MILLET BASED SNACKS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Size and Trends

The millet based snacks market is estimated to be valued at USD 2.64 Bn in 2024 and is expected to reach USD 3.84 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.

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The market has been witnessing positive growth trends over the past few years. Factors, such as rising health consciousness, increasing preference for gluten-free products, and growing adoption of veganism, are driving the demand for millet-based snacks. Moreover, the nutrition profile of millets which includes high protein, fiber, and mineral content is encouraging manufacturers to innovate and launch new product varieties. Several start-ups are also entering the space and offering organic, healthy millet snack options. With continued new product introductions and marketing campaigns emphasizing the health benefits of millets, the millet-based snacks market is expected to grow significantly over the forecast period.

Rising health consciousness

The rising health consciousness among consumers worldwide have increased the demand for healthy and nutritional food items. People have started recognizing the benefits of millet based products and are incorporating them in their daily diet. Millet is gluten-free, rich in protein and fiber and helps in maintaining cholesterol levels and blood sugar. These attributes make millet an ideal ingredient for creating snacks. Millet based snacks offer an alternative to consumers who want to avoid gluten, fatty and calorie laden snacks. The nutrient dense profile of millets helps tackle malnutrition issues and fulfills the dietary requirements of all age groups especially children and elderly. Many consumers opt for millet snacks as they provide sustained energy, keep one full for longer duration and aid in weight management. The proven health benefits have driven millet's popularity beyond health and wellness enthusiasts. Even mass market retailers have started stocking millet snacks seeing the consumer demand. This growing focus towards health and nutrition is a major factor augmenting the demand for millet based healthy snacks.

Market Concentration and Competitive Landscape

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Increasing Working Population

With evolving lifestyles and dual income families witnessing an upward trend, ready-to-eat snacks have become an integral part of daily routines. Today's fast paced life leaves little time for elaborate home cooked meals. Working professionals rely heavily on convenient snacks which can be easily consumed between jobs or on the go. Additionally, nuclear families and single occupancy households also drive the need for easy to prepare yet filling food options. Millet based snacks perfectly fit this requirement as they are portable, have long shelf life and provides instant energy. The expanding working population has less time for cooking yet needs nourishment throughout the day to stay productive. Millet snacks address this need efficiently as they are easy to carry, replacing other fried and junk snacks. Busy work schedules mean people nowadays prefer snacking more often instead of traditional three heavy meals. Ready-to-eat millet snacks tap into this lifestyle change and growing preference for nutritious snacking. Thus, the burgeoning working population acts as another key driver catalyzing the demand for healthy and convenient millet based snacks.

Key Takeaways of Analyst:

The millet-based snacks market has big opportunities for growth in the coming years. Millet is emerging as a popular alternative to rice and wheat as it is highly nutritious and gluten-free. Increased health consciousness among consumers is a major driver for millet-based snacks. As people seek nutritious yet convenient snacking options, millet snacks that are high in proteins, fibers, and minerals are gaining traction. The millennial population especially is inclined towards healthy snack options.

The Indian subcontinent dominates the global millet production and holds potential as the fastest growing regional market. Within India, western and southern states where millet is traditionally consumed are early adopters of millet snacks. However, other major regions are also opening up as exposure increases. The urban population is driving trial while rural areas offer opportunity considering India's vast hinterland.

Availability is gradually improving across modern trade outlets but traditional grocers and specialty health stores have led initial adoption. E-commerce can help provide better access and awareness nationwide. While rising awareness acts as a major propellant, high upfront investment in processing and packaging represents a challenge, especially for smaller processors. Established brands have an advantage but new entrants are finding success with innovation and customization.

Market Challenges: High production costs

High production costs pose a significant challenge for the growth of the global millet-based snacks market. Millet cultivation and processing involves higher costs compared to other cereals like corn, wheat or rice. Millet has a lower yield per acre compared to these commodities, which increases production expenses for farmers. Moreover, millet requires intensive labour during harvesting and threshing as the grains are tiny and dispersed. The labour costs coupled with low yields push up the overall cost of millet production.  Once harvested, millet needs proper drying, cleaning and milling to remove the hard outer covering before it can be used for making snacks. These post-harvest processes involve expensive machinery and equipment as millet is a delicate crop. Establishing robust supply chains for sourcing millet also leads to higher logistical expenditures. The small-scale fragmented nature of millet farming in many regions of Asia and Africa further drives up procurement costs for manufacturers. This is a challenge especially for large industrial snack food producers.

Market Opportunities: Penetration in developing markets

Penetration in developing markets presents a major opportunity for growth in the global millet based snacks market. Millet is a highly nutritious ancient grain that has been a dietary staple for centuries in many developing regions. However, modern lifestyles and exposure to imported processed snacks are changing diets and eating habits rapidly in these emerging economies. There is now a rising appetite for convenient, tasty and healthy snack products made from familiar local ingredients like millet. Millet based snacks offer a nutritionally superior alternative to the junk food options flooding markets. They allow working populations to consume on-the-go meals without compromising on sustainability or wellness. This presents manufacturers an opportunity to cater to this demand by introducing portable millet snack bars, crisps and biscuits. Backed by awareness campaigns highlighting millet's benefits, these innovative snacks can gain widespread popularity.

