The global millet seeds market is estimated to be valued at $551,469.70 thousand by 2028, surging from $350,000.00 thousand in 2020, at a noteworthy CAGR of 6.00%.
Impact Analysis of COVID-19 on the Millet Seeds Market
The global market for millet seeds is estimated to experience a moderate growth amid the COVID-19 pandemic. This moderate growth is the result of disruptions in supply chain and closing of all the stores. In addition to this, key players across the industry are facing issues with regard such as less availability of millets for manufacturing their products at production facilities. Therefore, the demand for millet seeds has decreased amid the pandemic.
However, there are many countries that are supporting farmers for continuing their operations. Also, there are many people throughout the pandemic who are adopting healthy food habits including immunity boosting, healthy, and nutritious food in their diet. All such factors are predicted to bring new opportunities in the global millet seeds market.
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Global Millet Seeds Market Analysis
The enormous growth of the global millet seeds market is mainly because of its health benefits that are associated with decreasing the risk of cardiovascular diseases, diabetes, and obesity. Also, change in consumer interest towards the use of natural ingredients is one of the factors that bolsters the global market. Moreover, millets have high fiber that will prevent gastrointestinal, liver, and kidney problems. These types of factors can fuel the market growth.
High cost of products that are made up of millet seeds owing to high cost of millet seeds is one of the key issues that may create a negative impact on the market during the forecast period.
The increasing trends of gluten free foods among the health-conscious population may create huge opportunities for the market in the future. Millets are considered as the best source of nutrition in the gluten free diet. Moreover, people are preferring gluten free diet due to its associated benefits such as it can reduce chronic inflammation, boost energy, reduce risk of celiac disease, and promote weight loss. Thus, increase in consumer awareness regarding health benefits associated with millets is expected to strengthen the growth of the global millet seeds market.
Furthermore, according to an article published by Frontiers Media S.A., publisher of scientific journals, in August 2021, many low-income countries across the globe are suffering from public health problems such as zinc and iron deficiency due to poor consumption of iron and zinc in the foods. In addition, approximately 25% of the global population have inadequate zinc intake. Therefore, pearl millet is one of the best crops that can overcome such type of deficiency. These are some of the elements that are expected to drive the market further and such public health issues may further lead to lucrative market opportunities in the market in the upcoming years.
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Global Millet Seeds Market, Segmentation
The global millet seeds market is segmented based on type, sales channel, and region.
Type:
The type segment is further classified into pearl millet, finger millet, proso millet, foxtail millet, and others. Among these, the pearl millet type sub-segment is anticipated to have the fastest growth as well as dominant share and surpass $417,600.30 thousand by 2028, with an increase from $263,953.30 thousand in 2020.
The market growth can be attributed to increasing demand for foods that are highly nutritional and gluten free. Also, pearl millets are rich in dietary fibers and have low cholesterol properties; therefore, they are good for heart patients; these are some of factors that may create a positive impact on the sub-segment throughout the forecast period.
Sales channel:
The sales channel segment is further divided into specialty stores, online channels, and others. The specialty stores sub-segment is anticipated to have a dominating share as well as fastest growing sub-segment in the global market and register a revenue of $15,046.10 thousand during the analysis timeframe.
The growth of specialty stores sub-segment is attributed to its benefits such as it is very convenient for farmers to buy the choice of seeds that they want from the specialty stores. Also, specialty stores offer huge discounts on the products. These aspects may aid in the generation of a lucrative revenue for the market throughout the forecast period.
Region:
The millet seeds market for the Asia-Pacific region is projected to witness dominant share. This market generated a revenue of $173,250.00 thousand in 2020 and is further projected to reach up to $ 2,73,529.00 thousand by 2028.
The demand for millet seeds is surging in the Asia-Pacific region specifically because India is the largest producer of millet across the globe. Also, pearl millet is considered as the staple food in India. Moreover, growing population with cardiovascular diseases such as heart attack, diabetes, and others will convince people to adopt healthy food habits and gluten free diet. All such factors are anticipated to boost the market in Asia-Pacific region.
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Key Players in the Global Millet Seeds Market
- Allied Seed, LLC,
- Crystal Crop Protection Pvt. Ltd.
- Eastern Colorado Seeds, LLC
- Mirfak Pty Ltd
- Nuts in Bulk
- RR Agroflorestal LTDA
- BRAHMA STRAtegies Pvt Ltd
- DUGAD Agro Foods
- Treta Agro (P) Ltd
- Sresta Natural Bioproducts Pvt Ltd.
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