NEW
YORK, June 27, 2024 /PRNewswire/ -- The global
finger millet market size is estimated to grow by USD 5.20 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
6.78% during the forecast period. Low maintenance of
finger millet cultivation is driving market growth, with a trend
towards property of diabetes control. However, shortage of millet
processing units poses a challenge. Key market players
include Akshaa Foods, Ancient Golden Mill, Deepan Mills, Dharani Farming and Marketing
Cooperative, E5 Commodities, Farmer Exim, GEEWIN EXIM, Giva Agro, Ipahad, Kaadu Organic Farm, Kenya
Seed Co. Ltd., Miheraa Organic Foods, Nature Bio Foods Ltd.,
Pioneer Agro Industry, Pure Products, Royal Mineral, Simosis
International, and SK Royal Industries.
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
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Finger Millet Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
6.78%
|
Market growth
2024-2028
|
USD 5206.2
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
6.23
|
Regional
analysis
|
APAC, Middle East and
Africa, Europe, South America, and North America
|
Performing market
contribution
|
APAC at 49%
|
Key
countries
|
India, Russia, and
China
|
Key companies
profiled
|
Akshaa Foods, Ancient
Golden Mill, Deepan Mills, Dharani Farming and Marketing
Cooperative, E5 Commodities, Farmer Exim, GEEWIN EXIM, Giva Agro,
Ipahad, Kaadu Organic Farm, Kenya Seed Co. Ltd., Miheraa Organic
Foods, Nature Bio Foods Ltd., Pioneer Agro Industry, Pure Products,
Royal Mineral, Simosis International, and SK Royal
Industries
|
Market Driver
Finger millet, a nutritious grain with a low glycemic index, is
gaining popularity due to its health benefits for diabetes
management. With over 130 million adults in the US estimated to
have diabetes or prediabetes, there's a growing demand for food
substitutes that help maintain moderate blood sugar levels. Finger
millet's rich fiber content and polyphenols increase insulin
sensitivity and lower excess glucose levels by 32%. Its
compatibility with baking and desserts makes it a positive trend in
the global finger millet market for diabetic consumers. Regular
consumption of three or more servings daily can help prevent
insulin resistance. Phytochemicals in finger millet promote
cholesterol flow, adding to its health benefits.
The Finger Millet market has seen significant growth in recent
years. Exports of Finger Millet have increased due to its high
demand in various sectors. The climate and soil in certain regions
are suitable for its cultivation, making it a popular choice for
farmers. Carrefour and other retailers have shown interest in
importing Fiber-rich Finger Millets from seed producers. The market
for Finger Millet is expanding, with new uses discovered in the
food industry, such as in the production of Farmer's Rice and
Mineral-rich Porridges. The demand for Sustainable and organic
farming practices is also driving the market forward. The industry
is expected to continue growing, with potential for further
expansion in the Stew and Soup sectors.
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Market Challenges
- Finger millet production in India faces challenges due to the lack of
processing units near fields, leading to increased transportation
costs and higher prices for farmers and consumers. Establishing
large processing units in finger millet-growing regions can help
reduce costs and optimize technology for separating edible grains
from impurities. This is crucial for expanding the finger millet
market, particularly in countries like Africa where limited processing technologies
hinder wider consumption.
- The finger millet market faces several challenges. Production
and capacity are key concerns, with demands for increased output to
meet growing market needs. Derivatives, such as flour and beer,
offer potential growth opportunities. However, the industry faces
difficulties in terms of degree of processing and access to modern
technology. Additionally, marketing and distribution channels
require improvement to reach a larger consumer base. The market
also faces competition from other grains and alternative food
sources. Degree of regulation and government support are also
factors that impact the industry's growth. Overall, the finger
millet market requires sustainable solutions to address these
challenges and drive growth.
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challenges - Request a sample report!
Segment Overview
This finger millet market report extensively covers market
segmentation by
- Application
- 1.1 Food source
- 1.2 Fodder
- 1.3 Baking
- Distribution Channel
- Geography
- 3.1 APAC
- 3.2 Middle East and
Africa
- 3.3 Europe
- 3.4 South America
- 3.5 North America
1.1 Food source- Finger millet is a nutritious
crop widely used in India and
other countries for its health benefits. Rich in iron, calcium, and
amino acids, it helps manage health conditions like anemia,
depression, insomnia, and anxiety. Its hypoglycemic content and low
glycemic index make it ideal for people with blood sugar issues.
Finger millet's calcium content is essential for bone health,
making it beneficial for infants and children. The market for
finger millet is expected to grow due to its role in mitigating
health issues such as high blood pressure, liver and heart
problems, and asthma. It is also used to combat malnutrition in
developing and developed countries.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
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Research Analysis
In the context of the dynamic agricultural landscape, millets,
including Finger Millet, emerge as a sustainable crop choice for
semi-arid regions and water-scarce environments. Finger Millet,
also known as Ragi, is a nutrient-rich food source, particularly
high in protein and essential minerals. Its versatility extends to
various applications, such as porridges and bread, making it a
popular staple in diverse climates. However, the market faces
hindering challenges, such as the increasing popularity of junk
foods among millennials. Design and packaging play a crucial role
in attracting consumers to nutrient-rich foods like Finger Millet.
By promoting its health benefits and incorporating innovative
design and packaging solutions, the Finger Millet market can
continue to thrive and contribute to a healthier and more
sustainable food system.
Market Research Overview
The Finger Millet market encompasses the production, trade, and
consumption of this nutritious cereal. This ancient grain, rich in
essential minerals and protein, is a staple food in various
regions, particularly in Africa
and Asia. Its cultivation is
characterized by its resilience to harsh climatic conditions and
low water requirements. The market trends reflect an increasing
demand for Finger Millet due to its health benefits and versatility
in various food applications. The market is driven by factors such
as population growth, urbanization, and changing consumer
preferences towards healthier food options. Additionally,
advancements in processing technologies have led to the development
of value-added products, further expanding the market potential.
Overall, the Finger Millet market is poised for growth, with
numerous opportunities for stakeholders in the value chain.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Food Source
- Fodder
- Baking
- Distribution Channel
-
- Geography
-
- APAC
- Middle East And Africa
- Europe
- South America
- North America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio