IndexBox has just published a new report: ‘U.S. – Millet – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.
The revenue of the millet market in the U.S. amounted to $106M in 2018, approximately equating the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price).
The market value increased at an average annual rate of +1.7% over the period from 2014 to 2018; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded over the period under review. The pace of growth appeared the most rapid in 2017 with an increase of 10% against the previous year. In that year, the millet market attained its peak level of $108M, and then declined slightly in the following year.
Market Forecast to 2030
Driven by increasing demand for millet in the U.S., the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.8% for the period from 2018 to 2030, which is projected to bring the market volume to 312K tonnes by the end of 2030.
Production in the U.S.
Millet production in the U.S. amounted to 326K tonnes in 2018, dropping by -19.5% against the previous year. From 2014 to 2018, the total output volume increased at an average annual rate of +1.6%, which was largely conditioned by a slight expansion of the harvested area and a perceptible increase in yield figures.
Harvested Area in the U.S.
Millet harvested area in the U.S. stood at 163K ha in 2018, stabilizing at the previous year. Over the period under review, the harvested area dedicated to millet production attained its peak figure at 174K ha in 2014; however, from 2015 to 2018, harvested area failed to regain its momentum.
Yield in the U.S.
In 2018, the average millet yield in the U.S. amounted to 2 tonne per ha, declining by -19.5% against the previous year. The yield figure increased at an average annual rate of +3.3% from 2014 to 2018.
Exports from the U.S.
Exports by Country
Canada (11K tonnes), Indonesia (5.6K tonnes) and the Philippines (3.7K tonnes) were the main destinations of millet exports from the U.S., with a combined 47% share of total exports. Malaysia, Namibia, Mexico, Japan, Germany, Thailand, the UK and the United Arab Emirates lagged somewhat behind, together accounting for a further 39%.
In value terms, Canada ($3.6M), Indonesia ($1.8M) and the Philippines ($1.2M) constituted the largest markets for millet exported from the U.S. worldwide, together accounting for 43% of total exports. Malaysia, Namibia, the UK, Germany, Thailand, Mexico, Japan and the United Arab Emirates lagged somewhat behind, together comprising a further 41%.
Among the main countries of destination, Namibia recorded the highest growth rate of the value of exports, over the period under review, while exports for the other leaders experienced mixed trend patterns.
Export Prices by Country
In 2018, the average millet export price amounted to $367 per tonne, surging by 16% against the previous year.
There were significant differences in the average prices for the major foreign markets. In 2018, the country with the highest price was the UK ($600 per tonne), while the average price for exports to Mexico ($295 per tonne) was amongst the lowest.
From 2014 to 2018, the most notable rate of growth in terms of prices was recorded for supplies to Thailand, while the prices for the other major destinations experienced a decline.
Source: IndexBox AI Platform