Millets – Procurement Best Practices & Sourcing Strategies

DESCRIPTION

Millets Market Global Size:

The global millet market is expanding because the urban population is becoming more conscious of the health advantages of consuming millet, which drove a market size of USD 11.53 billion in 2024. Also, ELINT Market Research’s procurement intelligence study predicted this industry to expand at a CAGR of 4.60% and acquire USD 14.43 billion by 2029. Furthermore, millet has better nutritional qualities like fiber, proteins, healthy fats, vitamins, etc. than several high-consumption cereals like wheat and rice. Hence, it is an important grain for the body and also prevents the body from accumulating needless fat, which would otherwise raise cholesterol, blood pressure, heart disease, and other problems.

Moreover, as there is a global trend toward less obesity, the expenditure on weight loss practices has increased globally. People are making an effort to eat healthful meals which drives demands for nutritious food options like millet. Additionally, the report revealed that the inclination in several countries to revive millet intake is conducive to the market’s lately rising potential. In this context, India appeared as the major producer and exporter of millet mostly because of its capacity to satisfy global demand in conjunction with inadequate levels of regional supply. India is expected to hold this position. In 2022, India experienced a higher level of supply rates due to the availability of vast millet cultivation and export infrastructures. After India, the US, France, and Ukraine likewise made substantial contributions to the world’s millet shipments due to higher production.

Furthermore, a few nations like Niger, China, and Nigeria have also emerged as the biggest producers of millet but are unable to become leading exporters since most of their production is consumed by domestic consumers. Therefore, due to their limited ability to export, India is able to hold onto its leading spot in the worldwide millet supply industry.

Market Definition:

Millet is known as the small grass seeds that are available in diverse colors like murky, light yellow, white, and red all over the world. Primarily a vast amount of these cereal crops are used for making human food and beverages like beer, packaged food items, cornflakes, etc. Moreover, pearl, sorghum, foxtail, and finger are some of the major types of millet that are widely produced in India, the US, and Africa. Additionally, organizations operating in this industry are seeking different strategies to enhance farming and consumption of millet to lower threats of various illnesses like diabetes, weight gain, heart issues, and more.

Millets Market Drivers:

1. Rising Demand for Gluten Free Food Products –

Gluten-free food products are vastly increasing in popularity which caused higher demand for millet which is an alternative grain source that is naturally gluten-free. Consumers concerned about celiac diseases choose gluten-free meal plans and the versatility of millets in diverse culinary applications contributed to the significant need for millets in the global market.

2. Lifestyle Transitions –

Huge lifestyle and eating habit changes have been seen in the last few years among consumers to prevent diverse health issues like heart problems, diabetes, weight gain, myocardial infarction, and more. This awareness propels growth in the millet market since it is a handy source of minerals, proteins, calcium, iron, etc. Also, millets constitute low calories that help buyers lose weight and treat obesity.

Millets Market Challenges:

1. Shorter Shelf Life –

Millets have a shorter shelf life which is a major challenge for this grain in the international market. Thus, manufacturing companies are required to invest in preservation techniques which elevates the millet costs. Some consumers dealing with low budgets and incomes are unable to buy millets which lower the profitability of producing organizations.

2. Climate Changes –

Global millets procurement intelligence market experience challenges due to climate changes that pose environmental stresses and impact millet yields and prices. Thus, businesses are seeking and adopting climate-friendly farming methods to protect millet crops from adverse weather conditions.

Millets Market Opportunities:

1. Emergence of E-Commerce Platforms –

This generation largely spends their time on smartphones which drives the popularity of e-commerce platforms. These platforms provide ease of purchasing. Hence, millet market players encounter great opportunities because consumers buy millet products online. Further, these millet-producing companies attract buyers by giving huge discounts.

2. Technological Refinements –

Agricultural technologies that help enhance millet production such as drones, sensors, and data analytics. Thus, farming companies are able to detect areas where crops require more water and fertilizers. These refinements help in producing and conserving large quantities of yields. Also, biotechnology helped to manufacture farming proctors that can tolerate droughts and resist pests. Hence, crops can be protected from climate change.

Millets Market Segmentation:

1. Types of Millets –

Pearl sorghum is a versatile type of millet that needs a high-temperature climate and dry places to grow. Also, sandy soil areas are suitable for this crop. Further, another type is proso millet also known as regular millet, which can develop in leeds moist areas. Moreover, some other types of millets include foxtail, finger, etc.

2. Various Applications –

Indian and African regions mainly use oat millet for cooking porridge and steamed dishes. Further, bakery, and packed foods like cookies, breakfast foods, bread, candies, beverages, etc are also made with millet and are easily available in grocery stores, supermarkets, and online platforms.

Major Suppliers in the Millets Market:

This procurement intelligence analysis on the millets market offers insightful information, with a focus on significant industry participants such as Nestle ​, ADM​, Bunge​, and Cargill​. These famous industry participants are constantly adopting modern technologies to build millet products that meet consumer needs.