by Millet based snacks are gaining immense popularity due to their nutritional profile and convenient snacking format. Millet is highly nutrient dense and packed with fiber, protein, vitamins and minerals. Snacks made from millet are free from gluten, lactose and other allergens. They offer an appealing alternative to conventional salty and sugary snacks. With growing health and wellness trends, demand for nutritious convenient options is surging. This growth in health consciousness is expected to drive sales of millet based snacks globally.
The Global Millet Based Snacks Market is estimated to be valued at US$ 3.84 Bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.
Key Takeaways
Millet Based Snacks Market Key Companies operating in the Millet Based Snacks are Kiru Millet, Orgtree, Mood foods, Shri Foods India, Millet Amma, Kaulige Foods, e-Millet, Tru Millet, Ratham Exports, Arvees India, NaNee’s, Nutraahaar, and Shanti Food Chem Private Limited.
The Millet Based Snacks Market Growth is witnessing several opportunities such as growing investments by manufacturers, introductions of new product varieties and expansion into untapped markets. Technological advancements are also enabling development of innovative product formats, flavors and packaging solutions.
Market drivers:
Population growth and changing lifestyles have fueled demand for convenience snacking options. Rising health awareness is driving consumers towards nutritious alternatives to traditional snacks. Increasing promotions and awareness campaigns about the benefits of millet are also aiding market growth. Product launches catering to various regional tastes and preferences are further boosting the market.
Current challenges in the Millet Based Snacks Market
The Millet Based Snacks market currently faces multiple challenges. Millet based snacks products have relatively low awareness among consumers as these are considered a traditional food. Creating demand and educating people about the nutritional benefits of millets is critical. The production and supply chain of millets also needs strengthening. Processing infrastructure availability is limited for small and medium sized producers. Packaging and marketing play an important role in positioning millet based products against mainstream options. Overall the category requires more investments in branding and distribution network expansion to scale up.
SWOT Analysis
Strength: Millet is a gluten free, nutrient dense grain. It is easier to digest than most other grains.
Weakness: Limited awareness about millets globally. Heavy dependence on monsoon for supplies affects consistent availability.
Opportunity: Growing health consciousness driving demand for healthy snacks. Opportunities in export markets as millets gain popularity as superfood.
Threats: Competition from major players in snack food industry. Vulnerability to climate change impacts on millet cultivation.
Geographical regions with high market concentration
North America currently accounts for the largest share of the global millet based snacks market, both in terms of value and volume. This is attributed to rising health awareness and preference for gluten free products amongst consumers in the US and Canada. India is another major traditional market for millets and millet based snacks.
Fastest growing geographical region
The Asia Pacific region excluding India is expected to witness the fastest growth during the forecast period. Countries like China, Japan, Vietnam are seeing significant demand growth due to changing lifestyles, western influences and focus on wellness. Africa is also emerging as an important future market for millets and related products.
