Massive demand for nutritive and healthy diet in both emerging as well as developed economies to boost the global millet snacks market trends. Surge in ready-to-eat and convenience diet among adults, millennial population, and youth has enlarged the scope of the business and contributed immensely towards the industry space. Growing need of health benefits provided by millet has created massive growth opportunities for the global market. According to the Allied Market Research, the global millet snacks market is predicted to accrue earnings worth $3.7 billion by 2031.
Key players in the global millet snacks market are implementing strategies such as the launching of new products with additional features, thereby accounting majorly to the demand for healthy and nutritive snacks such as millet snacks across the food and beverage sector. Furthermore, the strategy will also help industry players in accruing huge profits on capital investments along with augmenting their business expansion globally.
Furthermore, strategic alliances, partnerships, joint ventures, and collaborations are predicted to assist the firms in expanding their product portfolio as well as enable product diversification and cost optimization along with contributing remarkably towards the earnings of the firms. The above-mentioned strategies will help firms erect a strong foundation in the global market, create value for millet snacks products among the consumers, and contribute significantly towards the global market earnings. In addition, strategic partnerships will also assist organizations in developing differentiated and cost-efficient millet snacks products.
The strategy of acquisition has played a crucial role in spearheading the product portfolio, product width, and product breadth of the firms, thereby accounting for majorly towards the global market size. It has also helped the firms in increasing their cash inflows and EBITDA earnings as well as minimizing the cash outflows incurred as a result of purchase of various raw materials used for producing millet snacks. Moreover, these acquisitions which take place in same industry or another industry also help firms in successfully implementing forward & backward integration strategy, thereby resulting in humungous business expansion.
Apart from this, securing investments help the firm in increasing the production of millet snacks, thereby maintaining the demand-supply equilibrium of the millet snacks. These major strategies adopted by the key industry participants will enable the firms in increasing their consumer base and expand their regional presence across the globe. Let us discuss few of these major business strategies adopted by industry players to expand their businesses and current trends observed in the global millet snacks market.
New product launches have played a pivotal role in influencing the expansion of the global millet snacks market and will continue to do so even in the upcoming years. Furthermore, APEDA, an India-based apex export trade promotion active government body, introduced ready to eat gluten-free millet snacks such as Noodles, Upma, Khichadi, Pongal, and Biryani at affordable costs for persons belonging to all age groups. Apart from this, APEDA have launched other gluten-free millet snacks such as ragi peanut butter, milk biscuits, millet malts, cream biscuits, and salt biscuits. The move will provide impetus to the growth of the global market in the years ahead.
Continuing with the trend of new product launches, Urban Millets Pvt Ltd., a major millet product manufacturer based in Bangalore, India, announced launching of various kinds of millet premixes under the name of Trumillets. The brand Trumillets includes Dosa, Kesaribath, Murukku, Pongal, Upma, Chivda, Porridges, and Smoothies. Reportedly, each of these millet premix products are free from any type of preservatives and are natural. Moreover, huge care has been taken in producing them in the state-of-art facility unit at its Bangalore location.
For the record, India accounts for huge share of the global millet production in volume terms. In addition, government of India has also highlighted the high nutritive value of millets along with its ability to withstand adverse weather conditions. All these aspects have resulted in huge millet production and millet snacks gaining popularity as a convenience diet among the Indian Population. The move will benefit not only the millet snacks market in India but also across the globe.
Securing investments has played a core role in growth of any industry and millet snacks industry is one of them. Furthermore, Slurrp Farm, a key player selling healthy snacks for children online, secured nearly $7 million in the funding round that included investors such as Fireside Ventures and Investment Corporation of Dubai. Reportedly, Wholsum Foods, the parent firm of Slurrp Farm, is predicted to make use of fresh capital for increasing product development and expenditure on promotional activities. In addition to this, the funds are also predicted to be utilized for expanding the business of the startup.
According to the Co-founders of the Wholsum Foods, the firm will bring millets back to the meals and the support of UN for millet consumption has strengthened Wholsum Foods’ commitment towards development of super grains. Furthermore, this initiative of fund raising by the firm is likely to help it build a strong FMCG brand in India. Such moves are likely to contribute tremendously towards the size of the global millet snacks market.