Millet Prices

Millet Prices December 2023         

In China, millet prices for Q4 of 2023 reached 1182 USD/MT.      

Millet Price Trend, Market Analysis, and News

IMARC's latest publication, “Millet Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” presents a detailed examination of the millet market, providing insights into both global and regional trends that are shaping prices. This report delves into the spot price of millet at major ports and analyzes the composition of prices, including FOB and CIF terms. It also presents a detailed millet price trend analysis by region, covering North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The factors affecting millet pricing, such as the dynamics of supply and demand, geopolitical influences, and sector-specific developments, are thoroughly explored. This comprehensive report helps stakeholders stay informed with the latest market news, regulatory updates, and technological progress, facilitating informed strategic decision-making and forecasting.

Millet Market Analysis           

The global millet market size reached 29.6 Million Tons in 2023. By 2032, IMARC Group expects the market to reach 33.6 Million Tons, at a projected CAGR of 1.40% during 2023-2032.          

• Increased knowledge of millet on its nutritional value, such as high fiber content and nutritive value is growing popularity among the consumers with food allergies.  
• Millet consumption is increasing with gluten-free products, which is being popular as a substitute for wheat and other related gluten-containing products as consumers with celiac disease or intolerance now have another option.     
• The rising trend in living a natural lifestyle is cause for an expansion in organic farming practices which have led more organic millet production to satisfy the numbers of conscious consumers who are avoiding pesticide treated and genetically modified food crops.
• Due to its adaptability to grow in drought and semi-arid areas, millet is a sustainable crop. It is becoming important with global climate change as the state has a good climate and moderately requires water for production.
• Several governments have also been supporting the growth of millet through subsidization, funding of research programs and public education, with the overall goal of improving the food security segment as well as empowering the small scale farmer’s segment.
• The food industry has been developing new products derived from millet, new products in snack foods, breakfast cereals and ready to eat products that is further creating a positive market outlook.    
• In the global market, millets are experiencing a rise in demand due to the health benefits associated with their consumption and versatility, thereby propelling demand for exports from countries that produce high-quality millets.  
• Continual advancements in processing, packaging and other techniques has led to better shelf life and quality of millet products which make them more attractive and portable for consumers.
• Current research in millet varieties and their effects on human health, help in coming up with new knowledge in this area, innovation and creation of products derived from millet.
• Similarly, the health and nutritional policy makers, nutritionists, and health experts advocating the inclusion of millets in daily diets affecting the policy level to include millets in community level plates.      
• Development in the supply chain logistics and distribution networks and its installation across urban and rural markets are further supporting the market.
• The culinary flexibility to adapt millets across the spectrum from traditional to modern fusion cuisine is elevating them among chefs and home cooks.    
• The demand for functional foods with specific health claims has stimulated the demand for millet-based products, which are widely recognized to help in weight management, preventing diabetes, and improving heart health.   

Millet News

The report covers the latest developments, updates, and trends impacting the price of millet, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the millet price trend.

Latest developments in the millet industry:    

• On 14^th November 2023, Nestle India launched several new millet-based product innovation ranges from the porridge to instant noodle categories, incorporating these into well-known brands such as Koko Krunch and MAGGI.   
• On 11^th April 2023, Britannia introduced a new millet bread that is free from any added Maida. This bread is enriched with ragi, jowar, bajra, and oats, providing a convenient way for consumers to incorporate millet-based options into their daily meals while also being rich in fiber and minerals.

Product Description    

Millet is a cereal plant that belongs to the group of small-seeded grasses that have been grown for thousands of years in warm climate regions for their small seeds that are consumed as staple crops in many areas of Asia and Africa. Pearl, finger, foxtail, proso, and barnyard millets are the different types of millet that are available, each having its own characteristics and expected uses. They are quite healthy and help you get a large amount of fibers, magnesium, phosphorus, niacin, and folates.  

Millets are also free from gluten, so it is beneficial for individuals with celiac diseases. It is widely used in the preparation of traditional foods, including porridges and flat breads, modern foods such as snacking products, breakfast foods and beverages.    

Furthermore, they are drought-tolerant crops that require fewer inputs and far less water as compared to many cereal crops and have an important function in sustainable agriculture. Due to the improvement in their health qualities, flexibility of use and ecological compatibility, millets are gaining popularity in the food market.   

Regional Coverage

The report provides a detailed analysis of the market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of FOB and CIF prices, as well as the key factors influencing the millet price trend. 

Global Millet Price

The report offers a holistic view of the global millet pricing trends in the form of millet price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price levels but also provides insights into historical price of millet, enabling stakeholders to understand past fluctuations and their underlying causes. The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed millet demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Millet Price

European millet prices are examined, highlighting the market-specific influences in the region, such as stringent environmental regulations, the competitive landscape, and import-export imbalances that significantly affect pricing structures.

Detailed price information for millet can also be provided for an extensive list of European countries.

North America Millet Price

The analysis of millet prices in North America delves into the regional industry dynamics, encompassing the impact of local production and the trade flows between North America and other significant global markets.

Specific millet historical data within the United States and Canada can also be provided.

Middle East and Africa Millet Price

The report explores the millet pricing trends in the Middle East and Africa, considering factors like the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

Region-wise data and information on specific countries within these regions can also be provided.

Asia Pacific Millet Price

The millet pricing trends in the Asia Pacific are examined, reflecting the role of the region as a major global producer and consumer of agricultural products, with price dynamics heavily influenced by supply chain efficiencies, regional demand rises, and policy shifts in major economies.

This millet price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Millet Price

The analysis of millet prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, agricultural output, and trade frameworks.

This comprehensive review can be extended to include specific countries within Latin America.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of millet pricing, covering global and regional trends, spot prices at key ports, and a breakdown of FOB and CIF prices.
• The study examines factors affecting millet price trend, including input costs, supply-demand shifts, and geopolitical impacts, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The millet price charts ensure our clients remain at the forefront of the industry.