Finger Millet Market Size to grow by USD 5206.2 million between 2024-2028
According to a research report “ Finger Millet Market” by Application (Food source, Fodder, Baking) Distribution Channel (Offline, Online) Geography (APAC, Middle East and Africa, Europe, South America, North America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 5206.2 million, at a CAGR of 6.78% during the forecast period. Finger millet is an economically viable and sustainable agricultural option, particularly in regions experiencing water scarcity and extreme temperatures. This crop exhibits remarkable resilience, thriving in arid and semi-arid zones where crops like rice, wheat, sugarcane, and banana struggle. Finger millets can withstand temperatures up to 116.6°F, making them a crucial adaptation strategy for farmers battling climate change. Notably, finger millets only require 25% of the rainfall that other crops demand, making them a water-efficient choice..
Browse market data tables, figures, and in-depth TOC on “Finger Millet Market” by Application (Food source, Fodder, Baking) Distribution Channel (Offline, Online) Geography (APAC, Middle East and Africa, Europe, South America, North America) Global Forecast to 2028. Download Free Sample
By Application, the Food source segment is projected to dominate the market size in 2024
Finger millet, also known as Ragi, is a nutritious cereal crop widely consumed in various parts of India. This ancient grain is renowned for its rich nutritional profile, including high levels of iron and calcium, making it an effective remedy for anemia. Furthermore, it is known to alleviate conditions such as depression, insomnia, and anxiety. Finger millet's hypoglycemic properties, as demonstrated in noodles made from its flour, contribute to its low glycemic index, making it an ideal food for managing blood sugar levels. In the Indian culinary landscape, finger millet is a key ingredient for popular dishes like dosa, murukku, and chapati. The market growth for finger millet is driven by its health benefits, particularly in addressing health concerns such as high blood pressure, liver and heart problems, and asthma.
By Distribution Channel, Offline segment is expected to hold the largest market size for the year 2024
In the finger millet market, organized retailing, specifically hypermarkets and supermarkets, serves as significant offline distribution channels. These channels streamline the purchasing process for consumers, offering a wide array of products based on price and quality parameters. The expansion of hypermarkets and supermarkets globally is a key growth driver for the finger millet segment. For instance, Grandiose Supermarket, a leading retailer in the UAE, aims to open 12 new stores by Q4 2022, bringing their total count to 30 outlets by year-end. This growth in organized retailing provides consumers with increased accessibility and convenience when procuring finger millets.
APAC is forecasted to hold the largest market size by region in 2024
The finger millet market presents a lucrative business opportunity due to its nutritional benefits and growing demand, particularly in the health food industry. This ancient grain is rich in essential minerals, protein, and fiber, making it an ideal ingredient for various food products. Market trends indicate a significant increase in consumer preference for gluten-free and organic food, further boosting the demand for finger millet. Businesses can capitalize on this trend by producing and marketing finger millet-based food items, such as porridge, flour, and snacks, to cater to this expanding consumer base.
The Finger Millet Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Finger millet, also known as Ragi, is a nutrient-rich ancient grain gaining popularity among millennials for its health benefits. With its unique design and packaging, finger millet is making a comeback in modern markets. However, there are hindering challenges to its widespread adoption, especially in semi-arid regions where it thrives. Finger millet is a sustainable crop choice for water-scarce environments, requiring less water than other cereals like rice or wheat. It grows well in diverse climates and is often intercropped with other crops, making it an ideal choice for small-scale farmers. Finger millet is versatile and can be used to make a variety of nutritious foods. It is commonly used to make porridges, bread, and flatbreads in various cultures. Other millets like little millet, proso millet, barnyard millet, pearl millet, sorghum, and finger millet are also gaining popularity as healthier alternatives to junk foods. Despite its benefits, finger millet faces challenges in design and packaging that can make it less appealing to consumers. Innovations in this area could help increase its market reach and make it more accessible to a wider audience. Overall, finger millet is a nutrient-rich food that can contribute to a healthier and more sustainable food system.
Market Research Overview
Title: Finger Millet Market: Expansion, Trends, and Opportunities in the International Scenario Finger millet, also known as Ragi, is a nutrient-rich, sustainable, and water-efficient cereal grain gaining significant attention in the global market. The Finger Millet industry has been experiencing exponential growth due to its numerous health benefits, including boosting the immune system, regulating blood sugar levels, and improving digestion. Financial analysis reveals that the Finger Millet market is expanding, with potential vendors and clients from various sectors, including importers/customers, exporters/suppliers, and business entities. The market scenario is influenced by patterns in price trends, raw material markets, and substitute markets. The Finger Millet industry encompasses a diverse range of capabilities and portfolios, including canned/Ready-to-Eat (RTE) products, beverages, bakery products, infant food, and gluten-free products. The market caters to various demographic groups, such as millennials, geriatric populations, and urban consumers. The degree of competition is moderate, with numerous suppliers, including Carrefour, Barley, Maize, and Rice, offering Finger Millet-based products. However, product differentiation through sustainable, clean label, vegan, organic, and innovative processing techniques can provide winning strategies for industry professionals. The international market scenario is influenced by economic conditions, geopolitical analysis, and industry experts' real-time insights. Finger Millet is a beneficial alternative to staple crops like Corn, Wheat, and Rice, especially in water-scarce environments and semi-arid regions. The Finger Millet industry's future potential lies in its versatility, as it is used in various applications, including beverages, bakery products, geriatric population, urbanization, and emerging economies. The market is expected to witness continued growth, driven by innovations in materials, plant-based alternatives, and sustainability. Input costs, raw material prices, inflation, operational maintenance, and design and packaging are essential factors impacting the Finger Millet industry's profitability. The market's sustainability is further enhanced by its low water requirement, drought-resistance, and minimal use of crop medicines and farming resources. In conclusion, the Finger Millet market offers significant opportunities for businesses seeking to capitalize on the growing demand for nutrient-rich, sustainable, and water-efficient crops. With the increasing awareness of health and fitness, the market for Finger Millet and its derived products is poised for continued growth.
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