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United Kingdom - Millet - Market Analysis, Forecast, Size, Trends and Insights
Report Update: Nov 1, 2024

United Kingdom - Millet - Market Analysis, Forecast, Size, Trends and Insights

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Mar 13, 2023

Millet Prices in the UK Drop Significantly by 13%, Averaging at $641 per Ton

United Kingdom Millet Import Price in November 2022

In November 2022, the millet price amounted to $641 per ton (CIF, United Kingdom), dropping by -12.7% against the previous month. Overall, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in July 2022 when the average import price increased by 63% month-to-month. As a result, import price reached the peak level of $1,525 per ton. From August 2022 to November 2022, the average import prices remained at a lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was China ($2,558 per ton), while the price for France ($518 per ton) was amongst the lowest.

From January 2022 to November 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+3.5%), while the prices for the other major suppliers experienced mixed trend patterns.

United Kingdom Millet Imports

In November 2022, the amount of millet imported into the UK surged to 974 tons, jumping by 53% compared with the previous month's figure. In general, imports, however, showed a perceptible curtailment. The most prominent rate of growth was recorded in February 2022 with an increase of 191% month-to-month. As a result, imports reached the peak of 3.6K tons. From March 2022 to November 2022, the growth of imports failed to regain momentum.

In value terms, millet imports surged to $624K (IndexBox estimates) in November 2022. Overall, imports, however, showed a pronounced slump. The most prominent rate of growth was recorded in July 2022 when imports increased by 99% month-to-month. Imports peaked at 1.6K tons in February 2022; however, from March 2022 to November 2022, imports remained at a lower figure.

United Kingdom Millet Imports by Country

Ukraine (437 tons), France (300 tons) and Bulgaria (115 tons) were the main suppliers of millet imports to the UK, with a combined 87% share of total imports.

From January 2022 to November 2022, the biggest increases were in Bulgaria (with a CAGR of +76.8%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Ukraine ($248K), France ($155K) and China ($115K) appeared to be the largest millet suppliers to the UK, with a combined 83% share of total imports. Bulgaria and India lagged somewhat behind, together comprising a further 16%.

Bulgaria, with a CAGR of +61.5%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Factors Behind the Increase in Millet Prices in the UK

Despite a slight decline in the price of millet in 2022, in previous years, prices were characterized by a strong upward trend.

One of the primary reasons behind the increase in the price of millet in the UK is the growing demand for the grain. As more people become aware of the nutritional benefits of millet, such as its high protein and fiber content, they are turning to it as an alternative to other grains. Millet is also gluten-free, making it an ideal choice for those with gluten sensitivities. This growing demand has put pressure on the supply of millet, which in turn has driven up the price.

Climate change has also played a significant role in the increase in the price of millet in the UK. Millet is primarily grown in semi-arid regions of Africa and Asia, where it is particularly vulnerable to changes in weather patterns. Droughts, floods, and other extreme weather events have affected millet crops, reducing yields and driving up prices. Additionally, rising temperatures can also impact the quality of millet, making it less desirable to consumers.

The COVID-19 pandemic has disrupted supply chains around the world, and millet is no exception. The closure of borders, reduced transportation capacity, and other pandemic-related issues have made it more difficult to get millet from the countries where it is grown to the UK. This has led to supply chain disruptions and higher prices for consumers.

Another factor that has contributed to the increase in the price of millet in the UK is currency fluctuations. Millet is primarily traded in US dollars, which means that fluctuations in the value of the pound sterling can impact its price in the UK. For example, if the value of the pound falls relative to the dollar, it will cost more to import millet into the UK, and this cost will be passed on to consumers in the form of higher prices.

Transportation costs also play a role in the price of millet in the UK. This transportation comes with a cost, including fuel costs, labor costs, and other expenses. As transportation costs rise, so does the price of millet in the UK.

In conclusion, the increase in the price of millet in the UK is due to a combination of factors, including growing demand, climate change, supply chain disruptions, currency fluctuations, and transportation costs. As the demand for millet continues to grow, it is likely that prices will remain high in the short term. However, efforts to improve the sustainability and efficiency of millet production and transportation could help to alleviate some of these pressures in the long term.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the millet market in the UK. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • FCL 79 - Millet

Country coverage:

  • United Kingdom

Data coverage:

  • Market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Trade (exports and imports) in the UK
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. MARKET STRUCTURE
    3. TRADE BALANCE
    4. PER CAPITA CONSUMPTION
    5. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. COUNTRIES WITH TOP YIELDS
    4. TOP EXPORTING COUNTRIES
    5. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION, HARVESTED AREA AND YIELD

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption In 2012-2023
    5. Imports, In Physical Terms, By Country, 2012–2023
    6. Imports, In Value Terms, By Country, 2012–2023
    7. Import Prices, By Country Of Origin, 2012–2023
    8. Exports, In Physical Terms, By Country, 2012–2023
    9. Exports, In Value Terms, By Country, 2012–2023
    10. Export Prices, By Country Of Destination, 2012–2023

  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
    4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
    5. Trade Balance, In Physical Terms, 2012-2023
    6. Trade Balance, In Value Terms, 2012-2023
    7. Per Capita Consumption, 2012-2023
    8. Market Volume Forecast to 2030
    9. Market Value Forecast to 2030
    10. Products: Market Size And Growth, By Type
    11. Products: Average Per Capita Consumption, By Type
    12. Products: Exports And Growth, By Type
    13. Products: Export Prices And Growth, By Type
    14. Production Volume And Growth
    15. Yield And Growth
    16. Exports And Growth
    17. Export Prices And Growth
    18. Market Size And Growth
    19. Per Capita Consumption
    20. Imports And Growth
    21. Import Prices
    22. Production, In Physical Terms, 2012–2023
    23. Production, In Value Terms, 2012–2023
    24. Area Harvested, 2012–2023
    25. Yield, 2012–2023
    26. Imports, In Physical Terms, 2012–2023
    27. Imports, In Value Terms, 2012–2023
    28. Imports, In Physical Terms, By Country, 2023
    29. Imports, In Physical Terms, By Country, 2012–2023
    30. Imports, In Value Terms, By Country, 2012–2023
    31. Import Prices, By Country Of Origin, 2012–2023
    32. Exports, In Physical Terms, 2012–2023
    33. Exports, In Value Terms, 2012–2023
    34. Exports, In Physical Terms, By Country, 2023
    35. Exports, In Physical Terms, By Country, 2012–2023
    36. Exports, In Value Terms, By Country, 2012–2023
    37. Export Prices, By Country Of Destination, 2012–2023

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