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.
Technavio has announced its latest market research report titled Global finger millet market 2024-2028
Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report
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Finger Millet Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
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Market growth 2024-2028 |
USD 5206.2 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
6.23 |
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Regional analysis |
APAC, Middle East and Africa, Europe, South America, and North America |
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Performing market contribution |
APAC at 49% |
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Key countries |
India, Russia, and China |
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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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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
2.1 Offline
2.2 Online
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.
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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
Offline
Online
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
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio