The Millets Market is witnessing significant growth, driven by increasing consumer demand for healthy and gluten-free food options.
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Market Overview:
· Market Size and Growth: In 2023, the global millets market was valued at approximately USD 36.94 billion and is projected to grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2030.
Key Market Drivers:
1. Health and Nutritional Benefits: Millets are rich in fiber, proteins, and essential minerals, making them a preferred choice among health-conscious consumers seeking nutritious and gluten-free alternatives.
2. Climate Resilience: Millets thrive in arid and semi-arid regions, exhibiting high drought tolerance, which makes them a reliable crop in areas prone to water scarcity.
3. Government Initiatives: Several governments are promoting millet cultivation to enhance food security and support sustainable agriculture, further propelling market growth.
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Key Players:
· Cargill, Incorporated
· Archer Daniels Midland Company
· Bunge Limited
· Bayer CropScience AG
· Nestlé S.A.
Challenges:
· Limited Awareness: Despite their benefits, millets are less known in certain regions, leading to lower consumption rates compared to other staple grains.
· Processing Difficulties: Millets require specific processing techniques, and the lack of infrastructure can hinder their widespread adoption.
Regional Analysis:
· Asia-Pacific: This region dominates the millets market due to traditional consumption patterns and favorable climatic conditions for millet cultivation.
· North America and Europe: Growing health awareness and the rising popularity of gluten-free diets are contributing to increased millet consumption in these regions.
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