New York, United States , Jan. 25, 2024 (GLOBE NEWSWIRE) -- The Global Millet-Based Product Market Size is to Grow from USD 36.6 Million in 2022 to USD 85.7 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 8.87% during the projected period. The increasing demand for large-scale millet cultivation as a staple crop, and the increasing consumer awareness of fitness and health is enhancing the demand for the global millet-based product market.
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A millet is a family of tiny, round whole grains that are widely grown as a cereal crop or grain. Millet-based products are suitable for individuals with gluten intolerance or celiac disease due to their high fiber, protein, vitamin, and mineral content, as well as their gluten-free and hypoglycemic qualities. By encouraging a healthy lifestyle through prevention rather than therapy, millet-based products can help alleviate the growing strain on the healthcare system. Many countries have begun enacting laws to encourage millet research, cultivation, and market expansion, it is anticipated that the market for items derived from millet will develop. Since millets are sometimes thought of as a specialty or traditional food, it could be challenging to bring them into mainstream markets. It is imperative to endeavor to educate consumers about the health benefits and versatility of products derived from millet.
Browse key industry insights spread across 200 pages with 100 Market data tables and figures & charts from the report on the "Global Millet-Based Product Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Millet-Based Snacks, Millet-Based Baked Goods, Millet-Based Beverages, and Others), By Demography (Kids, and Adults), By Distribution Channel (Supermarket and Hypermarkets, Traditional Grocery Stores, Online Stores, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The millet-based snacks segment is expected to expand at a rapid pace in the global millet-based product market during the projected period.
The global millet-based product market is divided by product type into millet-based snacks, millet-based baked goods, millet-based beverages, and others. The millet-based snacks segment is projected to expand at the fastest rate in the global millet-based product market throughout the forecast period. This is because more people are becoming aware of the nutritious benefits of millet and its tasty, crispy puffs and chips.
The adult segment is expected to grow at the highest pace in the global millet-based product market during the forecast period.
The global millet-based product market is classified into kids and adults. The adult segment is projected to expand at the fastest rate in the global millet-based product market during the projected period. This is because products in the adult sector are made from millet and are designed to meet the dietary and nutritional demands of adult consumers.
The online stores segment is expected to hold the largest share of the global millet-based product market during the estimated period.
The global millet-based product market is divided into supermarkets and hypermarkets, traditional grocery stores, online stores, and other segments based on end users. The online store segment is projected to account for the majority share of the global millet-based product market throughout the period. Online retail platforms have the most room to grow of all these distribution channels because e-commerce is getting more and more convenient for consumers.
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Asia-Pacific is anticipated to hold the largest share of the global Millet-Based Product market over the predicted timeframe.
Asia-Pacific is expected to hold the greatest share of the global millet-based product market in the coming years. This is a result of the region's sizable population's preference for conventional and healthful eating options. This is because the biggest portion of the market share in the region prefers conventional and healthful food options. Because of the rising demand for gluten-free products and rising health consciousness, the region has the largest market share.
North America is anticipated to expand at the fastest rate in the global millet-based product market throughout the forecast period. This is because more people are choosing healthier lifestyles and natural, gluten-free diets.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Millet-Based Product Market include Bliss Tree, Coastal Foods, FirmRoots Private Limited, ITC Limited, Marico, Quaker Oats Company, Slurrp Farms, Swiss Bake Ingredients Pvt. Ltd., Tata Consumer Soulfull Pvt. Ltd., Urban Millets Pvt. Ltd., Urban Monk Private Limited, and others.
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Recent Developments
- In January 2022, Tata Soulfull introduced a new product called millet muesli, which is made up of 97% whole grains, fruits, nuts, and seeds and has no added sugar. It is incredibly nutritious. Customers looking for food options that fit their lifestyle and are health-conscious are the target market for Tata Soulfull goods.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Millet-Based Product Market based on the below-mentioned segments:
Global Millet-Based Product Market, Product Type
- Millet-Based Snacks
- Millet-Based Baked Goods
- Millet-Based Beverages
- Others
Global Millet-Based Product Market, By Demography
- Kids
- Adults
Global Millet-Based Product Market, By Distribution Channel
- Supermarket and Hypermarkets
- Traditional Grocery Stores
- Online Stores
- Others
Global Millet-Based Product Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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