Consumer preference, govt push make millets the darling of FMCG companies

Combined with its nutritional values and a push from the government, millets have emerged as the superfood of the future. Consequently, FMCG companies are planning to come up with a variety of edible items for their retail shelves.

Managing director of Tata Soulfull, Prashant Parameswaran was quoted in a Times of India (TOI) report as saying that they were lining up a two-year portfolio of products based on millets. Notably, Tata Soulfull is engaged in making products like ragi bites and millet muesli.

An increased preference towards healthier food items has been registered since Covid-19. Consumers are now taking more time to read product labels before going for a purchase. Companies see this as an opportunity to introduce healthier options in the market along with setting a higher price for these items, the ToI report said.

For instance, ITC has prepared a full strategy to expand its millet-based food items. The chief digital marketing officer of ITC was quoted in the TOI report as saying, "Plans are underway to launch more millet-based products such as noodles, pasta, and ragi vermicelli."

Britannia, on the other hand, was already selling millet-based biscuits and cookies under its NutriChoice brand. However, the FMCG giant is going a step ahead and expanding its millet-based offerings. Britannia is considering introducing millet bread in the country, a pilot for which is already being run in Delhi-NCR.

CEO and executive director of Britannia, Ranjeet Kohli was quoted in the TOI report as saying that the millet market is expected to grow at a CAGR of more than 16 per cent during 2021-26.

Nestle India is also moving aggressively to cash in on the millet opportunity. Its three brands, Ceregrow, Nestle Aplus, and Maggi will drive Nestle's millet expansion in the Indian market.