Global Finger Millet Market - 2022-2029

Global Finger Millet Market - 2022-2029

Market Overview

Finger millet are widely grown as a cereal crop in the arid and semiarid areas in Africa and Asia due to which it is also known as ragi in India and kodo in Nepal. Finger millets are a rich source of copper, which is essential for energy production, healthy brain development, and a strong immune system. Finger millets are highly nutritious grain that comes from unsaturated fatty acids that boosts the heart health and offers several health benefits such as helps in blood clotting, offers anti-cancer efforts and others. Finger millet is gaining popularity worldwide because of how easy it is to grow and how adaptable it is as a food and it is used to make bread, beer, and cereal. Rising consumer focus on well-being such as intake of high proteins, vitamins and increased companies spending on the researches have boosted the growth of the market. Moreover, richness in vitamins and minerals has significantly propelled the adoption of finger millets consumption as it improves the heart health. As the population across the world is increasing, demand for these grains is rising and growth of the market is significantly attributed to the increasing consumption and rising awareness regarding grains. Finger millet is also an excellent source of B vitamins, which play a role in everything from brain function to healthy cell division. These nutrients help to maintain bone health, cognition, eye health.

The global finger millet market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 5.65% during the forecast period (2022-2029).

Market Dynamics: Several benefits of finger millets that is driving the market growth

Finger millets are rich source of potassium that keeps heart and kidney functioning properly. It also contains potassium that helps nerves transmit signals, which allows the brain and muscles to work together smoothly. Finger millet is full of dietary fiber along with soluble fibers that absorbs cholesterol before it enters your bloodstream, maintaining a lower cholesterol level without medication. Finger millets has lower levels of simple sugars and higher levels of complex carbohydrates, which take a longer time to digest helping prevent the blood glucose level from spiking after a meal. Thus, help prevent overeating and weight gain. According to a study, finger millets has a higher percentage of essential nutrients it is good for healthy brain functions, good for bone health, good for eye health, and can prevent anemia. It is gaining popularity among vegetarians around the world and is commonly used as it has many health benefits. Owing to this factor, the global finger millet market is seeing a rise in demand due to the growing number of people getting health consciousness around the world.

Market Segmentation: The fodder segment accounted for the highest share in global finger millet market

Fodder segment is dominating the market growth such as cattle, rabbits, sheep, horses, chickens and pigs. According to animal resources development department, feed & fodder cost constitute about 60-70% of cost of milk production thus cultivated fodder has an important role in meeting requirement of various nutrients & roughage to produce milk most economically as compared to concentrates. Fodder provides all the critical elements like highly digestible protein, carbohydrates, fats and minerals. Green fodders are a very good source of B-carotene (precursor of vitamin A). According to National Dairy Plani, production of seeds will be enhanced by establishing seven new seed processing units and aims at producing additional 8000 MT certified/truthfully labelled fodder seeds, annually by the end of 6th year of the project through registered seed growers, following standard seed production protocol. All these factors are driving the growth of the market.

Geographical Penetration: North America is dominating region during the forecast period

North America is projected to be the dominating region due to the rising awareness among people regarding a healthy lifestyle as well as the health benefits of a vegan diet and food products is further expected to contribute positively to the finger millet market growth in the countries such as the United States and Canada. According to Volza Grow Global, Canada is the largest importer of Millet and accounts for 1,258 shipments and imports most of the millet from India, United States.

Competitive Landscape

There are several established participants in the industry and local manufacturers; hence, the market is fragmented. Some major key players are Geewin Exim, Nature Bio Foods Ltd., Satvik Garden and Farm, Simosis International, Timbaktu Organic, Slurrp Farm, Bayer Crop Science AG, Ernst Conservation Seeds, Brett-Young Seeds Ltd., Roundstone Native Seed Company, among others. Some of the major key players invested in expanding their business. In 2021, slurrp farm, a children’s millet-based food brand, has been a pioneer in bringing back the super grain millet across India and, more recently, the UAE. Wholesome Foods, the parent company of Slurrp Farm, recently raised USD 7 million in a fresh round of funding. This fund enables Slurrp Farm, the maker of millet-based children’s food, to ramp up product innovation and marketing activities and increase its global footprint.

COVID-19 Impact Positive impact on the global finger millet market

COVID-19 in 2020 impacted the millet market positively. Opting for healthy meals to boost immunity, people shifted from having junk foods to eating nutrient-rich superfoods like millets and their derivatives. Consumer demand for millets is expected to increase during the forecast period. During the COVID-19 pandemic, most people worked from home, and due to government restrictions, hotels and restaurants were closed, which moved consumers to buy finger millet. Some of the other reasons which led to increase in sales of finger millet during the pandemic, consumer desire to stock up in case of food shortages, enabling consumers to limit the number of trips to the grocery store and consumers’ belief that finger millet are safer than fresh items. Also, the demand for home-prepared meals increased. Consumers turned to online shopping for finger millet.

The global finger millet market report would provide an access to approximately 61 market data tables, 57 figures and 170 pages