Global Millet Seeds Market Expected to Generate a Revenue of $5,51,469.70 Thousand by 2028, Growing at a CAGR of 6.0% from 2021 to 2028 - Exclusive COVID-19 Impact Analysis [143 Pages] Report by Research Dive
The global millet seeds market is expected to grow rapidly by 2028, owing to the increase in fitness enthusiasts worldwide. The pearl millet sub-segment is expected to be most profitable. The Asia-Pacific region is expected to dominate the market.
NEW YORK, Dec. 9, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Millet Seeds Market by Type (Pearl Millet, Finger Millet, Proso Millet, Foxtail Millet, and Others), Sales Channel (Specialty Stores, Online Channels, and Others), and Regional Analysis (Asia-Pacific, LAMEA, and Rest of the World): Global Opportunity Analysis and Industry Forecast, 2021–2028".
According to the report, the Global Millet Seeds Market is expected to generate a revenue of $551,469.70 thousand by 2028, growing exponentially at a CAGR of 6.0% during the forecast period 2021-2028.
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Dynamics of the Millet Seeds Market
Rising prevalence of gluten-free food among health-conscious people coupled with the rich nutritional content in millets is expected to drive the growth of the global millet seeds market during the forecast period. In addition, persistent technological advancements like genetically modified seeds and product innovation are further expected to create immense opportunities for the growth of the market during the forecast period. However, extortionate cost of millet seeds products is expected to hinder the growth of the market during the forecast period.
COVID-19 Impact on the Millet Seeds Market
Stringent travel restrictions imposed by the government adversely affected the transportations and food supply chains of industries across the globe. On the other hand, increasing initiatives taken by various countries to corroborate farmers to produce millet seeds appreciably mitigated its impact on the market.
Check Out How Covid-19 Impacts The Global Millet Seeds Market
Segments of the Millet Seeds Market
The report has divided the millet seeds market into various segments based on type, sales channel, and region.
- By type, the pearl millet type sub-segment is expected to be most profitable, and generate a revenue of $4,17,600.30 million during the forecast period. Pearl millet is extensively used as a baby food, owing to its high nutritional content. This factor is expected to bolster the growth of the sub-segment during the forecast period.
- By sales channel, the specialty stores sub-segment is expected to be most lucrative, and generate a revenue of $15,046.10 million during the forecast period. The ability of specialty stores to sell selective items of particular brands to consumers while maintaining customer satisfaction is expected to accelerate the growth of the millet seeds market sub-segment during the forecast period.
- By region, the Asia-Pacific region is expected to dominate the market, and generate a revenue of $2,73,529.00 million during the forecast period. Surging demand for healthy foods among urban population in this region is expected to bolster the growth of the market. In addition, presence of massive producers of millets in this region is further expected to accelerate the growth of the regional millet seeds market during the forecast period.
Top 10 Key Players in the Global Millet Seeds Market
- Allied Seed, LLC,
- Crystal Crop Protection Pvt. Ltd.
- Eastern Colorado Seeds, LLC
- Mirfak Pty Ltd
- Nuts in Bulk
- RR Agroflorestal LTDA
- BRAHMA STRAtegies Pvt Ltd
- DUGAD Agro Foods
- Treta Agro (P) Ltd
- Sresta Natural Bioproducts Pvt Ltd.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
Porter's Five Forces Analysis for the Global Millet Seeds Market
- Bargaining Power of Suppliers: The suppliers involved in the market are extensive in number. Thus, manufacturers and companies have several options and alternatives to handle expensive supplies. Hence, there will be low threat from the supplier side.
Thus, the bargaining power of the suppliers is low. - Bargaining Power of Buyers: Buyers have high bargaining power, primarily because of high availability of different millet seeds products.
Hence, the bargaining power of buyers is high. - Threat of New Entrants: Startups entering this market are providing innovative millet seeds that are genetically modified. However, companies that are in the millet seeds are much more globalized.
Thus, the threat of the new entrants is moderate. - Threat of Substitutes: There are different cereals available for consumption, but they do not offer the benefits that millet seeds offer.
Therefore, the threat of substitutes is moderate. - Competitive Rivalry in the Market: The ventures operating in the global millet seeds are opting for various businesses deployment strategies to hold their position in the market. Several companies are launching their value-added services in the international market and strengthening the footprint worldwide.
Therefore, competitive rivalry in the market is high.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. - Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in October 2021, Crystal Crop Protection Pvt. Ltd., a leading R&D based crop solution Agrochemical company, entered into a definitive agreement with Bayer India, a market leader in the crop protection business in the country, to acquire cotton, mustard, pearl millet, and grain sorghum hybrids in India, in order to take a step forward step forward to provide high performance seeds to Indian farmers for sustainable growth of Indian agriculture.
More about Millet Seeds
A Future of Millet Seeds and the Gluten-Free Diet
The Report Answers Questions such as related to Millet Seeds Market:
Q1. What is the size of the global millet seeds market?
Q2. Which are the major companies in the millet seeds market?
Q3. Which region, among others, possesses greater investment opportunities in the near future?
Q4. What will be the growth rate of the Asia-Pacific millet seeds market?
Q5. What are the strategies opted by the leading players in this market?
Q6. What is the market price of millet?
Q7. Which brand of millet is best?
Q8. Who is the largest producer of millets?
Q9. What are the 5 different types of millets?
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