The millet based snacks market has seen tremendous growth over the past decade as the availability and popularity of healthy snacks made from highly nutritious millets increases. Millets are a group of highly nutritious cereal grains or grasses which are rich in protein, dietary fiber, minerals and antioxidants.
Millet Based Snacks Market Growth are gaining prominence due to their gluten-free, non-allergic and mineral-rich properties. Key players in the market offer a variety of millet snacks including baked or roasted items, puffed snacks, cereal crisps and energy bars made from different millets like finger millet, pearl millet, foxtail millet and proso millet. The advantages of millet based snacks include higher nutritional value than most other snacks, natural ingredients without preservatives and more health benefits than corn or potato chips. The rising awareness among consumers regarding health benefits of millet is driving the demand for these nutrient-dense snacks.
The millet based snacks market is estimated to be valued at USD 2.64 Bn in 2024 and is expected to reach USD 3.84 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.
Key Takeaways
Key players operating in the millet based snacks market are Hangzhou Eco Home Textile Co., Ltd. , Ramesh Exports, Organic More, SKY Hometex, Muslin Comfort, Jante Textile, West Elm, Pottery Barn Kids, Silk Snow, Prime Texfab, Sri Kalyan Export Pvt Ltd, Tetra Clothing, Annasimona Kids, and Mom's Home.
The growing health and wellness trend has increased the demand for healthy snacks globally which is driving the growth of the millet based snacks market. Consumers are increasingly preferring snacks made from natural ingredients over those high in fat, salt and sugar.
Several millet snack makers are also expanding globally to meet the growing demand from international markets. Many prominent brands from India are launching their millet snack portfolios in countries across Europe and North America with rising interest in vegan and gluten-free products.
Market Key Trends
One of the key trends gaining traction in the millet based snacks market is the launch of innovative product varieties. Companies are innovating varieties like multigrain snacks mixed with different types of millets, as well as expanding their herbal flavor offerings to attract more health-conscious consumers. The abundant availability of specialty millet varieties is also allowing companies to experiment with novel ingredients and formulations.
Porter's Analysis
Threat of new entrants: The Millet Based Snacks Market Regional Analysis requires high capital investments for infrastructure development, production facilities and marketing& branding which makes it difficult for new players to enter.
Bargaining power of buyers: Buyers have medium bargaining power in this market as there are various established brands offering different product varieties. Switching costs are low.
Bargaining power of suppliers: Suppliers have medium to high bargaining power due to limited availability of millet produce. Established manufacturers depend on consistent supply of quality millets.
Threat of new substitutes: Threat from substitutes is medium to high as numerous snacks made from other grains like rice, corn, oats are available in the market.
Competitive rivalry: The market has fierce competition among key players to increase their market share through product innovation, promotional activities and competitive pricing.
Geographical Regions
North America currently holds around 35% of the global market share in value terms owing to rising health consciousness among consumers and increasing adoption of organic and gluten free snacks. The Asia Pacific region excl. Japan is growing at the fastest rate of over 9% annually led by countries like India where millets have been a traditional food crop and consumers are shifting towards nutritious snacks.
India alone contributes to over 20% of the total millet based snacks consumed globally each year. Major Indian manufacturers are expanding their presence across Southeast Asian countries by launching new product varieties tailored for regional tastes at affordable price points to tap into the fast growing markets in countries like Thailand, Indonesia and Philippines.
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