Millet is a rich source of vitamins and proteins. This, helps in prevention of various diseases such as diabetes, obesity, and cardiovascular diseases. In addition, it provides several health benefits. With rising awareness about the nutritive value of millet, the grain is being widely included in meal. As a result, millet market is witnessing significant growth in recent years.
Some other factors accounting for the growth of millet market are-
- Millet is gluten-free cereal crop. It helps in losing weight. Owing to the property, adoption rate of millet as staple food is increasing at significant rate. Nowadays, several millet-based products such as flakes, cookies, flour, etc. are available for convenience of consumption. Moreover, high protein content makes the grain suitable for vegan and vegetarian population. As a result, millet market has witnessed significant growth in Europe, U.S., and Asia Pacific regions.
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- Its drought resistant property makes it a favorable crop for cultivation in drought prone regions. The crop can survive in high temperature and has shorter harvesting period. Hence, farmers are opting to cultivate millet instead of rice and wheat. Rice and wheat are water intensive crops. In Asia and Africa, the crop is cultivated dominantly.
- Distribution channels play vital role in millet market. It provides way for exposure to the consumer market. Earlier, middlemen used to procure crops from farmers and distribute. Traditional grocery stores and super market used to be part of open market from where consumer used to purchase products. Hence, there was limited exposure of millet and millet based products. Increasing number of e-commerce websites and online stores is helping in gaining customer traction. This, in turn, is boosting millet market.
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Moreover, millet market is witnessing inflow of investment for purpose of millet seed development and production. This may boost market growth in coming years. However, prices of millet market are highly volatile. It depends on supply volumes of the grain.