Millet-Based Packaged Food Market Set for Rapid Growth, Projected to Reach USD 91.1 Million by 2032 | TMR Study

The India millet-based packaged food market is growing rapidly due to rising health awareness and increasing demand for nutritious, gluten-free options.

WILMINGTON, DE, UNITED STATES, December 19, 2024 /EINPresswire.com/ -- The India millet based packaged food market is gaining substantial momentum, with a market size valued at USD 37.7 million in 2022. It is expected to witness robust growth at a compound annual growth rate (CAGR) of 9.2% from 2022 to 2032, reaching USD 91.1 million by the end of the forecast period. This growth can be attributed to the increasing health awareness among Indian consumers, the government's growing emphasis on promoting millets, and the rise in demand for nutritious and functional foods.

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Market Size and Growth

The millet-based packaged food market in India has experienced significant growth in recent years and is expected to continue on an upward trajectory. The market was valued at USD 37.7 million in 2022 and is forecasted to expand at a CAGR of 9.2% during the period from 2022 to 2032. By 2032, the market is projected to reach a value of USD 91.1 million. This surge in market size can be attributed to the increasing consumer preference for healthier, gluten-free, and organic food options, as well as the growing awareness of millets' nutritional benefits.

Market Segmentation

The millet-based packaged food market can be segmented based on product type, demographics, and region. Here is an overview of the key segments:

Product Type:

• Dosa & Idli Premix: In 2022, the dosa & idli premix segment dominated the market, accounting for 15.6% of the total market share. Dosa and idli are popular staple foods, particularly in South India, and demand for millet-based versions of these premixes is growing due to changes in lifestyle and the rising preference for gluten-free food.

• Other Millet-Based Packaged Foods: These include ready-to-eat meals, snacks, breakfast cereals, and more, each benefiting from the increasing consumer interest in nutritious and convenient food options.

Demographics:

• Adults: The adult segment represented the largest share of the millet-based packaged food market in India in 2022, holding 82.7%. This demographic is expected to grow at a CAGR of 9.1% due to increasing health awareness, the adoption of millets for their health benefits, and the rise of functional foods.

• Children: Although not as large, the children's segment is also growing as parents seek healthier food alternatives for their kids.

Region:

• South India: South India leads the market with a 44% share, primarily due to the region's preference for millet-based foods like dosa and idli, which are often consumed as part of daily meals.

• West India: With a CAGR of 9.6%, West India is another key region for millet-based packaged foods, driven by lifestyle changes, a growing service class population, and improved distribution channels.


• Other Regions: The demand for millet-based foods is also increasing in other regions like North and East India, as awareness grows and consumer preferences shift towards healthier food options.

Regional Analysis

The regional outlook for the millet-based packaged food market is optimistic, with South India being the leading region, accounting for 44% of the total market share in 2022. This is due to the high consumption of millet-based food in states like Tamil Nadu, Kerala, Karnataka, and Andhra Pradesh. The demand is driven by changes in lifestyle, health concerns, sustainability awareness, and the availability of established research and development centers and manufacturing units.

West India, which includes states like Maharashtra, Gujarat, and Rajasthan, is expected to witness a CAGR of 9.6%, supported by a growing service-class population and increasing health consciousness. Other regions such as North and East India are also expected to experience growth as millet-based foods gain popularity among consumers looking for nutritious alternatives.

Market Drivers and Challenges
Drivers:

Health Awareness: With rising health concerns, consumers are increasingly seeking healthier food options, especially those that offer nutritional benefits. Millets, being rich in proteins, fibers, vitamins, and minerals, have gained popularity as a superfood.

Government Initiatives: The Indian government has launched initiatives to promote millet cultivation and consumption, such as the National Millet Mission and the declaration of 2023 as the "International Year of Millets." These initiatives have boosted millet awareness and contributed to market growth.

Pandemic Impact: The COVID-19 pandemic has increased consumer interest in immunity-boosting foods, and millets have gained recognition as a nutritious food source to enhance immunity.

Shift to Processed Foods: The evolving landscape of processed foods in India has shifted consumer preferences toward ready-to-eat, convenient food options, driving the demand for millet-based packaged products.

Challenges:

Premium Pricing: One of the main challenges for the millet-based packaged food market is the premium pricing of these products compared to traditional grains. While millet-based products offer health benefits, they are often priced higher, which may limit their appeal among price-sensitive consumers.

Competition from Other Grains: While millet is gaining traction, it still faces stiff competition from more popular grains like wheat, rice, and oats, which are deeply ingrained in Indian diets.

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Competitive Landscape

The India millet-based packaged food market is highly fragmented, with both small-scale manufacturers and large players competing for market share. Key companies in the market include Bliss Tree India, Coastal Foods, Early Foods, ITC Limited, Marico, Moon Foods, Naturally Yours, Slurrp Farms, Quaker Oats, Tata Consumer Soulfull, and several others.

These companies are focusing on extensive research and development (R&D) activities to innovate and expand their product portfolios. Many of them are collaborating with farmers and local supply chains to ensure a consistent supply of high-quality millet grains. Additionally, partnerships with retail and e-commerce platforms are helping these companies increase their market reach.

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