Asia Pacific Millets Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product; Application; Distribution Channel; and Country

The APAC millets market was valued at US$ 3,851.45 million in 2018 and is expected to grow at a CAGR of 4.4% during 2019-2027 to reach US$ 5,652.60 million by 2027.

Millets are small-seeded grasses widely grown across the world as cereal crops or grains for fodder and human food. Various types of millet crops such as sorghum, finger millet, pearl millet, barnyard millet, proso millet, and little millet are grown across the globe. These crops are grown in semiarid tropical regions as they are highly drought tolerant in nature. For centuries, millets have served as a major staple food in Asia and Africa. Millets are no gluten food and are rich in nutrients such as copper, magnesium, phosphorus, and manganese. The rich nutritional content in millets helps in maintaining a healthy life. Millets are an ideal food for people suffering from chronic diseases such as diabetes and heart diseases. Millets are rich in fiber, which helps in digestion and can relieve bowel issues. Regular consumption of millets helps in preventing gastrointestinal problems and other diseases related to kidney and liver. The largest share of the breakfast food segment is attributed to the increasing demand for fiber-rich and gluten-free food products among health-conscious consumers. Millets-based products such as flakes, cookies, and ready-to-eat products are gaining high acceptance among consumers. Moreover, the high protein content of these grains makes them ideal breakfast food for vegetarian and vegan population. The infant baby food segment is projected to grow at a faster pace during the forecast period. Millets-based infant food such as porridge is ideal for infant growth and helps lower the occurrence of malnutrition in infants and babies. Millets are extensively used in infant food as it is rich in protein, multiple vitamins, phosphorus, potassium, iron, and magnesium.

Based on product, the APAC millets market is further segmented into organic and regular. Millets are small seeded cereal crops with high nutritional content. Millets are important crops in the semiarid tropics of Asia and Africa (especially in India, Mali, Nigeria, and Niger), with 97% of millets being cultivated in developing countries. They are mainly grown in warm countries with poor soil that bears large crop of small seeds that are used to make flour. Millets are usually favored due to its productivity and short growing season under dry and high temperature conditions. There are nearly 6,000 varieties of millet all over the world with various colors such as pale yellow, white, gray and red.

Currently, the demand of convenience foods has increased with the increase consumer preference toward ready-to-eat food and beverages. Also, with the diversification of distribution channel, convenience foods have found a shelf in retail outlets and supermarkets. Further, changing working demographics and busy lifestyle, as well as focus toward health-promoting food products, are among the other factors that promote the demand for convenience food items. With the increase in the demand for convenience food items, the demand for millets is set to rise. Moreover, rising technology in innovative packaging attract consumers. Today, rising demand for food is highly met by convenience foods across the world. The urbanization of society has resulted into the prominence of these foods in the modern diet; e.g., there has been an increase in the trend of consumption of millets mixed with carbonated water, coffee, pancakes, waffles, tea, cake, etc., in breakfast. Additionally, the growing use of syrups as a topping in breakfast food items is contributing to market growth. Different and personalized flavors of syrups broaden their applications in bakery, dairy& frozen desserts, beverages, and confectionery industries. Furthermore, the increase in population, coupled with a rising economic standards; hike in disposable incomes; and diversification in food habits are surging the demand for convenience foods, including millets. To meet such increasing and varied demands, companies are coming up with improved varieties of millets and efficient distribution channels to serve the wider customer base.

The APAC millets market, based on country, is segmented into India, China, and others. In 2018, India held the largest share of the APAC millets market, and the Millets market in China is expected to grow at a faster pace over the forecast period. India is a developed market for millets due to the rising consumption of convenience products and surging demand from the working population due to busy lifestyles. Moreover, product promotions through a new and improved form of packaging are attracting consumers in the market.

Some of the players present in APAC millets market are Just Organik, Earthon Products Pvt. Ltd, Shimla Hills Offerings Pvt. Ltd, Pristine Organics Pvt. Ltd, Sresta Natural Bioproducts Pvt. Ltd., Dharani FaM CooP Ltd., Dharmapuri District Minor Millet Farmer Producer Company Limited, Janadhanya, SahajaSamrudha Organic Producer Company Ltd (SSOPCL), Viruthai Millets Farmer Producer Company Ltd. (VMFPCL).

The overall APAC millets market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the APAC millets market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC millets market.

COVID-19 first began in Wuhan (China) in December 2019 and since then it has spread at a fast pace across the globe. As of March 2020, China, Italy, Iran, Spain, Republic of Korea, France, Germany, and the US were considered the worst affected countries in terms confirmed cases and reported deaths. The food & beverages industry is one of the major industries that is suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. The lockdown of various plants and factories is affecting the supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various goods in APAC. In addition, the global travel bans imposed by countries in North America, APAC, and Europe are affecting the business collaborations and partnerships opportunities. In North America, the US has the highest number of confirmed cases of COVID-19 as compared with Canada and Mexico.

Reasons to Buy

• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the APAC millets market, thereby allowing players to develop effective long term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.