The Europe millets market was valued at US$ 1,327.96 million in 2018 and is expected to grow at a CAGR of 5.4% from 2019 to2027 to reach US$ 2,132.00 million by 2027
NEW YORK, May 22, 2020 /PRNewswire/ --
Europe Millets Market Forecast to 2027 - COVID-19 Impact and Analysis by Product (Organic, Regular); Application (Infant Food, Bakery Product, Breakfast Foods, Beverages, Fodder, Others); Distribution Channel (Supermarket and Hypermarkets, Grocery Stores, Online Stores, Others), and Country.
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The Europe millets market was valued at US$ 1,327.96 million in 2018 and is expected to grow at a CAGR of 5.4% from 2019 to2027 to reach US$ 2,132.00 million by 2027.
Millets are small-seeded grasses widely grown across the world as cereal crops or grains for fodder and human food.Various types of millet crops such as sorghum, finger millet, pearl millet, barnyard millet, proso millet, and little millet are grown across the globe.
These crops are grown in semiarid tropical regions as they are highly drought tolerant in nature.For centuries, millets have served as a major staple food in Asia and Africa.
Millets are no gluten food and are rich in nutrients such as copper, magnesium, phosphorus, and manganese.The rich nutritional content in millets helps in maintaining a healthy life.
Millets are an ideal food for people suffering from chronic diseases such as diabetes and heart diseases. Millets are rich in fiber, which helps in digestion and can relieve bowel issues. Regular consumption of millets helps in preventing gastrointestinal problems and other diseases related to kidney and liver. The largest share of the breakfast food segment is attributed to the increasing demand for fiber-rich and gluten-free food products among health-conscious consumers. Millets-based products such as flakes, cookies, and ready-to-eat products are gaining high acceptance among consumers. Moreover, the high protein content of these grains makes them ideal breakfast food for vegetarian and vegan population. The infant baby food segment is projected to grow at a faster pace during the forecast period. Millets-based infant food such as porridge is ideal for infant growth and helps lower the occurrence of malnutrition in infants and babies. Millets are extensively used in infant food as it is rich in protein, multiple vitamins, phosphorus, potassium, iron, and magnesium.
Based on product, the Europe millets market is further segmented into organic and regular.Millets are important crops in the semiarid tropics of Asia and Africa (especially in India, Mali, Nigeria, and Niger), with 97% of millets being cultivated in developing countries.
They are mainly grown in warm countries with poor soil quality.Millets are usually favored due to its productivity and short growing season under dry and high temperature conditions.
There are nearly 6,000 varieties of millet across the world with various colors such as pale yellow, white, gray, and red.
Currently, the demand of convenience foods has increased with the increase consumer preference toward ready-to-eat food and beverages.Also, with the diversification of distribution channel, convenience foods have found a shelf in retail outlets and supermarkets.
Further, changing working demographics and busy lifestyle, as well as focus toward health-promoting food products, are among the other factors that promote the demand for convenience food items.With the increase in the demand for convenience food items, the demand for millets is set to rise.
Moreover, rising technology in innovative packaging attract consumers.Today, rising demand for food is highly met by convenience foods across the world.
The urbanization of society has resulted into the prominence of these foods in the modern diet; e.g., there has been an increase in the trend of consumption of millets mixed with carbonated water, coffee, pancakes, waffles, tea, cake, etc., in breakfast. Additionally, the growing use of syrups as a topping in breakfast food items is contributing to market growth. Different and personalized flavors of syrups broaden their applications in bakery, dairy, frozen desserts, beverages, and confectionery industries. Furthermore, the increase in population, coupled with a rising economic standards; hike in disposable incomes; and diversification in food habits are surging the demand for convenience foods, including millets. To meet such increasing and varied demands, companies are coming up with improved varieties of millets and efficient distribution channels to serve the wider customer base.
The Europe millets market, based on country, is segmented into Germany, France, Italy, and others.Germany held the largest share of the Europe millets market in 2018, and the millets market in Germany is also expected to grow at a faster pace during the forecast period.
Germany is a developed market for millets due to the rising consumption of convenience products and surging demand from the working population due to busy lifestyles. Moreover, product promotions through a new and improved form of packaging are attracting consumers in the market.
Some of the players present in the Europe millets market are Just Organik, Shimla Hills Offerings Pvt.Ltd, Sresta Natural Bioproducts Pvt.
Ltd, Ufenal Ltd, and Bob's Red Mill Natural Foods, Inc.
Impact of COVID-19 on Europe Millets Market
COVID-19 first began in Wuhan (China) in December 2019 and since then it has spread at a fast pace across the world.The food &beverages industry is one of the major industries that is suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak.
The lockdown of various plants and factories is affecting the supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various goods in Europe.Besides this, the global travel bans imposed by countries in North America, Asia, and Europe are affecting the business collaborations and partnerships opportunities.
Due to this, the European food &beverages industry will be negatively affected, thereby restricting the growth of various markets related to this industry in the coming months.In Europe, Italy has the highest number of confirmed cases of corona virus, as, compared to United Kingdom and Germany.
This is likely to impact the food &beverages industry in the region.
The overall Europe millets market size has been derived using both primary and secondary sources.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Europe millets market.
Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe millets market.
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