Probiotics Market Overview:
The global probiotic market size is expanding at sound speed and is expected to reach a significant valuation over the forecast period of 2023-2032, asserts Market Research Future (MRFR) in a detailed research report.
Probiotics Market Size valued at USD 40.6 billion in 2022. The Probiotics Market Share is projected to grow from USD 44.051 Billion in 2023 to USD 84.604 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.50% during the forecast period (2023 - 2032)
The rise in the prevalence of gastrointestinal disorders such as colic, regurgitation, constipation, functional abdominal pain and others have spurred the adoption of probiotics. The use of probiotics has been documented to significantly reduce such gastrointestinal problems among consumers and reduce costs for managing gastrointestinal disorders.
Increase in awareness regarding the role of microorganisms in the maintenance of good health has resulted in an upswing in demand for probiotics. Probiotics help in nutrient absorption and bowel movement to prevent gastrointestinal disorders. They are also helpful in the prevention of oral infections, dental problems, and risk of colon, and bladder cancer.
High demand for functional beverages has encouraged various beverage manufacturers to expand their product portfolio in the health and wellness segment and are seeking to incorporate probiotics into juices.
Various pharmaceutical companies are entering into the probiotics arena and are introducing probiotic drugs which are likely to propel the growth of the global probiotics market over the forecast period. The recent years have witnessed a wave in the product launch of various probiotic products which coupled with product promotion through multiple channels has also resulted in the growth of the global probiotics market.
Commercial probiotic food items crop up on store shelves, and easy availability of probiotics across supermarkets and retail stores have also fostered the growth of the global probiotics market.
The industry participants are focusing on R&D to develop innovative products to gain customer loyalty and differentiate the product from competitors which are expected to aid in market expansion. Rising disposable income in emerging countries is also expected to stimulate the growth of the market.
However, product alteration is expected to pose a risk to the growth of the global probiotics market. The high cost of probiotic products restricts the growth of the market in the low-income market. In addition, low awareness regarding probiotics, side effects associated with them, and limited product options also hinder the growth of the global probiotics market.
Segmentations:
The global probiotics market has been segmented based on source, form, application, and end user.
By source, the global probiotics market has been segmented into Bacteria and Yeast.
By form, the global probiotics market has been segmented into Dry, Liquid, and Others.
By application, the global probiotics market has been segmented into Food & Beverages, Dietary Supplements, Animal Feed, and Others.
By end user, the global probiotics market has been segmented into Human and Animals.
Regional Analysis:
North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW) are the key markets for probiotics. North America dominates the global probiotics market due to high consumption of healthy food products in the region while APAC is poised to be the fastest growing market for probiotics owing to changing lifestyle and rising disposable income in the region.
Competitive Landscape:
Danone, China-Biotics, Yakult, BioGaia, Arla Foods, Nebraska Cultures, Nestlé, Lallemand and Chr. Hansen holding, Lifeway Foods, Mother Dairy Fruit & Vegetable Pvt, and Danisco are the notable players in the global Probiotics Market Trends.
Industry Updates:
• In November 2018, Kellogg's, a multinational food manufacturing company has launched a new cereal which is packed with probiotics. The new cereal comes in three flavors including strawberry, blueberry, and coconut.
• In November 2018, Archer Daniels Midland Company announced the acquisition of Probiotics International Limited, a U.K.-based provider of probiotic supplements for human, pet, and production-animal use.
• In November 2018, Phileo Lesaffre Animal Care, a French company launched a new generation of live yeast probiotic.
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