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The finger millet market size is forecast to increase by USD 5.20 billion, at a CAGR of 6.78% between 2023 and 2028. Market growth relies on multiple factors, among them the low maintenance required for cultivating finger millet, the growing embrace of gluten-free dietary practices, and the recognized health advantages linked to finger millet consumption. Finger millet, known for its resilience and adaptability, requires minimal inputs compared to other crops, making it an attractive option for farmers seeking sustainable and cost-effective solutions. Additionally, the increasing awareness and adoption of gluten-free diets, driven by health-conscious consumers and those with gluten sensitivities or celiac disease, contribute to the expanding market for finger millet products. Moreover, the nutritional profile of finger millet, rich in essential nutrients like calcium, iron, and fiber, further bolsters its appeal among health-conscious individuals. These combined factors create a favorable environment for the sustained growth and development of the market, catering to both agricultural and dietary trends.
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In today's dynamic food landscape, the market is experiencing a remarkable surge in demand, especially among the vegetarian and vegan population seeking nutrient-rich alternatives to traditional staples. With its resilience to water-scarce environments and adaptability to diverse climates, Finger Millet emerges as a sustainable crop choice, addressing hindering challenges posed by climate change and diminishing resources. As millennials increasingly prioritize health and sustainability, Finger Millet stands out as a versatile ingredient, suitable for crafting wholesome porridges and nutritious breads. Moreover, its inclusion in junk food alternatives underscores its versatility and appeal to broader consumer demographics. Design and packaging innovations further enhance its market presence, captivating consumers seeking convenient yet nutritious options. As awareness of the importance of soil health grows, Finger Millet's ability to thrive in diverse soil conditions adds to its allure, positioning it as a cornerstone in fostering a more sustainable and resilient food system.
Additionally, the market is experiencing a notable upswing, driven by the increasing popularity of alternative grains like sorghum, pearl millet, and barnyard millet among health-conscious consumers. With concerns about the health implications of junk foods and bread, individuals are turning to nutritious alternatives like finger millet. Also known as proso millet or little millet, finger millet offers a wealth of health benefits, including high fiber content and essential nutrients. As consumers seek healthier dietary options, finger millet stands out for its versatility and nutritional value. Its presence in various food products is expanding, from traditional dishes to modern culinary creations, signaling a promising future for the market.Our researchers analyzed the market research and growth 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 low maintenance of finger millet cultivation is driving the market growth. Finger millet is a sustainable and drought-resistant crop and does not need large quantities of water. Hence, this crop is generally grown in the arid and semi-arid regions of Africa and Asia, which face frequent water shortages.
Moreover, finger millet can withstand high temperatures of up to 116.6 degrees Fahrenheit, unlike other crops such as wheat and rice. Therefore, the low maintenance requirement for finger millet crops will drive the growth of the market during the forecast period.
The rise in new product launches is a key trend influencing the market growth. Changing lifestyles, rise in disposable income, and rapid urbanization have driven the growth of the packaged food industry, which includes ready-to-eat food such as finger millet snacks.
Further, product innovation and strong marketing initiatives are further driving the popularity of such products. Innovative preservation techniques and the presentation of products have also increased the popularity of finger millets. These factors will positively influence the growth of the market during the forecast period.
The shortage of millet processing units may impede the market growth. The shortage of millet processing units increases the overhead cost incurred by local producers, as they need to transport their produce to distant areas. For example, India is the largest producer of finger millet. However, the crop produced in Tamil Nadu, Odisha, or Madhya Pradesh needs to be transported to other states for processing.
As a result, the price burden on farmers and end-consumers rises throughout the value chain. Moreover, the technology used for processing finger millet needs to be optimized. These factors will impede the growth of the market during the forecast period.
The 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market 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 market 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.
The market share growth by the food source segment will be significant during the forecast period. Finger millet is a good source of iron and natural calcium. It is widely used in the treatment of health conditions such as anemia, depression, insomnia, and anxiety. It also helps in controlling appetite.
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The food source segment was valued at USD 3.76 billion in 2018. The growth of the market is attributed to factors such as the consumption of finger millet to prevent adverse health conditions such as high blood pressure, liver and heart problems, and asthma. It also helps strengthen the bones of infants and growing children owing to its rich calcium content. These factors are expected to drive the segment during the forecast period.
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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 are an important food source in APAC, especially in countries such as India and China. It is also used as a fodder crop due to its high nutritious value and digestibility. Moreover, finger millets are less expensive than other grains. These factors will drive the market growth in APAC.
The market 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.
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The industry is experiencing a significant uptick amidst evolving consumer preferences and millet market trends. As a nutri-cereal rich in nutrients crucial for health and fitness, Finger Millet is gaining traction as an essential component of nutrient-rich foods and millet-based products. Its drought tolerance capacity and low water requirement make it a valuable asset in regions facing water scarcity, contributing to food and nutritional security. With its gluten-free nature and beneficial effects on cholesterol levels and blood sugar levels, Finger Millet caters to a wide array of dietary needs, including vegan and vegetarian diets. Its versatility extends to various culinary applications, from breads and soups to stews and even beer production. As the Finger Millet trade expands, stakeholders are leveraging emerging economies and online retail channels to tap into its future potential. With its immune-boosting properties and alignment with health-conscious consumer trends, Finger Millet emerges as a beneficial alternative in the global food market.
Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
Market Growth 2024-2028 |
USD 5.20 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.23 |
Regional analysis |
APAC, Middle East and Africa, Europe, South America, and North America |
Performing market contribution |
APAC at 49% |
Key countries |
India, Russia, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Akshaa Foods, Ancient Golden Mill, Deepan Mills, Dharani Farming and Marketing Cooperative, E5 Commodities, Farmer Exim, GEEWIN EXIM, Giva Agro, Ipahad, Kaadu Organic Farm, Kenya Seed Co. Ltd., Miheraa Organic Foods, Nature Bio Foods Ltd., Pioneer Agro Industry, Pure Products, Royal Mineral, Simosis International, and SK Royal Industries |
Market dynamics |
Parent market growth analysis, Market Forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
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 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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