New York, USA, Dec. 07, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global millet seeds market is estimated to garner a revenue of $5,51,469.70 million and grow at a healthy CAGR of 6.0% during the estimated period from 2021-2028.
As per analysts, with the growing adoption of gluten-free food mostly among diabetic people all around the world, because millets help in slowing down the sugar release in the blood, the millet seeds market is expected to see exponential growth over the analysis period. Besides, millets are also beneficial for fighting other chronic diseases such as obesity, heart diseases, and many more, which is expected to fortify the growth of the millet seeds market during the forecast period. Furthermore, the neutraceutical health benefits of consuming millets such as lowering down the risk of cancer, improving the function of the digestive system, enhancing energy level are the factors predicted to propel the growth over the analysis period. However, the high cost of millet seeds products may restrain the growth of the market throughout the forecast period.
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Segments of the Market
The report has been divided the millet seeds market into segments based on type, sales channel, and region.
Type: Pearl Millet Type Sub-Segment to be Most Lucrative
The pearl millet type sub-segment is expected to generate a revenue of $4,17,600.3 million during the analysis period. This is mainly because in Asian and African countries pearl millet is meant as the best plant-based protein source. Further, the usefulness of pearl millet as baby food due to its nutritional value and treating iron deficiency due to anemia is further expected to foster the growth of the market sub-segment during the forecast period.
Sales Channel: Specialty Stores Sub-Segment to be Most Productive
The specialty stores sub-segment is predicted to garner a revenue of $15,046.10 million over the estimated period. This is mainly because of the increasing demand for many brands in the category of millets. Moreover, the rising efforts of specialty stores in offering better millets products for greater customer satisfaction is the factor expected to amplify the growth of the sub-segment of the millet seeds market.
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Region: Asia-Pacific Region Anticipated to Have Sustainable Growth Opportunities
The Asia-Pacific region is projected to generate $2,73,529.0 million in revenue throughout the forecast period. This is mainly because of the presence of leading millets-producing countries in this region. In addition, the increasing government initiatives to produce millets and the rising trend of adopting healthy food among the urban population, are the factors expected to boost the regional growth of the market over the millet seeds market during the forecast period.
Covid-19 Impact on the Market
The rise of the Covid-19 pandemic has devastated several industries; however, it has caused a moderate growth of the millet seeds market during the period of crisis. This was mainly due to the strict restrictions imposed by the governments in the inter-state movements and the disruption in the food supply chain. This has affected the millet farm operations during the pandemic period. The rising adoption of millet seeds among millennials due to numerous health benefits is expected to drive the growth of the market during the analysis period.
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Key Players of the Market
The major players of the millet seeds market include
- Eastern Colorado Seeds, LLC
- Allied Seed, LLC
- Crystal Crop Protection Pvt. Ltd.
- Mirfak Pty Ltd
- DUGAD Agro Foods
- RR Agroflorestal LTDA
- BRAHMA STRAtegies Pvt Ltd
- Sresta Natural Bioproducts Pvt Ltd.
- Nuts in Bulk
- Treta Agro (P) Ltd, and many more.
These players are working on the development of new business strategies to gain the leading position in the global industry.
For instance, in May 2021, APEDA, a leading body that promotes the export trade of agriculture in India, has announced its collaboration with UKAPMB, the management board of the agricultural products in Uttarakhand, and Just Organik, a brand satisfying supplies of organic products. With this collaboration, the companies aimed to promote the export of millets from Uttarakhand and to produce quality millets to meet the certification standards of the European Union.
Further, the report also summarizes other vital factors such as product portfolio, the financial performance of the key players, SWOT analysis, and the latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
Related Article Links:
- Global Millet Seeds Market to Surpass $551,469.7 Million by 2028, Owing to Increasing Adoption of Gluten-free Food Among Diabetic People
- A Future of Millet Seeds and the Gluten-Free Diet
