Market Size of Millet Industry
| 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 |
Major Players*Disclaimer: Major Players sorted in no particular order |
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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, growing at a CAGR of 4.60% during the forecast period (2024-2029).
- Millets comprise various small portions of cereal such as sorghum, finger millet, pearl millet, barnyard millet, proso millet, and little millet. They are cultivated in adverse and diverse climates in dry, semi-arid, and sub-humid agriculture areas in over 32 million hectares worldwide. India, Niger, and China are the largest millet producers in the world, accounting for more than 55.0% of global production. India is the largest producer of millet in the world. However, in recent years, millet production has increased dramatically in Africa as many countries encourage dryland agriculture due to low water availability and sub-tropical climatic conditions favoring millet production.
- The high protein content of these grains makes them ideal for the vegetarian and vegan population, primarily based in the United States, Europe, and Asia-Pacific. Furthermore, the pandemic has affected the market positively as many people are including millets in their diet and shifting from junk foods to nutrient-rich foods like millets and their derivatives to boost immunity and health. Hence, the demand for millet-based products is growing rapidly in these regions, which is anticipated to drive the millet market.
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 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 in USD million and volume in metric tons.
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Millet Market Size Summary
The millet market is poised for significant growth, driven by increasing global demand and strategic government initiatives. Millets, including varieties such as sorghum, finger millet, and pearl millet, are cultivated in diverse climates, particularly in regions like India, Niger, and China, which are the leading producers. The crop's high protein content makes it particularly appealing to vegetarian and vegan populations in the United States, Europe, and Asia-Pacific. The shift towards healthier, nutrient-rich diets post-pandemic has further bolstered the demand for millet-based products. In India, government efforts to promote millets as Nutri-Cereals and initiatives under the National Food Security Mission are enhancing production and productivity, thereby supporting both domestic consumption and export.
Africa stands as a major region for millet production and consumption, with countries like Niger, Mali, and Nigeria leading in both areas. The crop's resilience to drought makes it a viable solution for food security challenges in semi-arid regions. Recent policies in Africa aim to boost millet production through community seed banks and farmer networks. Internationally, the Indian government is actively promoting millet exports through strategic partnerships and initiatives, while private investments in millet-based startups are fostering innovation and market expansion. These efforts, combined with the rising global demand, are expected to drive the millet market's growth in the coming years.
Millet Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Value Chain / Supply Chain Analysis
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2. MARKET SEGMENTATION
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2.1 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)
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2.1.1 North America
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2.1.1.1 United States
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2.1.1.2 Canada
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2.1.2 Europe
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2.1.2.1 Germany
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2.1.2.2 Italy
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2.1.2.3 United Kingdom
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2.1.2.4 Russian Federation
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2.1.3 Asia-Pacific
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2.1.3.1 China
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2.1.3.2 India
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2.1.3.3 Japan
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2.1.4 South America
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2.1.4.1 Peru
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2.1.4.2 Argentina
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2.1.5 Africa
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2.1.5.1 Algeria
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2.1.5.2 Mali
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2.1.5.3 Nigeria
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2.1.5.4 Niger
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Millet Market Size 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.
