According to a new report published by Allied Market Research, titled, “Millet Snacks Market,” The millet snacks market was valued at $2.4 billion in 2021, and is estimated to reach $3.7 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031.
An increase in the use of millet seeds in snacks is fueling the growth of the global millet snacks market. The bland-tasting millet seeds are a healthy food grain with a long list of health advantages. Engaged stakeholders are attempting to include millet seeds in various sorts of snacks that will make it simpler for customers to eat millet in an effort to increase the popularity of millet consumption.
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Regional Outlook:
According to the millet snacks market opportunities, region wise, Asia-Pacific held the major millet snacks market share in 2021 and is projected to grow at a significant CAGR of 4.0% from 2022 to 2031. India contributes to nearly 20% of the global export value of millet and thus is a key player in terms of its ability to provide for global demand. China has shown a gradual increase in the yields of millet. Millets, which are minor grain crops, have drawn special interest in China because both foxtail millet and broomcorn millet were domesticated there and later became the country’s main traditional grain crops.
Key Companies In Millet Snacks Market:
The major players analyzed in the global millet snacks industry are Milletsnacks.com, Healthy Master, orgtree, Moon Food, Urban Millets Pvt Ltd, Nativefoodtore, HiYou, Cicer Food Products and Slurrp Farm.
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Key finding of the study
- By type, the extruded products segment was the highest revenue contributor to the market with $1,999.9 million in 202 1, and is estimated to reach $3,130.1 million by 2031, with a CAGR of 4.8%.
- By age group, the millennials segment was the highest revenue contributor to the market, with $1,083.8 million in 2021, and is estimated to reach $1,584.5 million by 2031, with a CAGR of 4.0%.
- By distribution channel, the offline segment was the highest revenue contributor to the market, with $17,63.8 million in 2021, and is estimated to reach $2728.5 million by 2031, with a CAGR of 4.6%.
- Region-wise, Asia-Pacific was the highest revenue contributor, accounting for $1,043.3 million in 2021, and is estimated to reach $1,532.0 million by 2031, with a CAGR of 4.0%.
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According to the millet snacks market trends, on the basis of type, the market is classified into extruded products and bakery snacks. The extruded products segment accounted for a major share in the millet snacks market in 2021 and is expected to grow at a significant CAGR during the forecast period.
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