Millet Seeds Market Envisioned to Generate a Revenue of $5,51,469.70 Million and Rise at a CAGR of 6.0% over the Forecast Period from 2021-2028

The global millet seeds market is expected to witness significant growth during the forecast period, owing to the increasing prevalence of gluten-free food among health-conscious consumers worldwide. The Asia-Pacific region is predicted to have the largest share by 2028.

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.

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Market Dynamics

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.

COVID-19 Impact on the Market

The rise of the COVID-19 pandemic devastated several industries; however, it 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 many health benefits is expected to drive market growth during the analysis 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.

By type, 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.

By sales channel, 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.

By region, 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 millet-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.

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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 a leading position in the global industry.

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.

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