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The finger millet market is estimated to grow at a CAGR of 6.48% between 2022 and 2027. The size of the market is forecasted to increase by USD 4,683.93 million. The growth of the market depends on several factors, including low maintenance of finger millet cultivation, rising adoption of gluten-free diets, and health benefits of finger millet.
This report extensively covers market segmentation by application (food source, fodder, and baking), distribution channel (offline and online), and geography (APAC, Middle East and Africa, Europe, South America, and North America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The low maintenance of finger millet cultivation is notably driving the market growth, although factors such as the shortage of millet processing units may impede the market growth. Our researchers analyzed the data with 2022 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.
Key Finger Millet Market Driver
Significant Finger Millet Market Trend
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.
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 global finger millet market during the forecast period.
Major Finger Millet Market Challenge
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 finger millet market during the forecast period.
Key Finger Millet Market Customer Landscape
The 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 growth strategies.
Global Finger Millet Market Customer Landscape
Vendors 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.
Akshaa Foods - The company offers finger millet under its brand Akshaa.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors 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 3,516.62 million in 2017 and continued to grow by 2021. 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 45% 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 finger millet market growth in APAC.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. In 2020, the outbreak of COVID-19 led to the temporary closure of offline retail sales and manufacturing units. However, the popularity of online shopping increased. This, in turn, increased the sales of finger millets in APAC. Moreover, in 2021, with the initiation of vaccination drives, the lockdown restrictions were lifted and offline retail activities increased. This, in turn, increased the demand for finger millets through offline channels. Such factors are expected to drive the growth of the regional market during the forecast period.
The report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The reports categorize the global finger millet market as a part of the packaged foods and meats market, which covers manufacturers or food processing vendors that are involved in food processing to eliminate microorganisms and extend shelf life. Technavio calculates the global packaged foods and meats market size based on the combined revenue generated by the vendors operating in the market. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Finger Millet Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.48% |
Market growth 2023-2027 |
USD 4,683.93 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.5 |
Regional analysis |
APAC, Middle East and Africa, Europe, South America, and North America |
Performing market contribution |
APAC at 45% |
Key countries |
Nigeria, Niger, India, China, and Russia |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, 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, Pioneer Agro Industry, Pure Products, Royal Mineral, Simosis International, SK Royal Industries, and Nature Bio Foods Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our 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 report to meet your requirements. Get in touch
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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