Australia and Oceania: Millet Market 2024

Millet Market Size in Australia and Oceania

In 2022, the millet market in Australia and Oceania decreased by -4.3% to $X, falling for the third consecutive year after three years of growth. The total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -14.3% against 2019 indices. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Millet Production in Australia and Oceania

In value terms, millet production fell to $X in 2022 estimated in export price. Over the period under review, production, however, showed significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 1,127%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

The country with the largest volume of millet production was Australia (X tons), accounting for 100% of total volume.

From 2012 to 2022, the average annual growth rate of volume in Australia was relatively modest.

In 2022, the average millet yield in Australia and Oceania was estimated at X tons per ha, almost unchanged from 2021. In general, the yield showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 0.4%. Over the period under review, the millet yield attained the peak level at X tons per ha in 2017; afterwards, it flattened through to 2022. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of millet production in Australia and Oceania dropped modestly to X ha, flattening at the previous year's figure. In general, the harvested area, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the harvested area increased by 1.4%. The level of harvested area peaked at X ha in 2018; however, from 2019 to 2022, the harvested area failed to regain momentum.

Millet Exports

Exports in Australia and Oceania

In 2022, approx. X tons of millet were exported in Australia and Oceania; picking up by 28% against 2021 figures. Over the period under review, exports, however, saw a abrupt setback. The pace of growth was the most pronounced in 2020 when exports increased by 740%. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, millet exports rose slightly to $X in 2022. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 522% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Australia (X tons) was the major exporter of millet in Australia and Oceania, generating 99.9% of total export.

Australia was also the fastest-growing in terms of the millet exports, with a CAGR of -8.0% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) also remains the largest millet supplier in Australia and Oceania.

From 2012 to 2022, the average annual rate of growth in terms of value in Australia was relatively modest.

Export Prices by Country

The export price in Australia and Oceania stood at $X per ton in 2022, falling by -20% against the previous year. In general, the export price, however, posted a strong increase. The growth pace was the most rapid in 2017 when the export price increased by 1,136% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2021, and then reduced sharply in the following year.

As there is only one major export destination, the average price level is determined by prices for Australia.

From 2012 to 2022, the rate of growth in terms of prices for Australia amounted to +9.6% per year.

Millet Imports

Imports in Australia and Oceania

In 2022, overseas purchases of millet decreased by -29.9% to X tons, falling for the second consecutive year after two years of growth. Overall, imports, however, recorded a modest increase. The most prominent rate of growth was recorded in 2014 with an increase of 199%. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, millet imports fell to $X in 2022. Over the period under review, imports, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 161% against the previous year. Over the period under review, imports attained the peak figure at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

New Zealand represented the main importing country with an import of around X tons, which accounted for 64% of total imports. It was distantly followed by Australia (X tons) and New Caledonia (X tons), together creating a 34% share of total imports.

Imports into New Zealand decreased at an average annual rate of -1.1% from 2012 to 2022. At the same time, Australia (+14.4%) and New Caledonia (+9.9%) displayed positive paces of growth. Moreover, Australia emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of +14.4% from 2012-2022. From 2012 to 2022, the share of Australia and New Caledonia increased by +15 and +6.5 percentage points, respectively.

In value terms, the largest millet importing markets in Australia and Oceania were New Zealand ($X), Australia ($X) and New Caledonia ($X), together accounting for 99% of total imports.

Australia, with a CAGR of +19.6%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Australia and Oceania amounted to $X per ton, jumping by 29% against the previous year. Import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, millet import price increased by +120.8% against 2017 indices. The most prominent rate of growth was recorded in 2018 an increase of 41% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Australia ($X per ton), while New Caledonia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+4.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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