e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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