The Fast-Moving Consumer Goods (FMCG) sector in India is witnessing a significant shift towards healthier and more sustainable products. One such trend is the growing market share of millet-based offerings. Major FMCG companies, including Britannia, Hindustan Unilever, ITC, Tata Soulfull, and Nestle, are investing heavily in value-added millet products, aligning with the global push towards these “nutri-cereals” and the domestic policy thrust.
The Growth of the Millet Market
The Indian millet market is expected to grow at a Compound Annual Growth Rate (CAGR) of 16.7% through 2021-26. On a global scale, the millet market size is projected to grow from USD 11.02 billion in 2023 to USD 13.80 billion by 2028 at a CAGR of 4.60% between 2023 and 2028. These figures indicate a promising future for this niche within the FMCG industry.
Diversification of FMCG Portfolios
FMCG companies are responding quickly to the shift towards millets by diversifying their product portfolios with millet-based offerings. They are exploring innovative millet processing techniques, developing unique millet-based formulations, and creating delectable recipes that appeal to a wide range of palates.
For instance, Marico Limited recently launched healthy snacks such as Saffola Munchiez Ragi Chips and Saffola Oats Gold that combine the goodness of Jowar with oats. Britannia launched NutriChoice Ragi Cookies and Five-Grain Digestive Biscuits. Some brands are offering millet-based muesli and granola, while traditional Indian dishes like upma and poha are being reinvented with millets. There are also healthier alternatives to regular noodles in the form of Millet Noodles, and ready-to-cook millet-based mixes such as Millet Dosa Mix, millet idli mix, etc.
These innovative creations are catering to a growing segment of health-conscious consumers, contributing to the rising market share of millets in the FMCG sector.
Raman Greens: Contributing to the Millet Mission
Raman Greens, a venture of the AISECT group, is aiming to contribute to the millet mission and improve the lifestyle of both consumers and farmers. Through a range of products made from natural ingredients, Raman Greens is bringing about a healthy and sustainable change in the lifestyle of people.
In conclusion, the market share of millets in the Indian FMCG sector is on a steady rise, driven by consumer demand for healthier alternatives, innovative product offerings by FMCG companies, and the efforts of companies like Raman Greens. The future of millets in the FMCG sector looks promising, with ample opportunities for growth and innovation.