Millet-based packaged food is a relatively new concept in the global food industry. Millet, an ancient grain, has been a staple food in many countries, particularly in Africa and Asia, for centuries. Millets are extremely nutritious, and their popularity has grown in recent years due to their health benefits, gluten-free properties, and environmental friendliness. Because of rising demand from health-conscious consumers and the popularity of vegan and gluten-free diets, the millet-based packaged food market has been steadily growing in recent years. In this article, we will provide an overview of the millet-based packaged food market, including its current status, growth prospects, key players, and challenges.
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Market Size and Development
The global millet-based packaged food market is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2021 to 2026, reaching a market size of USD 2.5 billion by 2026, according to Mordor Intelligence. Several factors are driving the market, including an increase in the prevalence of gluten intolerance and celiac disease, as well as the growing popularity of vegan and vegetarian diets.
The market is segmented into three categories: product type, distribution channel, and geography. The product type segment includes millet-based snacks, breakfast cereals, bakery products, beverages, and other items. The snacks segment is expected to dominate the market in 2020, with a share of more than 35%, due to rising demand for healthy and convenient snacking options. Breakfast cereals are expected to grow significantly during the forecast period as consumers become more aware of the importance of breakfast and the health benefits of millet-based breakfast cereals.
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The distribution channel segment includes supermarkets/hypermarkets, convenience stores, online retail, and others. The supermarkets/hypermarkets segment is expected to have the largest market share in 2020 due to the wide availability of millet-based packaged food products in these stores. However, the online retail segment is expected to grow significantly during the forecast period due to the increasing popularity of e-commerce platforms and the convenience of online shopping.
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Due to the high consumption of millets in countries such as India, China, and Japan, Asia-Pacific is expected to dominate the market with a share of more than 50% in 2020. However, the market in North America and Europe is expected to grow significantly due to rising demand for healthy and organic food products, as well as the increasing prevalence of gluten intolerance and celiac disease in these regions.
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Important Players
The millet-based packaged food market is highly competitive, with both large and small players present. Some of the market’s key players include:
- Soulfull
- Kellogg’s
- Natureland Organics is an organic food company.
- Earlier Foods
- Organic 24 Mantra
- Limited ITC
- Patanjali Ayurved Ltd.
- General Mills Inc.
- Bambino Agro Industries is an Italian agricultural company.
- Marico Limited is a limited company.
To gain a competitive advantage in the market, these companies are focusing on product innovation, expanding distribution channels, and strategic partnerships and collaborations.
Challenges
Despite its promising growth prospects, the millet-based packaged food market is not without obstacles. One of the most significant challenges is a lack of consumer awareness about millets and their health benefits, particularly in Western countries. Millets are still regarded as a niche product in many countries, with limited availability in supermarkets and grocery stores. Furthermore, the high cost of millet-based products, which are more expensive than their conventional counterparts, is a barrier to their adoption.
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