Millet Market Size in Australia
In 2023, the Australian millet market was finally on the rise to reach $X for the first time since 2019, thus ending a three-year declining trend. In general, the total consumption indicated a notable increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Millet consumption peaked at $X in 2014; however, from 2015 to 2023, consumption remained at a lower figure.
Millet Production in Australia
In value terms, millet production expanded slightly to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2023, production remained at a lower figure.
In 2023, the average yield of millet in Australia reduced slightly to X tons per ha, remaining relatively unchanged against 2022 figures. Overall, the yield, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of X%. The millet yield peaked at X tons per ha in 2018; afterwards, it flattened through to 2023. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.
The millet harvested area in Australia reduced modestly to X ha in 2023, remaining stable against 2022. Overall, the harvested area, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to millet production reached the maximum at X ha in 2018; however, from 2019 to 2023, the harvested area remained at a lower figure.
Millet Exports
Exports from Australia
In 2023, the amount of millet exported from Australia fell sharply to X tons, dropping by X% compared with the previous year. In general, exports recorded a deep contraction. The growth pace was the most rapid in 2020 with an increase of X%. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2023, the exports failed to regain momentum.
In value terms, millet exports fell significantly to $X in 2023. Over the period under review, exports saw a drastic downturn. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2023, the growth of the exports failed to regain momentum.
Exports by Country
Belgium (X tons), Japan (X tons) and Thailand (X tons) were the main destinations of millet exports from Australia, together accounting for X% of total exports.
From 2012 to 2023, the biggest increases were recorded for Belgium (with a CAGR of X%), while shipments for the other leaders experienced a decline.
In value terms, Japan ($X), Belgium ($X) and Thailand ($X) constituted the largest markets for millet exported from Australia worldwide, together accounting for X% of total exports. The UK and New Zealand lagged somewhat behind, together comprising a further X%.
The UK, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.
Export Prices by Country
The average millet export price stood at $X per ton in 2023, rising by X% against the previous year. In general, the export price continues to indicate a prominent expansion. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2023, the export prices remained at a lower figure.
There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Thailand ($X per ton) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (X%), while the prices for the other major destinations experienced more modest paces of growth.
Millet Imports
Imports into Australia
In 2023, supplies from abroad of millet increased by X% to X tons for the first time since 2020, thus ending a two-year declining trend. Over the period under review, imports continue to indicate significant growth. The growth pace was the most rapid in 2014 with an increase of X%. Imports peaked at X tons in 2020; however, from 2021 to 2023, imports remained at a lower figure.
In value terms, millet imports soared to $X in 2023. Overall, imports showed a significant increase. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at $X in 2020; however, from 2021 to 2023, imports failed to regain momentum.
Imports by Country
The United States (X tons), Bulgaria (X tons) and Argentina (X tons) were the main suppliers of millet imports to Australia, with a combined X% share of total imports.
From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Bulgaria (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.
In value terms, the largest millet suppliers to Australia were the United States ($X), China ($X) and India ($X), together accounting for X% of total imports. Bulgaria, Argentina and Ukraine lagged somewhat behind, together accounting for a further X%.
In terms of the main suppliers, Bulgaria, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.
Import Prices by Country
The average millet import price stood at $X per ton in 2023, reducing by X% against the previous year. Overall, the import price continues to indicate a noticeable slump. The most prominent rate of growth was recorded in 2016 an increase of X% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2022, and then declined notably in the following year.
There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was China ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Russia (X%), while the prices for the other major suppliers experienced more modest paces of growth.
Source: IndexBox Platform
Frequently Asked Questions (FAQ) :
The country with the largest volume of millet consumption was India, accounting for 41% of total volume. Moreover, millet consumption in India exceeded the figures recorded by the second-largest consumer, Niger, fourfold. The third position in this ranking was held by China, with an 8.9% share.
The country with the largest volume of millet production was India, accounting for 41% of total volume. Moreover, millet production in India exceeded the figures recorded by the second-largest producer, Niger, fourfold. China ranked third in terms of total production with an 8.9% share.
In value terms, the United States, China and India appeared to be the largest millet suppliers to Australia, with a combined 71% share of total imports. Bulgaria, Argentina and Ukraine lagged somewhat behind, together comprising a further 29%.
In value terms, Japan, Belgium and Thailand constituted the largest markets for millet exported from Australia worldwide, together accounting for 90% of total exports. The UK and New Zealand lagged somewhat behind, together accounting for a further 7.1%.
The average millet export price stood at $1,006 per ton in 2023, increasing by 27% against the previous year. Over the period under review, the export price enjoyed prominent growth. The growth pace was the most rapid in 2017 an increase of 1,163%. The export price peaked at $1,101 per ton in 2014; however, from 2015 to 2023, the export prices remained at a lower figure.
The average millet import price stood at $938 per ton in 2023, shrinking by -52.4% against the previous year. In general, the import price recorded a pronounced decline. The most prominent rate of growth was recorded in 2016 when the average import price increased by 127%. The import price peaked at $1,971 per ton in 2022, and then plummeted in the following year.
