Millet Snacks Market Expected to Reach $3.7 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Millet Snacks Market," The millet snacks market was valued at $2.4 billion in 2021, and is estimated to reach $3.7 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031.

An increase in the use of millet seeds in snacks is fueling the growth of the global millet snacks market. The bland-tasting millet seeds are a healthy food grain with a long list of health advantages. Engaged stakeholders are attempting to include millet seeds in various sorts of snacks that will make it simpler for customers to eat millet in an effort to increase the popularity of millet consumption. Moreover, the increase in demand for healthy food is further boosting the growth of the millet snacks market size. Some of the most nutrient-dense cereal grains and seeds in the market are millet. They are low in carbs and high in all macronutrients. They also include a lot of fiber, which supports intestinal health and boosts metabolism. In addition, 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. People are increasingly consuming millet snacks as it is an excellent source of vitamin A & B, phosphorus, potassium, antioxidants, niacin, calcium, and iron.

However, the decline in the production of millet seeds and the limited farming area under the millet seeds are likely to hamper the production of millet snacks which restraints the growth of the global market. Furthermore, inadequate primary processing at the village level and a huge distance between production units to processing units have inflated the cost of processed millet products. In addition, millets have a relatively short shelf life. This causes extra speediness in the preservation and processing, which increases is cost. This pricing hike is making it more difficult for this sector to appeal to general customers.

Nevertheless, the surge in the adoption of millets as a power food source is another significant factor creating opportunities in the millet snacks market. Power food provides quick energy and nutrients to the body either via a meal or in the form of a nutrition supplement. Millets contain high protein content that helps provide energy to the body. Breakfast cereals made from millet seeds can help provide enough energy for the whole day. This utilization of millet seeds as power food is anticipated to offer potential opportunities for the expansion of the millet snacks market.

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. The 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 market is classified into extruded products and bakery snacks. The extruded products segment accounted for a major share in the millet snacks market in 2021 and is expected to grow at a significant CAGR during the forecast period. Extruded snacks are gaining popularity among consumers across the globe due to their enticing flavor profile and crispy and crunchy texture. Extrusion processing has been widely used in the creation of RTE cereal-based snacks due to its simplicity of preparation and capacity to produce a variety of textures and shapes that appeal to customers. Snacks with tasty organoleptic qualities are in demand. Thus, the above-mentioned factors are likely to supplement the millet snacks market growth through extruded products segment during the forecast period.

By age group, the millennials segment accounted for a major share of the millet snacks market in 2021 and is expected to grow at a significant CAGR during the forecast period. The surge in the inclination of the millennial population for healthy food products and the rise in demand for convenience especially fast-food products are likely to propel the demand for millet snacks during the forecast period. Furthermore, an increase in awareness regarding plant-based food products among the millennial population is likely to boost the millet snacks market demand.

As per the distribution channel, the online segment is projected to grow at the highest CAGR growth rate during the forecast period, attributed to the availability of food products in online stores and other benefits such as doorstep delivery, convenient shopping facilities, and hassle-free payment gateway. Furthermore, most of the companies are opening their online stores and providing their products at discounted rates and other promotional coupons to sell their products which further boost the growth of the millet snacks market through the online segment during the forecast period.

According to the millet snacks market opportunities, region wise, Asia-Pacific held the major millet snacks market share in 2021 and is projected to grow at a significant CAGR of 4.0% from 2022 to 2031. India contributes to nearly 20% of the global export value of millet and thus is a key player in terms of its ability to provide for global demand. China has shown a gradual increase in the yields of millet. Millets, which are minor grain crops, have drawn special interest in China because both foxtail millet and broomcorn millet were domesticated there and later became the country's main traditional grain crops.

The major players analyzed in the global millet snacks industry are Milletsnacks.com, Healthy Master, orgtree, Moon Food, Urban Millets Pvt Ltd, Nativefoodtore, HiYou, Cicer Food Products and Slurrp Farm.

Key finding of the study

• By type, the extruded products segment was the highest revenue contributor to the market with $1,999.9 million in 202 1, and is estimated to reach $3,130.1 million by 2031, with a CAGR of 4.8%.
• By age group, the millennials segment was the highest revenue contributor to the market, with $1,083.8 million in 2021, and is estimated to reach $1,584.5 million by 2031, with a CAGR of 4.0%.
• By distribution channel, the offline segment was the highest revenue contributor to the market, with $17,63.8 million in 2021, and is estimated to reach $2728.5 million by 2031, with a CAGR of 4.6%.
• Region-wise, Asia-Pacific was the highest revenue contributor, accounting for $1,043.3 million in 2021, and is estimated to reach $1,532.0 million by 2031, with a CAGR of 4.0%.