In the ever-evolving landscape of the food and beverage industry, one ancient grain is making a triumphant comeback and turning heads – millets. Often regarded as the "forgotten grains," millets have emerged from obscurity to become a key player in the world of sustainable, healthy, and profitable food products. So much so that the Food and Agriculture Organization of the United Nations recognized 2023 as the International Year of Millets (#IYM2023) during the United Nations General Assembly 75th session.

This transformation isn't just reshaping our plates; it's also creating exciting opportunities for businesses to tap into the growing demand for millet-based products. But why are these ancient grains rising to prominence in these modern times? And what's in it for us to gain? Let's explore.

Meeting Modern Health and Sustainability Demands

The current state of global health points to quite an unhealthy trend. According to estimates by the World Health Organization, there are as many as 650 million adults suffering from obesity. Moreover, about 422 million people have been diagnosed with Diabetes. The rising incidences of other health conditions, such as Asthma, Hypertension, PCOS, etc., emphasize the need to restructure one's lifestyle and food habits.

The growing consumer shift from fast food to a metaphorical "slow food" has brought the focus back on millets. Consumers are seeking alternatives to refined grains and processed foods, and millets fit the bill perfectly. These humble grains boast a slew of benefits. Here are the top three reasons driving the increasing use of millets:

• Proven health benefits, such as preventing the onset of diabetes, promoting weight loss, managing insulin resistance, and improving gut health.
• Supports sustainability, due to the use of less water for producing millets compared to traditional staples of rice and wheat.
• Dietary alternative to dairy, meats, and gluten-containing foods, aligning with the growing veganism and conscious-eating trends.

The Business of Millet-Based Products

As the consumer demand for millets continues to grow, entrepreneurs and established food companies alike are capitalizing on the profitable potential of millet-based products. From millet-based flours and pasta to snacks and beverages, the product possibilities are limitless. Here are a few recent trends in the millet-based products market:

• In September 2023, Neste India entered the millet-based ready-to-eat category with the launch of a+ masala millets containing bajra in select markets. The FMCG giant also aims to launch more millet-based products under its brands, including the iconic brand Maggi.
• In July 2023, considering the declaration of 2023 as the International Year of Millets, the Central Food Technological Research Institute (CFTRI) in Mysore introduced a lineup of eight new millet-based products during the 'One Week One Lab' campaign.
• Recently, the managing director of Amul revealed plans to launch millet-based products, such as ice-creams, wafer chocolates, bread, and cookies to close to 40 countries overseas. A similar trend is being closely followed by TATA and ITC’s Yoga Bar to establish their presence internationally within the millet-based products category.

The rise in the millets movement is also witnessing government support. In 2022, the Ministry of Agriculture funded 66 millet products-based startups with more than 6.25 crores, and 25 more startups approved for funding. If the global trend of millets, ignited by the Food and Agriculture Organization, are to keep pace into the future, the global millet market is expected to witness a CAGR of 9.76% during 2023-2030. And India is in for a big gain as the world’s largest exporter with a share of 40%.

The profitable potential of millet-based products is undeniable; millet-based products are a win-win for both consumers and companies.

To dive deeper into the prospects of the rising millet movement, connect with Qualiket Research today!