by The millet based snacks market has witnessed significant growth over the past few years owing to the growing awareness about the health benefits associated with millet consumption. Millet is gluten-free, high in fiber, protein, and antioxidants content. The demand for healthy food items is growing exponentially with consumers becoming more health conscious. Millet based snacks offer high nutrition at an affordable cost and help tackle issues like obesity, diabetes, high blood pressure, and heart diseases.
The global millet based snacks market is estimated to be valued at US$ 3.84 Bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period from 2024 to 2031.
Key Takeaways
Millet Based Snacks Market Key Companies operating in the millet based snacks market are Kiru Millet, Orgtree, Mood foods, Shri Foods India, Millet Amma, Kaulige Foods, e-Millet, Tru Millet, Ratham Exports, Arvees India, NaNee’s, Nutraahaar, and Shanti Food Chem Private Limited. These players are focusing on expanding their product portfolio and global footprint through strategic partnerships and acquisitions.
The Millet Based Snacks Market Growth provides ample growth opportunities owing to changing dietary preferences and increasing demand for gluten-free snacks. Innovation in terms of new product offerings such as millet-based energy bars, cookies, chips etc. are gaining popularity. The market players are innovating in flavors as well as packaging to attract millennial consumers.
With growing health and wellness trend, the global demand for millet based snacks is increasing. The market players are exploring opportunities in regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The availability of millet-based snacks through e-commerce platforms and modern retail are helping improve access to consumers in international markets.
Market drivers
The key driver for the growth of millet based snacks market is rising awareness about health benefits of millets. Millet is a rich source of protein, fiber, vitamins and minerals. Snacking on millet based snacks provide energy, aids weight management and offers several other health advantages. The easy availability through retail chains and online platforms along with product innovation in flavors and packaging are also contributing to the market growth. Moreover, increasing consumption among millennials and fitness enthusiasts is projected to propel the demand for millet based snacks over the forecast period.
PEST Analysis
Political: Millet-based snacks face very few regulations and policies. Millet is considered a healthy and nutritious crop by government bodies.
Economic: Rising health-consciousness and disposable incomes are boosting demand for millet-based snacks. However, fluctuations in millet prices can impact profitability.
Social: Growing preference for gluten-free and organic snacks make millets appealing. Popular snacks like pancakes, cookies are driving millet’s social acceptance. Social media promotion increases awareness.
Technological: Advancements in processing and packaging are making millet snacks more convenient and attractive. Manufacturers employ technologies to enhance nutritional value, taste and shelf-life of products.
The market is currently concentrated in the Asia Pacific region, especially India where millets are traditionally grown and consumed. The Indian states of Karnataka, Maharashtra and Tamil Nadu account for a major share of domestic sales. In the coming years, North America and Western Europe are expected to emerge as high potential markets due to increasing health trends.
Demand is rising most rapidly in Africa. Countries like Ethiopia, Uganda and Nigeria are top producers and consumers of millets in Africa. Rapid population growth, rising incomes and awareness about millets’ nutritional qualities are propelling sales across the continent. Easy availability through supermarket chains also stimulates the Africa millet snacks market.
