Millet Seeds Market by Type (Pearl Millet, Finger Millet, Proso Millet, Foxtail Millet, and Others), Sales Channel (Specialty Stores, Online Channels, and Others), and Regional Analysis (Asia-Pacific, LAMEA, and Rest of the World): Global Opportunity Analysis and Industry Forecast, 2021–2028

Global Millet Seeds Market Analysis

The global millet seeds market size is predicted to garner $551,469.70 thousand in the 2021–2028 timeframe, growing from $350,000.00 thousand in 2020, at a healthy CAGR of 6.00%. 

Market Synopsis

Strategic alliances among market players, along with growing demands for millet seeds across the globe, are expected to accelerate the growth of the millet seeds market.

However, higher cost of millet seeds products is one of the growth-restricting factors for the market.

According to the regional analysis, the Asia-Pacific millet seeds market size is anticipated to grow during the review period and generate a revenue of $273,529.00 thousand, with CAGR of 6.00%, due to increasing adoption of staple food in the region.   

Millet Seeds Overview

Millet seeds are the cereal grains that are mostly grown in Africa and Asia region. Also, millets require comparatively very less amount of water for growth as compared to other cereals such as wheat, rice, and others. Millets are very rich in nutrition such as calcium, proteins, fibre, vitamins, and minerals that are beneficial for human nourishment.

Covid-19 Impact on Millet Seeds Market Shares

The novel coronavirus pandemic had a devastating effect on several industries. The global millet seeds market experienced a moderate growth during this period. Millet seeds market growth was affected due to restrictions in inter-state movements along with disruption of transportation and food supply chains and therefore affected the farm operations throughout the pandemic. Also, India is the largest producer of millet seeds and disrupted Indian agricultural system is one of the factors that decreases the market for millet seeds.

On the other hand, there are many countries that are working dedicatedly to support farmers in pandemic times for producing millet seeds in the region. For instance, according to a news published by The Indian Express, in September 2020, people are adopting millets for boosting up their immunity levels as millets are gluten-free and rich in proteins & fiber. In addition to this, growing adoption of organic millet seeds is also one of the factors that can increase the adoption of millet seeds. The above-stated factors show that the pandemic may positively affect the growth of the market and it will ultimately increase the sustainable opportunities for millet seeds market in the coming years.

Increasing Prevalence of Gluten-Free food among the Health-Conscious Consumers to Surge the Market Growth

The global millet seeds industry is witnessing a massive growth mainly due to increasing adoption of gluten-free food among the diabetic people as millets have low-glycemic index that can slow down the sugar release in the blood. Also, millets have rich nutritional content for maintaining a healthy life. These will help people that are suffering from chronic diseases such as obesity, diabetes, and heart diseases. All such aspects may boost expansions to fuel growth of the global millet seeds market.

Furthermore, according to an article published by NDTV, Indian news media company, in November 2021, millets can regulate the blood sugar levels and reduce the risk of developing type-2 diabetes and therefore it is considered as one of the best diabetic diet foods. These types of factors are predicted to drive the growth of the market.

To know more about global millet seeds market trends, drivers, get in touch with our analysts here.

High Cost of Millet Seeds Products to Restrain the Market Growth

Millet seeds products are very costly in many countries that can restrain the global market growth. Also, millets are always advised to consume in moderate quantity; higher consumption can affect the health and slowdown the digestion due to high fiber content. These are some of the factors anticipated to hinder the market value of the millet seeds in the next few years.

Nutraceutical Health Benefits of Millets to Create Massive Investment Opportunities

The global millet seeds market is spreading at a very fast pace due to its associated health benefits such as improves the function of digestive system, reduces cholesterol, preserves heart disease, protects against the diabetes, lowers down the risk of cancer, increases the levels of energy, and also improves the muscular system. Moreover, technological advancements such genetically modified seeds and product innovations are some of the factors that are positively affecting the millet seeds market growth.

