The landscape of India's food industry is witnessing a significant transformation, with millet-based packaged foods emerging as a prominent player. Valued at US$ 37.7 Mn in 2022, the market is poised for exponential growth, projected to reach US$ 91.1 Mn by 2032, boasting a robust CAGR of 9.2%. This surge is attributed to various factors, including increasing health consciousness, rising awareness of millet's nutritional properties, and the evolving preferences of consumers towards healthier and nutritious options.
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Market Dynamics: Companies within the millet-based packaged food sector are strategically collaborating with farmers and diverse distribution channels to expand their market presence while ensuring access to high-quality raw materials. However, stiff competition prevails due to premium pricing of millet products. Despite this, the market is buoyed by government initiatives and promotional endeavors, which have stimulated demand and fostered growth.
Health Benefits Driving Demand: Millet-based packaged foods are garnering attention for their rich protein composition, antioxidant, and antimicrobial properties. Particularly noteworthy is their potential in mitigating chronic diseases like type 2 diabetes, cancer, and cardiovascular ailments. As consumers increasingly prioritize health-conscious choices, the demand for millet-based functional foods is witnessing an upsurge, supported by their nutritional richness and unique taste profiles.
Market Trends and Opportunities: The evolving landscape of processed foods in India, characterized by a growing preference for convenience and nutritional value, is propelling the demand for millet-based packaged foods. Notably, the dosa & idli premix segment dominates the market, fueled by lifestyle changes, gluten-free preferences, and the allure of instant, convenient foods, especially in South India. Such trends indicate a lucrative market opportunity for players across the value chain.
COVID-19 Impacts and Consumer Behavior: The COVID-19 pandemic has catalyzed the uptake of millet-based packaged foods, as consumers increasingly prioritize immunity-boosting and nutritious options. This heightened awareness of millet's health benefits has translated into a surge in demand, benefiting both farmers and manufacturers. Consequently, there has been an expansion in millet cultivation, further bolstering the market.
Regional Insights: South India emerges as a key hub for millet-based packaged foods, owing to lifestyle changes, health consciousness, and robust R&D infrastructure. Meanwhile, West India showcases promising growth potential driven by urbanization, changing lifestyles, and a burgeoning service class population.
Key Players and Innovations: The market is characterized by a fragmented landscape, with numerous small-scale manufacturers alongside established players like ITC Limited, Marico, and Slurrp Farms. Noteworthy innovations include Slurrp Farms' expansion initiatives and product diversification and ITC Limited's introduction of gluten-free and multi-millet flours under the Aashirvaad brand, exemplifying the industry's dynamism and commitment to meeting evolving consumer demands.
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