According to recent report published by Kings Research Millet Market is a predicted value of USD 21.20 Billion by 2031 and a compound annual growth rate (CAGR) of 5.52% from 2024 to 2031, millet market was estimated to be worth USD 13.84 billion in 2023.

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Key Developments 

May 2023 (Product Launch): ITC Limited added millet cookies under the Sunfeast Farmlite portfolio, which is available in choco-chip and multi-millet variants. Through this launch, the company expanded its millet-based product portfolio.

April 2023 (Product Launch): Britannia Industries unveiled millet bread under its portfolio. The product is refined flour free and formulated from sorghum, pearl millet, and oats, providing a convenient way for consumers to include millet-based products into their daily diet.

Top Key Companies in Millet Market

ITC Limited

Nestle

Bob's Red Mill Natural Foods

Ancient Golden Mill

Ardent Mills

Nature Mills Private Limited.

Jiwa

Bliss Tree

Molino Agostini

Woodland Foods

The Organic Trade Association (OTA) estimates that the value of organic food sales in the United States in 2022 was USD 60.00 billion, and that this value will continue to rise significantly in the years to come. This trend is boosting a company's reputation and fueling the  market for products made from organic millet.

Key Drivers and Trends

Health and Nutrition: One of the primary drivers of the millet market is the growing awareness of the health benefits associated with millet consumption. Millets are gluten-free and have a low glycemic index, making them ideal for people with celiac disease and diabetes. They also aid in digestion and help in managing cholesterol levels and blood sugar, which makes them attractive to health-conscious consumers.

Sustainability and Organic Farming: Millets are known for their resilience and low water requirements, making them a sustainable crop choice. The increasing shift towards sustainable agricultural practices and the rising demand for organic products are bolstering the market. Governments and NGOs are promoting millet cultivation to ensure food security and sustainable farming practices.

Diversified Applications: Millets are being increasingly incorporated into various food products, including infant food, bakery products, beverages, and breakfast foods. The versatility of millets allows them to be used in a wide range of culinary applications, which enhances their market appeal.

Regional Insights:

The Asia-Pacific region dominates the millet market, with countries like India and China being the largest producers and consumers. The region's dominance is attributed to traditional dietary habits and the increasing support from governments for millet cultivation. North America and Europe are also significant markets, driven by the rising demand for health foods and gluten-free products.

Future Prospects:

Technological Advancements: Improved farming techniques and better seed varieties are expected to boost millet production.

Product Development: Innovations in millet-based products, especially in the food and beverage sector, will attract more consumers.

Market Expansion: Expanding into new geographical markets, particularly in regions with rising health consciousness, will be a key growth strategy.

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