The global millet snacks market was valued at $2.4 billion in 2021, and is projected to reach $3.7 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031.
Millets are one of the ancient food known to humans. These cereal crops are small-seeded hardy crops that can grow well in semi-dry areas. Millets snacks are made from millet flour. Various products especially snacks can be made from millet flour such as chips, bakery products, namkeens and others.
Food products that are healthier and more nutritious are becoming more and more popular with the current generation of consumers, especially the millennials and generation Z. Thus, in order to get the greatest nutritional benefits for the body, consumers have been placing a strong priority on healthy eating practices and balanced meals. Some of the most nutrient-dense cereal grains and seeds on the market are millet. They also include a lot of fibre, which supports intestinal health and boosts metabolism. Additionally, the high amounts of vitamins, minerals, and calcium found in millet seeds aid to increase bone density and give the body the nutrition it needs to maintain healthy bodily functioning and fend against disease. The expansion of the global millet snacks market size is significantly attributed to a greater number of consumers becoming more aware of the health advantages linked to millet goods. Some of the health advantages of millet consumption include protection of cardiovascular health, prevention of diabetes, assistance in achieving and maintaining a healthy weight, and control of gut inflammation.
In an effort to promote the popularity of millet consumption, snack manufacturing companies are attempting to integrate millet seeds in a variety of snacks that will make it easier for consumers to eat millet. Recent delicacies like chips and nachos made from millet seed flour are swiftly catching on in a number of Southeast Asian countries. In addition, millet flour is used in a variety of bakery and confectionery goods to provide consumers with millet in a sweet form and to make it possible to make gluten-free cakes, cookies, biscuits, and other bakery items. As a result, more millet seeds are being used to make snacks, which is expected to boost the millet snacks market growth throughout the forecast period.
The main cause of the poor consumption of millet is the lack of availability of high-quality seeds. The cost of processed millet items has skyrocketed due to insufficient village-level primary processing and a significant distance separating producing units and processing facilities.
According to the millet snacks market analysis, the millet snacks market is segmented into type, age group, distribution channel and region. By type, it is segregated into extruded products and bakery snacks. Extruded products are further segmented into namkeen, noodles, chips and others. On the basis of age group, the market is segmented into millennials, generation x, and baby boomers. Based on the distribution channel, the market is categorized into online and offline. Offline segment was further studied through hypermarkets & supermarkets, specialty stores, convenience stores, departmental stores, and others. Based on region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Belgium, Russia and the Rest of Europe), Asia-Pacific (China, India, Japan, Australia, Indonesia and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia and Rest of LAMEA).
According to the millet snacks market trends, on the basis of type, the bakery snacks segment was the significant contributor to the market, with $352.7 million in 2021, and is estimated to reach $606.5 million by 2031, at a CAGR of 5.7% during the forecast period. There is a rising demand for bakery items every day owing to shifting lifestyles, a growing heath-conscious population, economic advancements and a rise in demand for healthy ready-to-eat products. Sales of baked millet snacks are anticipated to soar as urbanization continues to grow and fast food demand rises. The fortification of bakery snacks with functional ingredients is further supplementing the growth of the bakery snacks market.
On the basis of age group, the generation X segment was the significant contributor to the market and is estimated to reach $867.7 million by 2031, at a CAGR of 5.2% during the forecast period. The generation X category within the generation segment is being propelled by an increase in health and fitness-related worries. Additionally, this generation tends to consume premium goods including food products and has great purchasing power. This encourages the millet snacks market demand to flourish globally.
According to the millet snacks market trends, on the basis of distribution channel, the specialty stores segment was the significant contributor to the market and is estimated to reach $565.4 million by 2031, at a CAGR of 6.1% during the forecast period. A specialty store that sells only one kind of goods. This offers business owners and staff the ability to gain knowledge and a reputation for selection and competence within the store's designated specialization. Manufacturers continually work to improve the visibility of their items on store shelves, and as a result, they primarily target specialized retailers. Thus, specialty shops now carry a greater selection of millet snack products. The market for millet snacks is expanding because of the discounts and benefits of immediate gratification offered by these specialty stores.
According to the millet snacks market opportunities, region-wise, Europe garnered the second highest share in the global millet snacks market share in 2021 and is expected to maintain its market share throughout the millet snacks market forecast period. Europe is adopting eating habits that are more health-centered and more beneficial for the body. Additionally, customers in the area are gravitating toward organic food, plant-based food, and foods that are nutrient-dense and can enhance consumer health. Thus, the above-mentioned factors are likely to supplement the growth of the millet snacks market.
The major players operating in the millet snacks industry focus on key market strategies, such as mergers, product launches, acquisitions, collaborations, and partnerships. Some of the key players in the millet snacks market industry include Milletsnacks.com, Healthy Master, orgtree, Moon Food, Urban Millets Pvt Ltd, Nativefoodtore, HiYou, Cicer Food Products and Slurrp Farm.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the millet snacks market analysis from 2021 to 2031 to identify the prevailing millet snacks market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the millet snacks market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global millet snacks market trends, key players, market segments, application areas, and market growth strategies.
Millet Snacks Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 3.7 billion |
 Growth Rate | CAGR of 4.9% |
 Forecast period | 2021 - 2031 |
 Report Pages | 295 |
 By Type |
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 By Age Group |
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 By Distribution Channel |
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 By Region |
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 Key Market Players | Orgtree, Nativefoodstore, Milletsnacks.com, Urban Millets Pvt Ltd, HiYou, www.sweetkaramcoffee.in, URBAN MONK PRIVATE LIMITED, Moon Foods, Healthy Master, Cicer Food Products |
Analyst Review
According to the insights of the CXOs, the millet snacks market is expected to witness robust growth during the forecast period. The millet snacks market is expanding because of the rise prevalence of obesity. Millet is exceptionally low in calories but is extremely rich in magnesium, fiber, bioactive compounds, and other important minerals and vitamins. Thus people use to eat millet products including millet snacks to reduce their weight. . According to an Ipsos survey from 2020, 19% of respondents worldwide identified obesity as their top issue. Slowly but surely, people are beginning to favor healthier lifestyle choices. Another factor is research and development proficiencies and growing awareness about the benefits. The market growth rate is experiencing rise owing to research and development efforts to examine how millet seeds and associated products such as millet food and millet snacks affect the immune system. Surge in public knowledge of soybean oil's advantages is promoting the market's expansion.
The global millet snacks market size was valued at $2,352.6 million in 2021, and is estimated to reach $3,736.6 million by 2031.
4.9% is the CAGR of millet snacks market.
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2021 is the base year calculated in the millet snacks market report.
Milletsnacks.com, Healthy Master, www.sweetkaramcoffee.in, orgtree, Moon Food, Urban Millets Pvt Ltd are some of the top companies in the millet snacks market report.
The millet snacks market is segmented into type, age group and distribution channel and region.
Growing demand for bakery snacks with high nutritional attributes and growing export and import of millets are some of the key factors shaping the growth of the millet snacks market.
Asia-Pacific region holds the maximum market share of the millet snacks market.
The millet snacks market witnessed moderately negative effects of the COVID-19 pandemic.
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