The digestive health products market is estimated to be valued at US$ 50.41 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Digestive health products help maintain gastrointestinal health and deal with common digestive issues. These include prebiotics, probiotics, food enzymes, fiber supplements, and zinc supplements that aid digestion. Probiotics and prebiotics help regulate the growth of beneficial microbes in the gut. Fiber supplements add bulk to stool and ease bowel movements. Enzymes and zinc supplements support digestive functions.
Market Dynamics:
Increasing cases of gastrointestinal disorders drives the market growth. According to the National Institutes of Health, at least 70 million Americans are affected by digestive diseases every year. The growing westernization of lifestyle with less physical activity and unhealthy diet is fuelling digestive disorders. Sedentary jobs and erratic sleep patterns also impact gut health. The COVID-19 pandemic further aggravated gastrointestinal issues due to increased stress.
Evolving consumer preference for natural and herbal remedies also augments the market growth. With growing awareness, consumers are increasingly opting for natural supplements to manage digestive issues. Manufacturers are leveraging this opportunity by innovating novel plant-based formulations and probiotic mixtures for digestive health. New product launches catering to evolving tastes and needs drive the market.
SWOT Analysis
Strength: Digestive Health Products Market has strong growth potential due to rising awareness about gut health and immunity among consumers. Digestive health supplements help improve digestion and treat conditions like constipation, diarrhea etc. Innovation in supplement forms like chewable tablets, gummies make them appealing to all age groups.
Weakness: Low adoption in developing nations due to lack of awareness and affordability. High costs of ingredients like probiotics makes products unaffordable for some.
Opportunity: Growing geriatric population worldwide suffering from digestive issues creates demand. Nutraceutical industry receiving increased investments for evolving advanced formulations. Online wellness platforms expand easy access in remote areas.
Threats: Strong competition from local substitutes offering similar benefits at lower costs. Stringent regulations on claims and approval process for new products can delay market entry. COVID-19 impacted manufacturing and supply chains in 2020.
Key Takeaways
The Global Digestive Health Products Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing health awareness amongst consumers. The market size for 2023 is US$ 50.41 Bn.
Regionally, North America holds the largest share in the global digestive health products market owing to higher affordability and growing consumption of probiotics in the US and Canada. Asia Pacific is expected to witness the fastest growth due to rising incomes and expanding middle class in India and China.
Key players operating in the digestive health products market are Danone S.A., Arla Foods amba, Nestle, Chr. Hansen Holding A/S, Yakult Honsha Co., Ltd., General Mills Inc., Meiji Holdings Co., Ltd, Mondelēz International, PepsiCo, Inc., and Kellogg NA Co. Companies compete through value added product launches, mergers, expansions, and collaborations.
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