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Insights, by Type: In terms of type, namkeen contributes the highest share of the market owing to traditional preferences

Namkeen is expected to contribute 52.4% share in the millet based snacks market in 2024, due to traditional preferences of Indian consumers for this variant. Namkeen are savory snacks that are usually spicy and salty in taste. They are made using a variety of ingredients including millets, peanuts, chana, sesame, etc. Namkeen has been an integral part of Indian snacks culture since centuries. The traditional Indian love for chaat items and fast-food that provide a perfect snackable salty crunch has ensured steady popularity of namkeen. Several regional specialties have evolved like bhel-puri, sev, chana-chat, etc. that utilize namkeen as a core ingredient. The familiar flavors and taste appeal to all age groups. Namkeen is also affordable and portable making it a convenient snack option even while travelling. Well-established brands have further enhanced product diversity in namkeen like new flavors, multigrain varieties, etc. that have energized demand. Overall, the deep roots of namkeen snacks in Indian traditions as well as their affordability, taste, and versatility have made this segment dominate millet based snacks space. 

Insights, by Distribution Channels: Offline contributes the highest share of the market owing to widespread network and trust

The offline distribution channel is expected to contribute 67.8% share to the millet based snacks market in 2024, due to its widespread network across the country and higher consumer trust for touch-and-feel shopping experience. Brick-and-mortar stores are within easy reach of consumers even in remote towns and villages. Consumers prefer buying snacks from neighborhood shops as it is a more familiar medium compared to online. This proximity and familiarity have resulted in higher patronage for offline shops. Various grocery stores, paan shops, stationery stores, etc. stock popular millet snack brands generating robust sales volumes. Consumers appreciate the convenience of one-stop retail shops to not only view and purchase snacks but also other daily needs under one roof. Supermarkets and hypermarkets too have widened their portfolio to include traditional Indian snacks as customers expect a comprehensive shopping experience offline. Due to lower penetration of internet and tech awareness in many regions, online shopping is still at a nascent stage for snacks category compared to offline. Hence, the wide pan-India spread accompanied by touch-and-feel confidence has positioned offline channels as the go-to medium for millet snacks buyers.

Regional Insights

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North America has emerged as the dominant region in the global millet based snacks market over the past decade. The North America region is expected to account for 38.7% of the market share in 2024, due to increasing consumer preference for gluten-free and healthier snacks. Moreover, the presence of mature and dominant players such as General Mills, Quakers, and Bobs red mill, have led to the wider availability and exposure of millet-based snacks in mainstream retail stores across the region. The category has also gained popularity due to promotional activities by retail giants like Walmart and Target focusing on healthy snacking options. Another factor contributing to the leadership position of North America is the innovative product launches by regional players. Companies often introduce new product lines fortified with vitamins, proteins, and fibers to attract health-conscious consumers. Flavored millet puffs and crunchy rice bars have become popular snacks consumed either as an on-the-go option or evening movie binge. Export is also a major revenue stream for American producers as they meet the growing international demand, especially from Asian and European countries.

The Asia Pacific region has emerged as the fastest growing market for millet-based snacks globally over the past 5 years. India holds a major share of the Asian market owing to millets being a traditional part of diet. Changed lifestyle and rising disposable incomes have increased the demand for packaged convenient snacks in India. Moreover, Indian companies such as IGP, 24 Mantra Organic, and Kottakkal Arya Vaidya Sala are increasingly innovating with millet based extruded snacks, puffs and flavored rice cakes to tap the market potential.  Nepal and Bangladesh are other important Asian markets experiencing high double digit growth rates annually due to increasing popularity of millet as a superfood. Growing health consciousness, coupled with initiatives by governments to promote millets cultivation, have propelled the demand. Trading houses establish links between millets producing nations and other Asian nations, further enhancing accessibility and affordability of millet snacks within the region.

Market Report Scope

Key Developments

• In January 2024, Corpn to introduce millet-based snacks for spl class students
• In 2023, Nestlé launches tasty and nutritious millet-based porridges
• In 2023, Anushka Sharma launches new millet-based health food brand
• In 2023, Eatopia announces its newest product launch, Superfood Millet Puffs, at Gulfood Exhibition, Dubai

*Definition: The millet based snacks market consists of various snack food items that use millets as their primary ingredient. Some popular millet-based snacks include roasted millets, millet granola bars, millet cookies and crackers, flavored puffed millets, and seasoned extruded millet snacks. These snacks are gaining popularity due to millet being a nutrient-rich whole grain that is high in protein, fiber, and minerals.

Market Segmentation

• Type Insights (Revenue, USD Bn, 2019 - 2031)
  • Namkeen
  • Noodles
  • Chips
  • Bakery Snacks
  • Others
• Distribution Channels Insights (Revenue, USD Bn, 2019 - 2031)
  • Online
  • Offline
    • Sub channel
    • Hypermarket and Supermarket
    • Specialty Stores
    • Convenience Stores
    • Departmental Stores
    • Others
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • Israel
    • Rest of Middle East & Africa
• Key Players Insights
  • Kiru Millet
  • Orgtree
  • Mood foods
  • Shri Foods India
  • Millet Amma
  • Kaulige Foods
  • e-Millet
  • Tru Millet
  • Ratham Exports
  • Arvees India
  • NaNee's
  • Nutraahaar
  • Shanti Food Chem Private Limited