Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Asia-Pacific Millets Market Outlook, 2028" report has been added to ResearchAndMarkets.com's offering.
The Asia-Pacific region is witnessing a surge in the millets market, with health consciousness and sustainable agricultural practices driving significant growth. The latest market outlook report for 2023-28 takes an in-depth look at the current trends, future potential, and key players shaping the trajectory of the millet industry across the vast continent.
Asia-Pacific Embraces Millets Amidst a Shift Toward Nutritious and Sustainable Crops
Recent years have seen a notable trend towards nutritious and eco-friendly food choices in the Asia-Pacific region, catapulting millets into the limelight as the grain of choice for the health and environmentally-conscious populace. As a rich source of fiber, protein, and essential vitamins and minerals, millets serve as the cornerstone for a plethora of dietary preferences and uses – from local culinary traditions to the global food market.
According to research, the millet segment in these markets is not only robust but continues to grow at a steady pace, with a projected CAGR of 3.89% by 2023-28. Countries like India lead the market share with pearl millet, known locally as bajra, as a household staple. The Indian government's efforts to promote millets as Nutri-Cereals have substantially bolstered the grain's production and consumption in the region.
Organic Millets Forecasted to Soar with Over 6% CAGR
The organic segment of the millets market is expected to show significant growth, resonating with the rising demand for products cultivated without synthetic inputs. The report anticipates a CAGR of more than 6% by 2023-28, indicative of a consumer shift towards organic food sources that align with eco-friendly and sustainable lifestyles.
Ready to Eat Millet Products Lead the Market Share
With over 20% market share, the ready to eat food segment is making strides in the Asia-Pacific millets market. Ready to eat millet products cater to the fast-paced lifestyle of the contemporary consumer, combining convenience with the rich nutritional profile of millets. This trend is further confirmed by the growth in urbanization and evolving food habits that favor millets incorporated into breakfast cereals, snacks, and various meal options.
Traditional Grocery Stores Remain the Primary Distribution Channel
Traditional grocery stores continue to dominate the distribution of millet products, with a market size of more than USD 2 billion in 2022. Their critical role in providing access to various millet-based products to a diverse consumer base plays a significant role in fostering the growth of this segment. Market Drivers:
- Increasing health consciousness and the nutritional value of millets.
- Gluten-free options are catering to dietary restrictions and sensitivities.
- Export potential due to rising global demand for healthy and sustainable foods.
Market Challenges:
- Potential high costs due to lower yields and lack of scale economies.
- Limited shelf life and challenges in storage and transportation impacting product quality.
Market Trends: Recognition of millets as a climate-smart crop. - Adoption of innovative agricultural practices to enhance millet production. Key market players are making strides in the millets market, balancing consumer demand with sustainability and health considerations. The Asia-Pacific Millets Market Outlook, 2028, delves deep into the regional nuances, trends dominating consumer preferences, and the potential for millets within this dynamic marketplace.
For more information about this report visit https://www.researchandmarkets.com/r/trlxg2
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