Millet Based Packaged Food Market Forecasts to 2028 – Global Analysis By Product (Pasta, Instant Upma, Dosa & Idli Premix, Waffle & Pancake Premix, Protein Rich Bars, Porridge/Daliya, Instant Poha, Multigrain Flour, RTE Noodles, Vermicellii, Other Bakery

Millet Based Packaged Food Market Forecasts to 2028 – Global Analysis By Product (Pasta, Instant Upma, Dosa & Idli Premix, Waffle & Pancake Premix, Protein Rich Bars, Porridge/Daliya, Instant Poha, Multigrain Flour, RTE Noodles, Vermicellii, Other Bakery Mixes), Sales Channel (Convenience Stores, Modern Trade, Online Retail, Specialty Stores, Other Sales Channel), Demography (Adults, Kids) and By Geography

According to Stratistics MRC, the Global Millet Based Packaged Food Market is accounted for $37.7 million in 2022 and is expected to reach $71.28 million by 2028 growing at a CAGR of 11.2% during the forecast period. Millets are a good source of substances that have antibacterial, antioxidant, and compounds with a protein composition. Patients with chronic illnesses like type 2 diabetes, cancer, and cardiovascular disorders benefit from eating food made from millet. By encouraging a healthy lifestyle via prevention rather than therapy, millet-based functional foods can help address the growing burden on the healthcare system.

According to the UN Food and Agriculture Organization’s data, agriculture accounts for 70% of total water consumption among these sectors. It is highest for Asia and Africa where agriculture is in primary sector of economy. According to FAO, the global millet production was estimated at 28.2 million metric tons in 2019, which had increased to 30.5 million metric tons in 2020. India is the largest global producer, with a 33.3% global market share in 2020. In the last two decades, the importance of millet as a food staple, particularly in India, has been declining due to various factors, including rising incomes, growing urbanization, and government policies.

Market Dynamics:

Driver:

Evolving Landscape of Processed Food

The introduction of novel product segments has caused the food processing industry in India to develop quickly. This shows a change in consumer preference toward processed meals. Additionally, several Indian states now have greater capacity for food processing. It is projected that the market would continue to diversify in terms of product type. In India, the production of packaged goods is significantly increasing. The demand for millet products with added value is being driven by this. In India, processed foods made from millet have a significant growth potential, largely as a result of rising disposable income.

Restraint:
High product prices

A barrier to entry in the urban food industry is high product prices in compared to widely consumed cereals. When compared to the markets for rice and wheat, millets have a lesser production volume and a weaker supply chain, which is the cause of these high pricing.

Opportunity:

Growth in Awareness about Health Benefits of Millets

The demand for packaged millet-based food in India is being driven by causes including increased consumer knowledge of the advantages of millet based processed food and a notable increase in millet cultivation.

Threat:

Short Life Span and High Cost

Millets have a relatively short shelf life. The preservation and processing are accelerated as a result. The costs consequently rise as a result. This pricing hike is making it more difficult for this sector to appeal to general customers. This market's penetration is being hampered by high product prices relative to widely consumed grains. When compared to the markets for rice and wheat, millets have a lesser production volume and a weaker supply chain, which is the cause of these high pricing.

Covid-19 Impact

A growing understanding of traditional millet's nutritional advantages is leading to its recognition as a super grain. Consumption of items made from millet has been steadily increasing, particularly since the COVID-19 epidemic began. This increase in millets consumption during the epidemic can be attributed to individuals becoming more concerned of their health. Farmers who have increased their millet sowing areas have profited from the growth in demand for packaged foods made from millet. Millets are being used by people to boost their immune systems.

The Dosa & idli premix segment is expected to be the largest during the forecast period

Based on product the market is into Pasta, Instant Upma, Dosa & Idli Premix, Waffle & Pancake Premix, Protein Rich Bars, Porridge/Daliya, Instant Poha, Multigrain Flour, RTE Noodles, Vermicellii and Other Bakery Mixes. Most South Indian states consider dosa and idli premix to be a basic cuisine. The segment is projected to be driven by an increase in the demand for gluten-free foods as well as a rise in consumer desire for quick-cooking and easy food options. The demand for packaged millet-based dosa and idli premix food is anticipated to grow at the highest CAGR over the course of the projected period.

The Specialty stores segment is expected to have the highest CAGR during the forecast period

Based on sales channel the market is classified into Convenience Stores, Modern Trade, Online Retail, Specialty Stores and Other Sales Channel. The sale of millets in specialty stores generates lower sales revenues. Many millet producers want to offer their products through retail outlets because buyers are more confident when products are physically accessible. When producers selling their millet products in local markets do not receive a fair price, they sell their products in faraway markets.

Region with highest share:

Asia pacific region holds the highest share in projected period. Millets play an essential role in food security and the economy in Asia- Pacific. India has the highest millet production globally; India produces all varieties of millets products and processes forms, which are gaining attention from its urban population. It is attributed to the increasing demand for fibre-rich, gluten-free, and hypoglycaemic food products among health-conscious consumers.

Region with highest CAGR:

Middle East & Africa Millet record the highest CAGR during the projected forecast period. It has been one of the basic nutrients of humans in Africa. Millets are popular in developing regions, like India and Africa, where food and nutritional security are the major challenges. The high drought tolerance capacity of the crop allows it to be cultivated in the adverse environmental conditions of the regions. Thus, as millets play an important role in the food security and economy of many countries in Africa, consumption is anticipated to be high.

Key players in the market

Some of the key players profiled in the Millet Based Packaged Food Market include ITC Limited, Slurrp Farms, Quaker Oats Company, Naturally Yours, FirmRoots Private Limited, Truefarm Foods, Urban Millets Pvt. Ltd., Moon Foods, OGMO Foods, Coastal Foods, Bliss Tree India, Priya Foods, Sri Lakshmi Foods, Urban Monk Private Limited and Treta Agro (P) Ltd.

Key Developments:

In February 2022, Slurrp Farms secured a US$ 7 Mn funding from Institutional Investors Investment Corporation of Dubai and Fireside Ventures to expand its millet-based offering and ramp up its marketing activities, product innovation, as well as increase the global presence of its brand and products.

In July 2019, ITC Limited launched a new range of gluten-free flour, ragi flour, and multi-millet mix flour under the brand Aashirvaad Nature’s Super Foods. The new products were first made available in New Delhi, Mumbai, Bengaluru, Kolkata, Hyderabad, and Chennai.

Products Covered:
• Pasta
• Instant Upma
• Dosa & Idli Premix
• Waffle & Pancake Premix
• Protein Rich Bars
• Porridge/Daliya
• Instant Poha
• Multigrain Flour
• RTE Noodles
• Vermicellii
• Other Products

Sales Channels Covered:
• Convenience Stores
• Modern Trade
• Online Retail
• Specialty Stores
• Other Sales Channel

Demography’s Covered:
• Adults
• Kids

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements