Millet prices surge up to 100% as MNCs enter market with pasta, noodles, snacks & erratic weather hits su - IndiaTimes

Prices of various types of millets such as ragi, jowar, and brown top have experienced a significant increase of 40% to 100% within a span of one year. This surge in prices can be attributed to the International Year of Millets campaigns and the entry of multinational companies into this market segment, which has created a higher demand. Additionally, unpredictable weather conditions have adversely affected the supply of millets.
The demand for millets has been further bolstered by the introduction of new products like millet-based pasta, noodles, and snacks, according to an ET report.Millets have also found their way into breakfast cereals and are being consumed in traditional forms such as flour. Industry insiders have highlighted the role of these factors in driving up the demand for millets.

Average wholesale prices of millets

However, millet-based startups, which have been experiencing a doubling of their year-on-year growth, have been facing challenges in sourcing sufficient supplies of high-quality millets. These challenges arise from the erratic weather conditions in millet-growing regions and the relatively lower production of millets compared to other food grains like wheat and rice.
Industry experts have pointed out that drought in Jowar-growing areas of Maharashtra, Karnataka, and Telangana, as well as excessive rainfall in brown top crop areas in Andhra Pradesh, Karnataka, and Kerala, have resulted in a decline in millet production and subsequent price hikes.

The prices of top-quality jowar and ragi have increased by 150% and 45% respectively, making them unaffordable for many consumers. Annapurna Kalluri, CEO of Sri Haritha Agro Food Products, which supplies millet-based meals to government schools and manufactures value-added millet products for other brands, expressed concerns about the abnormal increase in

millet prices.
Read From ET | About rising millet prices
She highlighted that prices of millets experience a monthly jump of 15-20% and are subject to significant fluctuations. Moreover, the availability of millets is also limited.

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Millet prices surge up to 100% as MNCs enter market with pasta, noodles, snacks & erratic weather hits su - IndiaTimes
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