The millet based snacks market has witnessed significant growth in recent years. Millet is a species of cereal grains that provides various health benefits. Millet based snacks are finding wider acceptance owing to their nutritional profile. Millet is rich in protein, fiber, vitamins, and minerals and gluten-free in nature. Growing awareness about the advantages of millet over wheat and rice is fueling the demand for millet based snacks. Products such as millet chips, puffs, crackers are convenient snacking options that satisfy hunger with fewer calories.
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.
Rising health consciousness and preference for healthy eating habits are major factors propelling the market growth. The growth of the organized retail sector with exposure to diverse snacks brands is also supporting the sales of millet based snacks.
Key Takeaways
Millet Based Snacks Market Key Companies operating in the millet based snacks market include 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 companies offer a variety of millet chips, puffs, and extruded snacks with different flavors.
The Millet Based Snacks Market Growth provides substantial opportunities for players to launch new products catering to on-the-go consumption and health-conscious consumers. The vegan and gluten-free attributes of millets help companies target a wider consumer base.
Major companies are expanding their geographic presence globally with export capabilities and establishment of manufacturing and distribution networks in international markets. The Asia Pacific region, in particular, provides immense growth opportunities for millet based snacks attributable to rising living standards, urban population and health awareness.
Market Drivers
Growing health and wellness trend: rising cases of lifestyle diseases have encouraged people to make healthier food choices. Millet based snacks are considered ideal for health-conscious consumers as millets are gluten-free, high in fiber and provide various nutritional benefits.
Increasing availability: earlier millets were restricted to certain pockets, but now organized retail is ensuring wider availability of diverse millet products. Supermarkets stocking millet snacks have simplified the purchasing process.
Market Restraints
Premium pricing: millet based snacks have a relatively higher price point than regular chips and snacks owing to the cost of millets and positioning as healthy products. This restraints their mass adoption.
Limited production capacity: although demand is rising, small enterprises have limitations in terms of scaling up production. Developing new flavors, packaging types requires investment in infrastructure and R&D.
Segment Analysis
The millet based snacks market is dominated by the organic sub-segment owing to rising health consciousness and demand for plant based products. Organic millet snacks are preferred over conventional snacks due to absence of pesticides and chemicals. They are a healthier alternative to rice, wheat and corn based snacks.
Global Analysis
North America holds the major share in the millet based snacks market and is expected to witness the fastest growth during the forecast period. Increased focus on specialty foods, growing vegan population and presence of major manufacturers are factors driving the market in the region. Within North America, the US accounts for the largest market share due to the trend of healthy snacking.Asia Pacific is poised to grow at a substantial rate owing to rising health awareness, increasing per capita spends on food products and expanding retail network in countries such as India and China. India in particular dominates the APAC market with a wide variety of indigenous millet based snacks available across both rural and urban regions.
Gets More Insights on: Millet Based Snacks Market
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