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The Millets Market is witnessing significant growth, driven by increasing consumer demand for healthy and gluten-free food options.
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Market Overview:
- Market Size and Growth: In 2023, the global millets market was valued at approximately USD 36.94 billion and is projected to grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2030.
Key Market Drivers:
- Health and Nutritional Benefits: Millets are rich in fiber, proteins, and essential minerals, making them a preferred choice among health-conscious consumers seeking nutritious and gluten-free alternatives.
- Climate Resilience: Millets thrive in arid and semi-arid regions, exhibiting high drought tolerance, which makes them a reliable crop in areas prone to water scarcity.
- Government Initiatives: Several governments are promoting millet cultivation to enhance food security and support sustainable agriculture, further propelling market growth.
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Key Players:
- Cargill, Incorporated
- Archer Daniels Midland Company
- Bunge Limited
- Bayer CropScience AG
- Nestlé S.A.
Challenges:
- Limited Awareness: Despite their benefits, millets are less known in certain regions, leading to lower consumption rates compared to other staple grains.
- Processing Difficulties: Millets require specific processing techniques, and the lack of infrastructure can hinder their widespread adoption.
Regional Analysis:
- Asia-Pacific: This region dominates the millets market due to traditional consumption patterns and favorable climatic conditions for millet cultivation.
- North America and Europe: Growing health awareness and the rising popularity of gluten-free diets are contributing to increased millet consumption in these regions.
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