The millets market was valued at US$ 9,407.8 million in 2018 and is expected to grow at a CAGR of 4.6% from 2019 to 2027 to reach US$ 14,026.3 million by 2027.
Millets are small-seeded grasses widely grown across the world as cereal crops or grains for fodder and human food. Various types of millet crops, such as sorghum, finger millet, pearl millet, barnyard millet, proso millet, and little millet, are grown across the globe. These crops are grown in semiarid tropical regions as they are highly drought tolerant in nature. For centuries, millets have served as a major staple food in Asia and Africa. Millets are no gluten food and are rich in nutrients such as copper, magnesium, phosphorus, and manganese.
The rich nutritional content in the millets helps in maintaining a healthy life. Millets are an ideal food for people suffering from chronic diseases such as diabetes and heart diseases. Millets are rich in fiber, which helps in digestion and can relieve bowel issues. Regular consumption of millets helps in preventing gastrointestinal problems and other diseases related to kidney and liver.
The global millets market is concentrated with a few well-established players' millets such as Dharani FaM Coop Ltd., Dharmapuri District Minor Millet Farmers Producers Company Ltd, Earthon Products Pvt Ltd, Janadhanya, Just Organik, Pristine Organics Pvt Ltd., SahajaSamrudha Organic Producer Company Ltd (SSOPCL), Shimla Hills Offerings Pvt. Ltd., Sresta Natural Bioproducts Pvt. Ltd. and Viruthai Millets Farmer Producer Company Limited.
COVID-19 outbreak first began in Wuhan (China) during December 2019, and since then it has spread across the globe at a fast pace. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the worst affected countries in terms confirmed cases and reported deaths as of March 2020. The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global food & beverages industry is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak.
Moreover, millet consumption is associated with the curing of various types of diseases. For instance, the high fiber levels present in millet reduces low-density lipoprotein or bad cholesterol and increases the high-density lipoprotein or good cholesterol. Besides, millet's high fiber content reduces blood pressure and thus minimizing the risk of heart attacks. Likewise, the magnesium content in millets helps in improving insulin sensitivity and in preventing type 2 diabetes. Being rich in iron and folic acid, millets prevent anemia and maintain the right level of hemoglobin in the body. Also, it avoids other diseases such as obesity and cardiovascular problems-heart attack, coronary artery disease, and arrhythmias. Therefore, rising awareness among consumers about the health benefits associated with regular consumption of millets is expected to drive its market growth.
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