Market Strategies for Promotion of Millets: A Critical Analysis on Assessment of Market Potential of Ready to Eat (RTE) and Ready to Cook (RTC) Millet Based Products in Hyderabad

Abstract

Aim: To understand the millet product features influencing consumers buying behavior and to analyze the market potential for Ready to Eat (RTE) and Ready to Cook (RTC) millet-based products in Hyderabad. Study Design: Experimental Design. Place and Duration of Study: 6 months, Hyderabad. Methodology: It attained the objective of analyzing market potential of millets (RTE and RTC) and also to determine the product features influencing consumer buying behavior, for which 120 consumers and 30 dealers of millets were interviewed through structured questionnaires. The results revealed that the majority of the sampled consumers are already acquainted with the consumption of finger millet, sorghum and pearl millet mostly during the Breakfast, Dinner and Lunch hours. Frequency of consumption was found to be more as both RTE and RTC forms, (46%), followed by staple grains (29%), only RTC (13%) and RTE (12%). Among all the influencing factors ‘price’ holds first rank followed by taste (second), brand(third), promotional offers(fourth) and packaging(fifth). Application of one sample t-test was done which presents that the average monthly expenses on millets were ≥ Rs.250. From the dealers’ data, it was revealed that the average price per unit for RTE is Rs.90 for the sampled millet products which were higher than that of RTC, (Rs.79.06) and grain form (Rs.77.77). By conducting a comparative analysis between the annual expenses of the consumer sample and the annual sales of the dealer sample it was found that the market has a huge potential which can still be penetrated and explored to build a lucrative market for millets in future.