Demand For Millets

Presented by : Bhakti C. Salvi

FYBMS B
Roll No. : 31
Introduction
• Millets are a highly varied group of small-seeded grasses, widely grown
around the world as cereal crops or grains for fodder and human food.
• Millets are referred to as inferior goods or Giffen's goods. Giffen's Goods
are those goods whose demand does not rise even if their price falls.
• Some of the millets consumed in India are jowar, bajra and ragi.
• The price range of millets is between INR 41.43 and INR 99.42 per
kilogram.
• The Global Millet Market size was worth US$ 10.26 billion in 2022, and it is
anticipated to reach US$ 13.87 billion by 2028.
 Determinants of "Demand of Millets"
Income : Income of
the consumer decides purchasing power.
In the case of millets, the increase
in the income of the consumer will
lead to decrease in the demand
of millets and the fall in the income of
the consumer will lead to rise in
the demand for millets.
Geographical Location : The
demand for any commodity is
different in the urban areas and rural
areas. The demand for millets is less
in the urban areas whereas the
demand for millets is more in the
rural areas due to various factors

Nature of commodity : Millets

are referred to as inferior goods.
Inferior goods are those goods
whose demand does not rise
despite of the price
• Law of Demand
• Law of demand states that other things remaining constant, if the price and
quantity demanded of a commodity are inversely related. When the price of a
commodity increases the demand for that commodity falls and vice versa.
• The law of demand is not applicable to millets as they are referred to as inferior goods or
Giffen's Goods. Inferior goods are an exception to the law of
demand as their demand does not rise even after the fall in their price.
• Millets do not follow the Law of Demand.

• Elasticity of Demand
Millets have Negative Income Elasticity.
Income Quantity Demanded of Millets
Income Quantity Demanded of Millets
News

Source : https://planet.outlookindia.com/news/millet-varieties-to-register-high-demand-in-2023-news-415281
Thank You