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The finger millet market size is forecast to increase by USD 5.21 billion at a CAGR of 6.78% between 2023 and 2028.
The finger millet industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The food source segment is estimated to witness significant growth during the forecast period.
Finger millet, a nutrient-dense grain, is gaining popularity in the global food industry due to its numerous health benefits. Rich in iron and calcium, finger millet is commonly used to alleviate health conditions such as anemia and aid in managing depression, insomnia, and anxiety. Finger millet's hypoglycemic noodles, made from its flour, have a low glycemic index, making them an ideal food for individuals with blood sugar concerns. The cultivation of finger millet is prevalent in various parts of India, where it is used to make traditional dishes like dosa, murukku, and chapati. Finger millet's amino acid content helps regulate appetite, contributing to weight management.
The market for finger millet is projected to expand due to its potential health benefits in addressing conditions like high blood pressure, liver and heart problems, and asthma. The finger millet value chain encompasses cultivation, processing, packaging, distribution, and retail. Processing includes milling, baking, and creating various products like porridge, beverages, pasta, and snacks. Regulations play a crucial role in ensuring food safety and quality, with standards such as organic certification and gluten-free labeling driving consumer demand. Finger millet's innovation extends to creating new products like bread and flour, with ongoing research exploring its fiber and antioxidant properties.
The sustainable farming practices employed in finger millet cultivation and the availability of finger millet hybrids and breeding programs contribute to its growing appeal. The market's future looks promising, with increasing consumer awareness and demand for healthy, nutritious food options.
The Food source segment was valued at USD 3.76 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 49% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Finger millets, a staple food in Asia Pacific countries like India and China, are gaining popularity due to their nutritional value and versatility. The long summer months in these regions make finger millet cultivation an essential farming practice, especially in areas where other food resources are scarce. The increasing urbanization and improved transportation and distribution strategies in these countries have led to a surge in demand for finger millets in urban markets. Finger millets are not only consumed as a food source but also used as fodder due to their high nutritive value and digestibility compared to other crops. In India, the growing urbanization and rising incomes have resulted in a significant increase in the demand for livestock products, which, in turn, has fueled the demand for fodder made from finger millets.
Finger millet processing, packaging, and distribution have seen significant advancements, leading to an increase in the availability of finger millet-based products such as porridge, bakery items, pasta, and beverages. The adoption of sustainable farming practices, regenerative agriculture, and traceability systems has also gained momentum, ensuring the production of high-quality finger millets. Research and innovation have led to the development of new finger millet varieties, hybrids, and breeding techniques, enhancing yield and improving the overall quality of the grain. The market is subject to various regulations, ensuring the safety and quality of the produce. Finger millet is a gluten-free grain, making it an attractive alternative for individuals with gluten intolerance.
Its high calcium, iron, protein, and fiber content makes it a popular choice for health-conscious consumers. Finger millet flour and grain are widely used in various recipes, including traditional dishes and innovative culinary creations. The market for finger millet-based products is expected to grow, driven by increasing consumer awareness and demand for nutritious and sustainable food sources.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The Finger Millet Market flourishes with organic finger millet India and finger millet for gluten-free diets. Ragi flour market trends drive finger millet for health foods, supported by sustainable finger millet farming. Finger millet export markets expand, with ragi-based snack products and finger millet for baking industry gaining traction. The finger millet market forecast highlights high-nutrient finger millet and ragi for plant-based diets. Finger millet for infant foods and eco-friendly ragi packaging align with wellness trends, while finger millet for APAC markets grows. Finger millet processing tech optimizes the finger millet supply chain, and ragi flour for retail meets demand. Finger millet for diabetes diets, organic ragi for wellness, and finger millet agricultural trends ensure robust growth.
The finger millet market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the finger millet market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, finger millet market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Finger millet, a nutritious and ancient grain, is experiencing notable market activity and trends. Adoption of finger millet is increasing due to its high nutritional value and potential as a substitute for rice and wheat. Brands are investing in finger millet to capitalize on its health benefits and unique taste. Awareness campaigns aim to educate consumers about its uses and benefits. However, finger millet faces challenges, including limited brand recognition and competition from established grains. Biotechnology is being explored to improve production yields and resistance to pests.
The finger millet market is gaining attention due to its high nutritional value, strong drought tolerance, and potential for poverty alleviation and rural development. Increasing awareness and adoption are driven by its role in food security, nutritional security, and water conservation. Despite challenges like limited branding, weak marketing, and lack of clear food labeling, opportunities exist in value-added products and investment in biotechnology and genetic modification. Rising price trends reflect demand, but competitors and substitutes pose risks. Still, its positive environmental impact, soil health benefits, and social impact make finger millet a sustainable crop with promising future prospects.
Marketing strategies focus on positioning finger millet as a sustainable and healthier alternative. Competitors in the grain market continue to pose threats, but opportunities exist for innovative and strategic players. Production techniques and sustainability practices are crucial for maintaining market competitiveness.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Finger Millet Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
157 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
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Market growth 2024-2028 |
USD 5206.2 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.23 |
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Key countries |
US, China, Germany, Japan, UK, Australia, India, France, Brazil, UAE, Rest of World (ROW), Saudi Arabia, France, South Korea, Mexico, Italy, and Spain |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Distribution Channel
8 Market Segmentation by Category Type
9 Market Segmentation by Product Types
10 Market Segmentation by End-User
11 Customer Landscape
12 Geographic Landscape
13 Drivers, Challenges, and Opportunity/Restraints
14 Competitive Landscape
15 Competitive Analysis
16 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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