Asia Pacific Millets Market

Asia Pacific Millets Market Growth Analysis:

Asia Pacific Millets Market size is expected at USD 3.8 billion in 2018 and is anticipated to extent an over of USD 5.59 billion by the end of the assessment period. The Asia Pacific Millets Market is estimated to experience reasonable growth to record a CAGR of 4.4% throughout the estimate period (2022 - 2027).

Millet are small-seeded herbs that are widely grown throughout the world as grains or cereals for fodder and human consumption. Various types of millet crops are grown around the world, including sorghum, millet, pearl millet, backyard millet, proso millet, and millet. These crops are grown in the semi-arid tropics because they are naturally very drought tolerant. For centuries, millet has been an important staple in Asia and Africa. Millet is not a gluten-based food and is rich in nutrients such as copper, magnesium, phosphorous, and manganese. The rich nutritional content of millet helps maintain a healthy life. Millet is an ideal food for people with chronic diseases such as diabetes and heart disease. Millet is rich in fiber, which aids digestion and can ease intestinal problems. Regular consumption of millet helps prevent gastrointestinal problems and other diseases related to the kidneys and liver.

Asia Pacific Millets Market Recent Developments

As part of a "pioneering initiative" by the Uttarakhand government to increase farmers' incomes, the state-owned Mandi Parishad (Full Market) will directly buy agricultural products such as millet and cereals from them. As part of a "pioneering initiative" by the Uttarakhand government to increase farmers' incomes, the state-owned Mandi Parishad (Full Market) will directly buy agricultural products such as millet and cereals from them. Uniyal said the measure would directly benefit farmers, as they would get an adequate price for their agricultural products.

BLACKS LEISURE will halve the number of Millets outlets following the £ 51m acquisition of the parent company of camping and outdoor retailer The Outdoor Group. Outdoor acquired Millets from Sears in 1996 for £ 14 million through a management purchase. Roy Crosland, General Manager of Outdoor who led the purchase, will be responsible for the extended group of its outdoor range, comprising the Blacks Outdoor stores, as well as Millets, Air and Free Spirit, currently in The Outdoor Group. Mr Crosland will earn £ 3.5 million for his Outdoor shares.

Market Drivers and Restraints:

The demand for ready-to-eat foods has increased with the growing preference of consumers for ready-to-eat foods and beverages. Furthermore, with the diversification of the distribution channel, ready meals have found a shelf in retail stores and supermarkets. Additionally, changing job demographics and busy lifestyles, as well as the focus on health-promoting food products, are some of the other factors driving demand for ready-to-eat foods. With the increase in demand for ready meals, the demand for millet is expected to increase. In addition, the growing innovative packaging technology is attracting consumers. Today, the growing demand for food products is largely met by prepared meals around the world. The urbanization of society has resulted in the predominance of these foods in the modern diet; For example, the tendency to consume millet mixed with soda, coffee, pancakes, waffles, tea, cakes, etc., for breakfast has increased. In addition, the increasing use of syrups as a garnish in breakfast foods is contributing to the growth of the market. Different custom flavors of syrups are expanding their applications in the bakery, dairy, frozen dessert, beverage and confectionery industries. In addition, the increase in population, coupled with an increase in economic standards; increase in disposable income; and the diversification of dietary habits is increasing the demand for ready meals, including millet. To meet these growing and varied demands, the companies offer improved millet varieties and efficient distribution channels to serve a broader customer base. Some of the main factors that can hamper market growth are the short shelf life of millet and the comparatively higher prices than other widely consumed grains in the world.

Market Segmentation

The marker segmentation for Asia Pacific Millets can be divided into type, Application, and Distribution channel. Depending on the type, the Asia Pacific millet market is classified into pearl millet, finger millet, prose millet, foxtail millet and others. Millet are small grain crops grown with high nutritional content. Millet are important crops in the semi-arid tropics of Asia and Africa (in particular India, Mali, Nigeria and Niger), and 97% of millets are grown in developing countries. They are grown mainly in hot countries with poor soil that produce a large crop of small seeds that are used to make flour. The Asia Pacific millet market, by application, is segmented into bakery products, baby food, steamed products, porridge, bread, breakfast food, beverage and animal feed. Since millet is a valuable source of protein and vitamins, it is beneficial when included in the diet. Millet offers similar health benefits to other grains and can be prepared in the same way. Millet is a recommended cereal for babies. It does not contain gluten, it is nutritious, versatile, less allergic and easy to digest. For this reason, it is best suited as a solid baby food. Based on the distribution channel, APAC's millet market is segmented into supermarkets, trade associations, online stores and traditional grocery stores. Manufacturers involve a variety of distribution channels to make their products available on the market. Manufacturers sell their products to distributors, who in turn ship the products to supermarkets and hypermarkets on demand. Supermarkets and hypermarkets are self-service stores that offer a different variety of processed snacks, including confectionery, sandwiches, cereals, baked goods, dairy, and other sweets.

Impact of covid-19 on Asia Pacific Millets Market

Covid-19 started in Wuhan, China in December 2019 and has since spread at a rapid pace around the world. The food and beverage industry is one of the top industries experiencing severe disruptions, such as supply chain disruptions, technology event cancellations, and office closures as a result of this outbreak. The closure of several factories and factories is impacting supply chains and negatively impacting manufacturing, delivery schedules and sales of various products in the APAC region. Furthermore, global travel bans imposed by countries in Europe, Asia and North America are affecting business collaborations and partnership opportunities, which will have negative consequences for the food and beverage industry. Beverages in the APAC region, limiting the growth of several related markets to this industry in the coming months. As of March 2020, China had the highest number of confirmed COVID-19 cases in the APAC region

Regional Analysis

The market for Asia Pacific Millets has been categorized on the basis of geography to offer a clear understanding of the market. The Market for Asia Pacific Millets has been divided into China, Taiwan, South Korea, India, Japan, Australia, and New Zealand, and the rest of the Asia-Pacific. APAC includes developed and developing countries such as China, India, Japan, Australia, and South Korea, including others. India accounts for the majority of the millet market. Millet companies in this region continually improve their overall business processes and product portfolio to meet the growing demand from Beverage, Dairy and Frozen dessert, Confectionery and Bakery producers. Many national and international companies are firmly established in the APAC region. The region primarily supports the growth of the millet market through an efficient food manufacturing sector and flexible trade policies. The steady growth of millet production in the APAC region is driven by a steady demand for millet from retailers and an efficient supply chain. Growing consumer preferences for flavored foods and beverages have also contributed to continued demand for millet. These are some of the factors driving the millet market in Asia Pacific. Factors such as rapid urbanization, the high purchasing power of customers and the increasing participation of women in the labor market are driving the demand for practical and easy-to-prepare food products. This factor has driven the demand for millet products.

Leading Company

Just Organik had the largest share of the Asia Pacific Millets Market in terms of sales revenue in 2021.

Asia Pacific Millets Market Key Players:

The Asia Pacific Millets Market is concentrated with well-established players. Key players in the Asia Pacific Millets Market include Viruthai Millets Farmer Producer Company Ltd., Just Organik, SahajaSamrudha Organic Producer Company Ltd (SSOPCL), Janadhanya, Dharmapuri District Minor Millet Farmer Producer Company Limited, DharaniFaMCooP Ltd, Sresta Natural Bioproducts Pvt. Ltd, Pristine Organics Pvt Ltd, Shimla Hills Offerings Pvt. Ltd, and Earthon Products.