Millet Based Packaged Food Market: Global Industry Analysis and Forecast (2024-2030)

The Millet Based Packaged Food Market size was valued at US$ 43.52 Million in 2023 and is forecasted to grow at a CAGR of 10.2% from 2024-2030, reaching nearly US $ 85.91 Million.

Millet-based packaged food products are made mainly from millet grainswhich are processed, packagedand thenmarketed to consumers. Millets are consumed due to their high nutritional value which includes a high level of fiber, important minerals and antioxidants. The Millet Based Packaged Food Markethas grown substantiallyover the past decade and the market is further growing due to rising demand for gluten-free and plant-based goods, rising consumer health consciousness and growing consumer awareness of consumption of more millet-based food nutritional benefits. The market penetration and consumer base have exponentially increased due to the accessibility of customized millet-based products such as baked goods, ready-to-eat meals and snacks.To know about the Research Methodology :- Request Free Sample Report
Millet Based Packaged Food Market dynamics
Market Drivers:

Increasing demand for healthy and convenient food options: Millets are a fantastic source of protein, fibre, vitamins, and minerals. They are also low in calories and gluten-free. They are therefore a suitable option for customers searching for quick and convenient food.

Growing understanding of millets' health advantages: Millets have been demonstrated to have a range of advantages, including lowering the risk of diabetes, cancer, heart disease, and stroke. This is brought on by millet's abundant antioxidant and fibre content, thus increasing its demand with the increase in awareness.

Sustainability and Environmental Concerns: Another factor driving the demand for millet-based packaged foods is sustainability and environmental consciousness. Millets require less water and can thrive in challenging growing conditions, making them a more sustainable crop. With growing concerns about the environment, consumers are gravitating towards food options that are environmentally friendly and millets fit the bill.

Market Restraints:

Limited Awareness and Acceptance: Despite the growing interest in millet-based packaged foods, there is still a lack of awareness and acceptance among mainstream consumers. Millets have historically been considered traditional or niche foods in some regions and breaking into mainstream markets can be challenging. Efforts are required to educate consumers about the nutritional benefits and versatility of millet-based products.

Limited Availability and Supply Chain Challenges: Millets are primarily grown in specific regions, which can lead to limited availability in some markets. Establishing a robust and efficient supply chain for millet-based packaged foods is challenging, especially in regions where millets are not traditionally grown or consumed. Developing strong distribution networks and ensuring a consistent supply of quality millet grains are key challenges for market players.

Opportunities:

Product Innovation and Diversification: The market for packaged foods made from millet offers great opportunity for product innovation and diversification. To adapt to changing consumer tastes, businesses are experimenting with different product formulas, flavours and packaging options. For instance, "Soulfull," an Indian company, sells a variety of energy bars, snacks and morning cereals made from millet that are flavoredcreatively with things like mango, chocolate, and almond.

Expansion in unexplored Markets: Although packaged meals made from millet have become popular in some areas, there is still room for growth in unexplored markets. For instance, millet-based goods have a huge marketpotential in North America and Europe, where consumers are moving more and more towards sustainable and healthier food options.

Challenges:

Price Competitiveness: Millet-based packaged foods often face price competitiveness challenges compared to products made from conventional grains. The production and processing costs of millet can be higher, impacting the final pricing of millet-based products. Overcoming this challenge requires efficient supply chain management, economies of scale and targeted pricing strategies.

Market Fragmentation and Competition: The millet-based packaged food industry is still relatively fragmented, with numerous small-scale players. This fragmentation can create intense competition and hinder market consolidation. Established brands and new entrants need to differentiate themselves through quality, branding and effective marketing strategies to gain a competitive edge.
Millet Based Packaged Food Market Segmentation
Based on Product type, the Millet Based Packaged Food Marketis segmented into Millet-Based Snackswhich include millet-based chips, puffs and bars, Millet-Based Breakfast Cerealswhich includes millet-based cereals, granolas and muesli, Millet-Based Baked Goods which includes millet-based bread, cookies and cakes, Millet-Based Pasta and Noodles which includes millet-based pasta, spaghettiand noodles, Millet-Based Beverages which includes millet milk, millet-based smoothies and millet-based energy drinks.Millet based Snacks accounts for the majority of the market share and is further anticipated to increase as more people become aware of millet's nutritional benefits and the easy to eat flavourful crunchy chips, puffs particularly in places like North America and Europewhere consumers are increasingly looking for healthier snack options.

Based on Distribution channel, the Millet Based Packaged Food Marketis segmented into supermarkets, convenience stores, online retail platforms, specialty stores and food service channels. Supermarkets accounts for the majority share in the Distribution channel segment. However, Online retail platforms have the most potential for growth among these distribution channels, thanks to the convenience that e-commerce is gaining in customer favor. Online retail is positioned as a prominent distribution channel that is anticipated to develop in the upcoming years due to the availability of millet-based products as well as the growing consumer demand for online shopping.

Based on Demography, the Millet Based Packaged Food Marketis segmented into kids and adults. The kids segment includes millet-based products designed to appeal to children, fortified with essential nutrients and offer a healthier alternative to conventional snacks. The adult segment comprises millet-based products tailored to meet the nutritional needs and dietary preferences of adults. Both segments present growth potential, driven by factors such as parental concerns for healthier options, the rise of childhood obesity and increasing health consciousness among adults. While the kids segment targets parents seeking nutritious snacks for their children, the adult segment caters to health-conscious individuals. The adult segment, with its broader market size and wider range of product offerings, is widely used and has the potential for significant future growth as consumers continue to seek convenient and nutritious millet-based options.

