New York, USA, Oct. 03, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global millet seeds market is anticipated to generate a revenue of $551,469.70 thousand and grow at a CAGR of 6.00% throughout the forecast period from 2021 to 2028.
As per our analysts, with the increasing pervasiveness of gluten-free food among diabetic people all across the globe as millets can help in slowing down the sugar release in the blood, the millet seeds market is predicted to experience progressive growth during the forecast period. Besides, the millets have rich nutritional content that can help people maintain a healthy life is further expected to fortify the growth of the market over the estimated period. Moreover, numerous nutraceutical health benefits of millet such as improving the function of the digestive system, lowering the risk of cancers, preserving heart diseases, increasing the levels of energy, and many more, are the factors expected to create huge investment opportunities for the market during the forecast timeframe. However, the high cost of millet seed products may impede the growth of the market throughout the estimated period.
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Segments of the Market
The report has divided the millet seeds market into segments based on type, sales channel, and region.
Type: Pearl Millet Sub-Segment to be Most Productive
The pearl millet type sub-segment is expected to generate a revenue of $417,600.30 thousand during the analysis timeframe. This is mainly because pearl millet is considered the best plant-based protein source across Asian and African countries. Furthermore, pearl millet is also used as a baby food due to its nutritional content which is expected to augment the growth of the market sub-segment over the forecast period.
Sales Channel: Specialty Stores Sub-Segment to be Most Profitable
The specialty stores sub-segment is predicted to garner a revenue of $15,046.10 thousand over the estimated timeframe. This is mainly due to the growing demand for brands within the category of millet. Moreover, specialty stores primarily focus on high customer satisfaction by providing selective items of particular brands for customers, which is expected to uplift the growth of the market during the forecast timeframe.
Region: Asia-Pacific Region to Hold the Maximum Share of the Market
The Asia-Pacific region of the millet seeds market is expected to generate a revenue of $273,529.00 thousand throughout the analysis period. This is majorly because of the presence of the largest producer of millets in this region. In addition, the growing trends of healthy foods among the urban population of this region and increasing government initiatives to produce millets are expected to thrive the regional growth of the market during the estimated period.
Covid-19 Impact on the Millet Seeds Market
With the outbreak of the Covid-19 pandemic, the millet seeds market has experienced moderate growth. The restrictions in inter-state movements together with the disruption of transportation and food supply chains have affected farm operations during the pandemic period. Moreover, the disruption of the agricultural system has decreased the production of millet seeds all across the globe. However, many countries have worked dedicatedly to support farmers in the production of millet seeds during the crisis period, which is expected to create sustainable opportunities for the market over the forecast period.
Key Players of the Market
The major players of the millet seeds market include
- RR Agroflorestal LTDA
- Nuts in Bulk
- BRAHMA STRAtegies Pvt Ltd
- Mirfak Pty Ltd
- DUGAD Agro Foods
- Eastern Colorado Seeds
- LLC
- Treta Agro (P) Ltd
- Crystal Crop Protection Pvt. Ltd.
- Sresta Natural Bioproducts Pvt Ltd.
- Allied Seed
- LLC
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in December 2021, Crystal Crop Protection Ltd, a renowned R&D-based crop solutions company entered into an agreement with Bayer AG, a leading German multinational pharmaceutical and biotechnology company, to acquire mustard, pearl millet, cotton, and grain sorghum hybrids in India. With this acquisition, Crystal Crop Protection aimed to make its position among the leading companies in these selected crops.
Further, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
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More about Millet Seeds Market:
- A Future of Millet Seeds and the Gluten-Free Diet
- Global Millet Seeds Market to Surpass $551,469.7 Million by 2028, Owing to Increasing Adoption of Gluten-free Food Among Diabetic People
