by The millet based snacks market in recent times has witnessed rising popularity owing to increased health consciousness among consumers and focus on sustainable plant-based diets. Millet is a highly nutritious ancient grain that is a rich source of fiber, proteins, vitamins and minerals. Snack products made from millets such as puffs, chips, cookies offer several advantages like gluten-free and easier to digest nature along with high nutrition value. Growing inclination towards healthy snacking options with lesser calories has augmented the demand for millet snacks.
The Global Millet Based Snacks Market is estimated to be valued at US$ 3.84 Billion in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.
Key Takeaways
Millet Based Snacks Market Key Companies operating in the millet based snacks market are Kiru Millet, Orgtree, Mood foods, Shri Foods India, Millet Amma, Kaulige Foods, e-Millet, Tru Millet, Ratham Exports, Arvees India, NaNee’s, Nutraahaar, and Shanti Food Chem Private Limited. These players are focusing on new product launches, increasing distribution channels and expansion in international markets to strengthen their market position.
The growing demand for healthy and nutritious Millet Based Snacks Market Growth options is a major driver boosting the millet based snacks market. Changing lifestyle and consumption patterns have increased the demand for snacks that offer health and wellness benefits. Millet snacks being gluten-free, high in fiber and nutrients are perfectly aligned with this growing consumer preference for healthy snacks.
The global millet based snacks market is expanding rapidly both in developed and developing regions. Key companies are focusing on tapping opportunities in Asian, European and North American markets through partnerships with local retailers and distributors. Increasing health awareness and focus on sustainability in diets globally is supporting the international expansion of millet snacks market.
Market Key Trends
Rising popularity of ancient grains and the associated health benefits is a key trend observed in the millet based snacks market. Consumers are gravitating towards traditional and heritage grains like millets that offer more nutrients compared to refined grains. Moreover, focus on digestive and gut health has exponentially increased the demand for easy to digest millet snacks. Product innovation through addition of superfoods and organic ingredients is another notable trend among key players in the millet based snacks space.
Porter’s Analysis
Threat of new entrants: The millet based snacks market has moderate threat of new entrants due to high capital requirements and established distribution channels of existing players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes however millet based snacks offers differentiators like high nutrition and health benefits.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes for millet grains and other raw materials.
Threat of new substitutes: Threat of substitutes is moderate as market offers health and wellness benefits of millets however snacks based on other grains are available.
Competitive rivalry: The competitive rivalry is high due to presence of established players in both domestic and global markets.
Geographical regions of concentration
North America region accounts for highest share currently in the millet based snacks market value terms owing to high health awareness and demand for gluten free snacks.
Fastest growing region
Asia Pacific region is projected to be the fastest growing regional market during the forecast period owing to increasing awareness about benefits of millet, rising incomes and western influence on food habits in major countries like India, China and others.
