Millet Market: Overview
Originally a fad, due to the increasing consumption of millet among urban individuals for its protein and mineral content, the millet market is set to witness continual upward growth in its trajectory. Millet contains proteins and minerals including iron, and calcium. The high nutrient content helps in prevention of diseases and provides several health benefits. Rising incidence of diseases such as diabetes, obesity, and cardiovascular diseases due to lifestyle changes is another factor which is boosting demand for millet. The nutritional content of millet helps fight such diseases.
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It is gluten-free and helps in losing weight. Hence, it is complementing staple food in various regions and consumed in the form of porridges and flatbread. Also, with rising awareness among young generation the demand for millet is also increasing.
In regions like the U .S. and Western Europe, millet is used to produce hay and pasture.
Another factor that makes millet popular among people is its drought resistant property. The millet crop can resist high temperatures, making it a favourable for use in drought prone area.
All these factors, cumulatively, are driving the growth of millet market globally.
The upcoming report on millet market provides comprehensive knowledge about the market growth over 2019-2029 forecast period. It presents detailed study about the drivers and trends that is going to shape the market in the course of forecast period. Demand drivers and challenges pertinent to the millet market are examined to provide reliable analysis of the millet market over the forecast period
Millet Market: Notable Developments
Considering the climatic changes, there is major change in the rain New South Wales and Queensland pattern. Hence, farmers in the Queensland and New South Wales are considering farming fodder- corn, millet, and forage sorghum.In some regions, the rainfall has surpassed the predicted statistics, and other areas are experiencing patchy rainfall.
The rainfall map for last week is signifies widespread drought-stressed agricultural regions of New South Wales and Queensland. This is prompting farmers to cultivate late sorghum crops and mung bean. The New South Wales will witness cultivation of fodder or furry crop by both croppers as well as mixed farmers so that livestock feed storage can be filled.
Considering the alternate rain showers followed by dust storms, soil did not lock much moisture. And, farming in such case may deteriorate the quality of the soil, making it unreliable for further farming.
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Millet Market: Key Trends
Owing to health benefits of millet, it is used in bakery products, beverages, fodder, and breakfast food. Besides, millet has been found beneficial for infants as it lowers the risk of malnutrition among them. Hence, it is becoming a prominent ingredient in foods suitable for infants. The trend is likely to drive the millet market during forecast period.
Millet has high fibre content and low Glycemic Index (GI), which further helps in stabilizing sugar level. They are enriched with phosphorus, calcium, magnesium, zinc, iron, and potassium which aid to maintain overall health. This is one of the prominent factor driving global millet market.
Millet Market: Regional outlook
Demand for millet is increasing in countries in Asia Pacific, hence, farmers are inclining towards millet farming over rice and wheat. However, the high product cost is a restraining factor for millet to become a common food. The price of millet is considerably high because of poor supply chain and comparatively lesser production volume, when compared to wheat and rice.
The industry is highly fragmented due to presence of multiple medium sized companies. The companies are usually driven by farmers. Some of the key companies in millet market are- Wise Seed Company, Bayer Crop Science AG, Archer Daniels Midland Company, Roundstone Native Seed Company, Ernst Conservation Seeds, and Brett-Young Seeds Limited.
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