Furthermore, according to research article published by ResearchGate, a Europe based social networking site for researchers and scientists to share papers, in January 2021, millets are the best food for small farmers as it is the only source of livelihood for them. Millets are one of the best sources of protein or fiber; therefore, making them as high-energy food. All such aspects may further lead to lucrative market opportunities for key players in the upcoming years.

To know more about global millet seeds market trends, opportunities, get in touch with our analysts here.

Source: Research Dive Analysis

The pearl millet type sub-segment is predicted to have a dominating share as well as fastest market growth in the global market. The sub-segment is expected to register a revenue of $417,600.30 thousand during the forecast period. Pearl millet is considered as the best plant-based protein source across the Asian and African countries. Also, pearl millet is used as baby food due to its nutritional content along with its usefulness in treating iron deficiency due to anemia. These factors and strategic alliances may bolster the growth of the sub-segment during the forecast period and increase the millet seeds market demand.  

Source: Research Dive Analysis

The specialty stores sub-segment of the global millet seeds market growth is projected to have the dominant share as well as fastest growth. It is also projected to surpass $15,046.10 thousand by 2028, with an increase from $8,106.80 thousand in 2020. This growth in the market can be attributed to growing demand for brands within the category of millets. Specialty stores of millets or any other goods can sell selective items of particular brands for consumers, and they are primarily focusing on high customer satisfaction. All such elements may increase the demand for sub-segment and millet seeds market demand.  

Source: Research Dive Analysis

The Market for Millet Seeds in Asia-Pacific to be the Most Dominant

The Asia millet seeds market accounted $173,250.00 thousand in 2020 and is projected to register a revenue of $273,529.00 thousand by 2028. The extensive growth of the Asia-Pacific millet seeds market is because of the presence of Asian countries such as India, the largest producer of millets, and also, in Asian countries millets are considered as the staple food. Moreover, growing trends of healthy foods among urban population along with favorable government initiatives to produce millets are some of the factors that are fueling the market growth across the globe. Furthermore, according to UN General Assembly, that is sponsored by India and supported by 70 nations, they declared 2023 as “International Year of Millets”, and the main aim of this declaration is to create awareness about the benefits of grains. These factors will ultimately drive the demand for the millet seeds market across the region.  

The Market for Millet Seeds in Rest of the World to be the Fastest Growing

The share of Rest of the World millet seeds market is expected to rise at a CAGR of 7.20%, by registering a revenue of $33,088.20 thousand by 2028. The growth shall be a result of rising demand for gluten free foods among the health-conscious consumers. Also, the presence of obese and diabetic people in the North America and Europe regions is one of the factors fueling the market for Rest of the World millet seeds across globe. Such aspects may bolster the demand for millet seeds market in the upcoming years.

Competitive Scenario in the Global Millet Seeds Market

Product launches and mergers & acquisitions are common strategies followed by major market players.

Source: Research Dive Analysis

Some of the leading millet seeds market players are 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, and Sresta Natural Bioproducts Pvt Ltd.

Porter’s Five Forces Analysis for the Global Millet Seeds Market:

• Bargaining Power of Suppliers: The product suppliers of millet seeds market are high in number and are larger and more globalized. So, there will be less threat from the suppliers.
  Thus, the bargaining power of suppliers is low. 
• Bargaining Power of Buyers: Buyers have high buying powers due to availability of different types of millets in cost effective deal. This has increased the pressure on the millet seeds providers to offer the best millet seeds products. This gives the buyers the option to freely choose millet seeds that best fit their preference.
  Thus, the bargaining power of the buyers is high. 
• Threat of New Entrants: Companies entering the millet seeds market are adopting various innovations such as developing millet seeds that are genetically modified and healthy.
  Thus, the threat of the new entrants is moderate.
• Threat of Substitutes: There are different types of cereals available as a substitute for millet seeds, but they are not considered as gluten free food.
  Thus, the threat of substitutes is moderate.
• Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players Eastern Colorado Seeds, LLC and Crystal Crop Protection. These companies are launching their value-added services in the international market and strengthening the footprint worldwide.
  Therefore, competitive rivalry in the market is high.