Millets Market Size

Millets Market Size

Millets Market size was over USD 9 billion in 2018 and will witness more than 4.5% CAGR during the forecast timespan.

Growing inclination of urban population towards healthy food in Asia Pacific coupled with increasing unsustainable nature of rice and wheat production will drive product demand during the forecast period. The urban lifestyle choices and related food habits have given rise to number of diseases such as diabetes, obesity and cardiovascular problems such as heart attack, coronary artery disease, arrhythmias etc. Millets have high content of proteins and minerals such as calcium, iron etc. that can help in avoiding such diseases. Therefore, growing awareness amongst population regarding health benefits associated with millets consumption will boost industry growth by 2025.
 

As per the UN Food and Agriculture Organization’s data, agriculture accounts for 70% of total water consumption among these sectors. It is highest for Asia and Africa where agriculture is in primary sector of economy. Among agricultural crops, rice and wheat are staple food in large parts of globe. However, they are water intensive and are likely to be unsustainable, as freshwater resources are depleting around the globe. Millet grows easily in dry climate, have smaller harvesting period and require minimal water quantity. They can be a sustainable alternative to rice and wheat, as a new staple food. It can also help in providing food security to large population in the coming years.
 

With steadily increasing demand from urban population in Asia Pacific, mainly India and China, farmers have begun drifting towards millets cultivation over rice and wheat. High product prices in comparison with largely consumed grains are acting as a hindrance for penetration in urban food market. These high prices are owing to lower production volume and weak supply chain in millets market as compared to rice and wheat.