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Latin America Millets Market by Type (Pearl Millet, Finger Millet, Proso Millet, Foxtail Millet and Others), by Application (Bakery Products, Infant Food, Steam Cooked Products, Porridges, Breads, Breakfast Food, Beverages, and Fodder), by Distribution Channel (Supermarket, Trade Associations, Online Stores and Traditional Grocery Stores), and country, Market Share, Forecast Data, In-Depth Analysis, And Detailed Overview, and Forecast, 2022 to 2027

Published: March, 2023
ID: 11687
Pages: 125
Formats: report pdf report excel report power bi report ppt

Latin America Millets Market Growth Analysis:

Latin America Millets Market is expected at USD xx.xx million in 2021 and is anticipated to extent an over of USD xx.xx million by the end of the assessment period. The Latin America Millets Market is estimated to experience reasonable growth to record a CAGR of xx.xx% throughout the estimate period (2022 - 2027).

Millet are small-seeded cereals that retain excellent nutritional qualities. There are about 6000 varieties of millet in the world with various colors such as pale yellow, white, gray and red. In terms of nutritional properties, they are superior to certain high-consumption cereals such as rice and wheat. Despite its outstanding nutritional qualities, millet has received less attention than the main cereals. Millet plays an important role in food security and the economy of many countries in Africa and Asia. They are gaining importance in Europe and North America due to their gluten-free and hypoglycemic properties.

Recent Developments

JD Sports acquired the retailer Go Outdoors for £ 112 million from its private equity owners. As part of the deal, JD Sports will buy the 58-store chain, whose products range from tents to bicycles, from YFM Equity Partners and 3i Group. This purchase will be added to the JD Sports team of outdoor brands such as Blacks, Millets, and Ultimate Outdoors. Following the agreement, Go Outdoors founders Paul Caplan and John Graham will leave the company.

In April 2018, Syngenta India Ltd, a Syngenta company, agreed to sell its millet, sorghum and forage business to Crystal Crop Protection Ltd. The business sold includes seed brands such as Mahalaxmi, Atheeva and SX-17. Crystal Crop Protection is an agrochemical company in India. The sale of the seed business, which only affects operations in India, comes as Syngenta AG completed the acquisition of Nidera Seeds from COFCO International earlier this year. Syngenta bought Nidera from the Chinese grain trader in an attempt to strengthen its reach in South America.

In August 2016, the Indian state of Karnataka took the initiative to promote millet through product development and promotion of Karnataka ragi (finger millet). The Karnataka government will work with the International Crop Research Institute for the Semi-arid Tropics (ICRISAT) and the Indian Millet Research Institute (IIMR) to gain strong support from the industry.

Market Drivers and Restraints:

The increasing trend of consumers towards healthy diets of the urban population in Latin America countries, including Mexico and Brazil, together with the increasingly unsustainable nature of wheat and rice manufacturing, will strengthen the demand for products during the forecast period. Changes in lifestyle and eating habits have led to various diseases, including obesity, diabetes, and cardiovascular problems such as coronary artery disease, heart attack, and arrhythmias, to name a few. Millet is rich in minerals and proteins, such as calcium, iron, among others, which can help prevent this type of disease. Therefore, the increasing awareness of the urban population about the health benefits associated with the consumption of millet will drive the growth of the market during the forecast period. Millet is considered a small grain cereal with the best nutritional qualities. There are almost 6000 varieties of millet around the world with many colors such as white, pale yellow, red and gray. Regarding their nutritional properties, they are superior to certain cereals of great consumption such as wheat and rice. Although millets have high nutritional qualities, they have received less attention than cereals. Millet is expected to post large gains during the forecast period due to important factors, including climate change. Climate change is expected to increase due to pollution. More droughts are expected during the forecast period. However, millet will be a more critical solution for farmers. Millet is the last crop in times of drought and is resistant to extremely high temperatures. Plus, due to superior characteristics including gluten-free, an ancient grain, superfood, good for weight loss, and low glycemic index, millet conforms to today's biggest global health food trends, so it's important to capitalize on it now to stimulate markets and research. & growth.

Market Segmentation

The Latin America Millets Market can be segmented according to Product, Distribution Channel, and Application. Depending on the type it can be divided into Foxtail Millet, Proso Millet, Finger Millet, Pearl Millet, and Others (Includes Japanese barnyard millet, Kodo millet, etc.). On the basis on Distribution Channel for Europe Millets Market it can be divided into supermarket, Traditional Grocery Stores, online stores, and trade associations. Depending on the Application it can be divided into bakery products, baby food, steamed products, porridge, bread, breakfast food, beverage and animal feed.

Impact of COVID-19 on Latin America Millets Market

The COVID-19 outbreak has caused a slowdown in the growth of global industries, creating a massive disruption for buyers and sellers. Markets and production units have been closed around the world, halting the production, sale and marketing of the product. It has also given companies the opportunity to take care of their relationship with the supply chain and their business models for the future.

Regional Analysis

The market for Latin America Millets has been categorized on the basis of geography to offer a clear understanding of the market. The Latin America Millets Market has been divided into Mexico, Brazil, Peru, Chile, and the rest of the Latin America. The Latin America is expected to experience slow growth during the forecast period due to the presence of an underdeveloped economy. Latin American countries like; Brazil and Mexico are expected to make significant contributions to trade development during the period under review. The high demand for Millets in the developing countries of the Latin American countries of Brazil and Mexico is a major growth factor for the Latin America Millets Market.

Leading Company

Bayer Crop Science AG had the largest share of the Latin America Millets Market in terms of sales revenue in 2021.

Key Players

The Latin America Millets Market is concentrated with well-established players. Key players in the Latin America Millets Market include Roundstone Native Seed Company, Bayer Crop Science AG, Brett-Young Seeds Limited, and Ernst Conservation Seeds

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