The unprecedented COVID-19 pandemic has affected the global economy to a great extent. Considering the food industry, one of the most important sectors of the economy, a tremendous impact has been witnessed on the entire process from the field to the consumer. The restrictions in the movement of workers, closure of food production facilities, and changes in consumer demand have put excessive pressure on the food industry.
The report offers actionable and valuable market insights of Pearl Millet. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Pearl Millet Market across various industries and regions.
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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Pearl Millet market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Pearl Millet
This newly published and insightful report sheds light on Market Insights of Pearl Millet, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Pearl Millet Market.
With growing population across the globe, demand for food is on a tremendous rise, with cereals and grains gaining paramount importance owing to their health benefits and convenience in availability. Among these cereals and grains, millets are gaining a significant momentum in feedstock and food purposes, on the back of its high productivity in dry and high-temperature conditions.
A recent report published by Fact.MR projects the global millets market to reflect a steady growth over the forecast period (2017-2022). Revenues from sales of millets across the globe is forecast to increase from over US$ 10,000 Mn in 2017 to exceed US$ 13,500 Mn by 2022-end. Millets play an indispensable role in the economy and food security of several countries, especially in the regions of Asia-Pacific excluding Japan (APEJ)
The global market is currently teeming with millet-based food products such as pasta or ragi biscuits, and noodles prepared from barnyard millet. Several new startups focused on production of millet-based food products are entering into the market. With the rise in awareness among consumers demand for these products is gaining traction, particularly in semi-arid regions that have minimal access to water resources. Key players in the global millet market are conducting training programs for farmers, providing them with knowledge and measures for increasing millet cultivation.
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Millets are gaining immense traction in North American regions owing to their hypoglycemic and gluten-free properties. Sales of millets in North America is projected to account for the largest revenue share of the global millet market during 2017 to 2022. APEJ will continue to stick to its position of being the second most lucrative market for millets.
All types of millets are basically cultivated in APEJ countries such as India and China. India is a major producer of pearl millet, primarily cultivated in the north-western states of the country. In addition, China is the predominant producer of foxtail millet.
Europe is also an attractive market for millets, with sales forecast to account for revenues worth US$ 3,500 Mn approximately. The market for millets in Europe and APEJ will register a parallel expansion through 2022. Revenues from the market for millet in Middle East & Africa (MEA) and Latin America will remain relatively lower than that from other regions, however sales of millets in Latin America will register a relatively faster expansion than in North America, Japan and MEA through 2022.
On the basis of product type, dominance of pearl millets will remain unchallenged throughout the forecast period. Pearl millets adapt well to extremely hot climatic conditions, and are resistant to draught conditions. Sales of proso millets are also expected gain momentum, owing to their property of lowest water necessity. Compared to all the product variants of millets, foxtail millets will witness the fastest expansion in sales through 2022.
While modern trade and specialty stores are anticipated to remain the major distribution channels for millets, their sales in online stores and traditional grocery stores are expected to witness a relatively faster expansion through 2022, Between online stores and traditional grocery stores, although the former will represent faster expansion in millet sales, the latter will account for a higher revenue share of the market through 2022.
Based on application, revenues from sales of flour millets will remain the largest in the global market. Sales of millets for direct consumption and bakery products will exhibit nearly similar CAGRs through 2022. Application of millets in non-alcoholic beverages will exhibit the highest CAGR through 2022, followed by breakfast foods and fodder.
Key companies included in Fact.MR’s report on the global millets market are Roundstone Native Seed Company, Ernst Conservation Seeds, Brett-Young Seeds Limited, E.I. DuPont De Nemours and Company, Wise Seed Company, Inc., Bayer Crop Science AG, Cargill, Inc., and Archer Daniels Midland Company.
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Fact.MR, in its new report, offers an unbiased Market Analysis of Pearl Millet, Sales and Demand of Pearl Millet, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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