Regional analysis: In the Asia-Pacific region, countries like India, China and Japan have a long history of millet consumption, making them key players in this market. The region's large population with a preference for traditional and healthier food options, increasing health consciousness and growing demand for gluten-free products contribute to its significant market share. Government initiatives, such as India's Millet Mission and the inclusion of millets in public distribution systems, further support the sector's growth. With a strong cultural affinity towards millets and ongoing government support, the Asia-Pacific region is expected to maintain its leading position in the Millet Based Packaged Food Market.

In North America the market share for millet-based packaged food is on the rise. The region has seen increasing adoption of healthier lifestyles and dietary preferences, including gluten-free and plant-based diets. Consumer awareness about the nutritional benefits of millets and the availability of innovative millet-based snacks and cereals contribute to the market's growth thus making itone of the significant regions in the Millet Based Packaged Food Market in the near future.

In other regions as well the millet packaged food market has been gaining traction thus contributing to its market growth.
Competitive Landscape
The competitive landscape of the millet-based packaged food industry is dynamic, with a mix of established players and new entrants vying for market share. Among the established players, Soulfull stands out as a prominent brand in India, offering a diverse range of millet-based breakfast cereals, snacks and meal options. They have gained recognition for their innovative products and flavors, such as millet-based ragi bites and flavored millet dosa mixes. Another key player in the United States is Ancient Harvest, known for their gluten-free millet-based pasta, cereal and flour options. These established players have established a strong presence and customer base.

At the same time, new competitors are entering the market with innovative concepts and distinctive goods. A California-based firm called Rise Foods specialises in millet-based food and sells millet-based chips and puffs. They have carved out a niche among health-conscious consumers thanks to their focus on organic ingredients and unique flavours like turmeric and sea salt.

In terms of mergers and acquisitions, Dr. Oetker's majority stake acquisition of Soulfull in 2020 is a significant example. This strategic move allowed Soulfull to benefit from Dr. Oetker's global reach and distribution network, expanding its market presence and accelerating its growth. In detail analysis and strategies of the major competitive players is discussed in detail in the report.

Research Methodology: 

The research conducted for the Millet Based Packaged Food Market utilized both primary and secondary data sources to ensure that all possible factors affecting the market were thoroughly examined and validated. The market size for top-level markets and sub-segments is normalized and the impact of inflation, economic downturns, regulatory & policy changes and other variables is factored into the market forecast.

The bottom-up approach and multiple data triangulation methodologies are used to estimate the market size and forecasts. The percentage splits, market shares and breakdowns of the segments are derived based on weights assigned to each of the segments on their utilization rate and average sale price. The country-wise analysis of the overall market and its sub-segments are based on the percentage adoption or utilization of the given market Size in the respective region or country.Major players in the market are identified through secondary research based on indicators that include market revenue, price, services offered, advancements, mergers and acquisitions and joint.

Extensive primary research was conducted to acquire information and verify and confirm the crucial numbers arrived at after comprehensive market engineering and calculations for market statistics, market size estimations, market forecasts, market breakdown and data triangulation.

Millet Based Packaged Food Market Scope: Inquire before buying



Millet Based Packaged Food Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 43.52 Mn.


Forecast Period 2024 to 2030 CAGR:
10.2 %
Market Size in 2030:
US $ 85.91 Mn.


 Segments Covered:
by Product Type
Millet-Based Snacks
Millet-Based Breakfast Cereals
Millet-Based Baked Goods
Millet-Based Pasta and Noodles
Millet-Based Beverages


by Distribution Channel
Supermarkets/Hypermarkets
Convenience Stores
Online Retail
Stores
Others


by Demography
Kids
Adults



Millet Based Packaged Food Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Millet Based Packaged Food Market Key players
1. Nature's Path Foods
2. Arrowhead Mills
3. Bob's Red Mill
4. Orgran Natural Foods
5. Ancient Harvest
6. Purely Elizabeth
7. Lundberg Family Farms
8. Pamela's Products
9. Enjoy Life Foods
10. KIND Snacks
11. Quinn Snacks
12. Nature's Earthly Choice
13. Back to Nature
14. Simply7 Snacks
15. 24 Mantra Organic
16. Samrat India
17. Kawan Food
18. Harinsa Qatar
19. Ardent Mills
20. Perk Foods
21. Vaghasia Foods
22. Sresta Natural Bioproducts (24 Mantra Organic)
23. Shiloh Farms
24. Imlak'esh Organics
25. Lark Ellen Farm

FAQs

1. How big is the Millet Based Packaged Food Market?
Ans: Millet Based Packaged FoodMarket was valued at USD 43.52 million in 2023.

2. What is the growth rate of the Millet Based Packaged Food Market?
Ans: The CAGR of the Millet Based Packaged FoodMarket is 10.2%.

3. What are the segments for the Millet Based Packaged Food Market?
Ans: There are primarily 4 segments – Product type, Distribution channel, Demography and Geography for the Millet Based Packaged Food

4. Which region has the highest market share in the Millet Based Packaged Food Market sector?
Ans: Asia-Pacific has the highest market share in the Millet Based Packaged Food Market sector.

5. Is it profitable to invest in the Millet Based Packaged Food Market?
Ans: There is a fair growth rate in this market and there are various factors to be analysed like the driving forces and opportunities of the market which has been discussed extensively in Maximize’s full report. That would help in understanding the profitability in the market