“Global Millet Seeds Market to reach a market value of USD 16.9 Billion by 2031 growing at a CAGR of 6%”
The Global Millet Seeds Market size is expected to reach $16.9 billion by 2031, rising at a market growth of 6.0% CAGR during the forecast period. In the year 2023, the market attained a volume of 715,469.59 tonnes, experiencing a growth of 13.2% (2020-2023).
Foxtail millet is relatively drought-resistant and requires less water than other grains like rice. Its cultivation contributes to sustainable agriculture practices, making it appealing to environmentally conscious consumers and farmers. Foxtail millet has cultural significance in various regions where it has been a traditional staple for centuries. This cultural heritage has sustained its consumption patterns and contributed to its market resilience. Thus, the Foxtail millet seed segment acquired 12% revenue share in the market 2023. In terms of volume 159,056.32 tonnes of foxtail millet seed is expected to be utilized by 2031.
Millets are rich in essential nutrients, including fiber, proteins, vitamins (especially B vitamins), and minerals like magnesium, iron, phosphorus, and potassium. Millets are an excellent choice for individuals with celiac disease or gluten intolerance due to their inherently gluten-free nature.
Additionally, increasing consumer demand for gluten-free beer and spirits is propelling the use of millet as a primary ingredient, as it is naturally gluten-free and suitable for celiac patients and those with gluten sensitivity. Millet offers distinct and diverse flavor profiles that appeal to craft brewers and distillers seeking to differentiate their products in a competitive market. This uniqueness enhances the appeal of millet-based beverages.
However, millet cultivation often occurs on smaller scales than major grains like wheat or rice. This limits the economies of scale that larger crops benefit from, leading to higher production costs per output unit. Millet cultivation and harvesting can be more labor-intensive than mechanized processes for larger crops.
Based on nature, the market is categorized into conventional and organic. In 2023, the conventional segment registered 90% revenue share in the market. In terms of volume 1,164,736.45 tonnes of conventional millet seed are expected to be utilized by 2031. Conventional millet seeds have been cultivated and consumed for generations in many regions worldwide.
By sales channel, the market is divided into hypermarkets & supermarkets, specialty stores, online channels and others. The hypermarket & supermarket segment procured 32% revenue share in the market in 2023. In terms of volume, 438,897.60 tonnes of millet seed are expected to be sold by 2031. Hypermarkets and supermarkets offer extensive product assortments, including various types of millet seeds (such as foxtail millet, pearl millet, finger millet, etc.) and millet-based products.
On the basis of type, the market is segmented into pearl millet, finger millet, proso millet, foxtail millet, and others. The Pearl Millet segment recorded 47% revenue share in the market in 2023. In terms of volume 565,575.73 tonnes of pearl millet seed is expected to be utilized by 2031. Pearl millet is highly nutritious and rich in essential nutrients such as proteins, minerals (iron, magnesium), and vitamins (especially B-complex).
Free Valuable Insights: Global Millet Seeds Market size to reach USD 16.9 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region generated 26% revenue share in the market. In terms of volume, the North America segment is expected to utilize 295,033.60 tonnes of millet seed by 2031. Millet seeds have a long history of cultivation and consumption across various Asian countries, including India, China, Japan, and several Southeast Asian nations.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 10.7 Billion |
| Market size forecast in 2031 | USD 16.9 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 6.0% from 2024 to 2031 |
| Quantitative Data | Volume in Tonnes, Revenue in USD Billion, and CAGR from 2024 to 2031 |
| Number of Pages | 316 |
| Number of Tables | 710 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Nature, Sales Channel, Type, Region |
| Country scope |
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| Companies Included | Allied Seed, LLC, Crystal Crop Protection Private Limited, Delphi Organic GmbH, Eastern Colorado Seeds, LLC., Hancock Farm & Seed Co., Mamta Hygiene Products Pvt Ltd., Mirfak Pty Ltd, NUTS IN BULK (Outlet Wholefood Company Ltd.), SOYA UK LTD and RR AGRO FOODS |
By Nature (Volume, Tonnes, USD Billion, 2020-2031)
By Sales Channel (Volume, Tonnes, USD Billion, 2020-2031)
By Type (Volume, Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Tonnes, USD Billion, 2020-2031)
The Market size is projected to reach USD 16.9 billion by 2031.
Increasing demand for healthy and nutritious food are driving the Market in coming years, however, High cost of millet seeds products restraints the growth of the Market.
Allied Seed, LLC, Crystal Crop Protection Private Limited, Delphi Organic GmbH, Eastern Colorado Seeds, LLC., Hancock Farm & Seed Co., Mamta Hygiene Products Pvt Ltd., Mirfak Pty Ltd, NUTS IN BULK (Outlet Wholefood Company Ltd.), SOYA UK LTD and RR AGRO FOODS
In the year 2023, the market attained a volume of 715,469.59 tonnes, experiencing a growth of 13.2% (2020-2023).
The Specialty Stores segment is leading the Market by Sales Channel in 2023; thereby, achieving a market value of $8.3 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $7.8 billion by 2031.
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