The Probiotics Market Is Estimated To Witness High Growth Owing To Rising Consumer Awareness Regarding Health Benefits Of Probiotics
Probiotics are live bacteria and yeasts that are good for your gut health when consumed in adequate amounts. Probiotic foods and supplements provide health benefits by helping develop and maintain a natural balance of microorganisms in the gut. Probiotics promote healthy digestion by inhibiting the growth of harmful bacteria and stimulate the immune system. Common sources of probiotics include yogurt, kefir, kimchi, tempeh, and miso. Probiotic supplements are also available in capsule, powder, and liquid form.
The global Probiotics Market is estimated to be valued at Us$ 63.79 Bn in 2023 and is expected to exhibit a CAGR Of 26% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising consumer awareness regarding the health benefits of probiotics is a major driver boosting the growth of the probiotics market. According to recent studies, probiotic supplements aid in digestion, boost immunity, reduce symptoms of lactose intolerance, and lower the risk of infections. The growing popularity of probiotic foods like yogurt and fermented drinks due to their nutritional value is also fueling market growth. Another factor augmenting market demand is the increasing prevalence of lifestyle diseases resulting from unhealthy dietary habits and sedentary routines. Probiotic supplements are gaining recognition for their potential to mitigate chronic conditions like irritable bowel syndrome, diabetes, and high blood pressure.
SWOT Analysis
Strength: Probiotics have significant health benefits such as improving gut and digestive health, boosting the immune system, reducing inflammation, and aiding in weight loss. Their abilities to positively impact health make probiotics a attractive market. Additionally, rising awareness about probiotic health benefits is driving more consumers to include them in their diets.
Weakness: Shelf life of probiotic products is relatively short, typically lasting 3-6 months in refrigerated conditions, which causes wastage. Costs related to clinical trials to research and prove health claims of new probiotic strains are also high.
Opportunity: Growth in functional foods and beverages industry provides opportunities to incorporate more probiotic products. Rising health consciousness worldwide along with expanding elder population prone to gut and digestive issues will augment demand. Developing economies offer high growth potential as awareness and disposable incomes rise.
Threats: Strict regulations governing probiotic product labels and health claims in some regions pose challenges. Emergence of alternatives like prebiotics also increases competition. COVID-19 pandemic impacted production and supply chains in 2020.
Key Takeaways
The Global Probiotics Market Demand is expected to witness high growth. The market size for 2023 is estimated at US$ 63.79 billion and is forecast to reach US$ 162.6 billion by 2030, growing at a CAGR of 26%.
Regional analysis :
North America dominates currently due to robust gut health awareness and spending power. However, Asia Pacific region is poised to emerge as the fastest growing market led by China, India, Japan and other developing countries. Expanding middle class, rising health expenditures and large consumer bases will fuel high double digit growth rates in Asia Pacific region over the forecast period.
Key players :
Key players operating in the probiotics market are Google LLC. (the U.S.), Microsoft Corporation (U.S.), DAQRI (U.S.), Mindmaze (Switzerland), Wikitude GmbH (Austria), Medical Realities (U.K.), Atheer (U.S.), Augmedix (U.S.), Oculus V.R. (U.S.), CAE Healthcare (U.S.), and Others. These companies are focused on developing advanced solutions and exploring new use cases for augmented reality in the healthcare industry through heavy investments in research and development.
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