Probiotics Market Is Estimated To Witness High Growth Owing To Increasing Health Consciousness
Probiotics are live microorganisms that provide numerous health benefits when consumed. They are available in various forms such as dietary supplements and functional foods and beverages. Probiotic supplements are consumed to promote digestive and immune health. Probiotic foods include fermented dairy products such as yogurt and fermented milks. Probiotic bacteria are also used in non-dairy foods and beverages like nutritional supplements.
The global Probiotics Market is estimated to be valued at Us$ 63.79 Bn in 2023 and is expected to exhibit a CAGR Of 6.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the probiotics market is increasing health consciousness among consumers. Rising cases of lifestyle diseases such as diabetes, high cholesterol levels and digestive issues have increased awareness about maintaining good gut health through diet and supplements. Probiotics support digestive health by regulating the gut microbiome composition. Consumption of probiotic supplements and foods provide numerous health benefits. The probiotics market is also driven by rapid growth in functional food and beverage industry. Food and beverage manufacturers are increasingly introducing enriched products containing probiotic ingredients to cater to consumer demand. Rising application of probiotics across various domains including dietary, animal and clinical nutrition is also supplementing the market growth over the forecast period.
SWOT Analysis
Strength: Probiotics provide various health benefits such as improved digestion, immune health, and antimicrobial properties. The probiotic ingredients are safe, have high efficacy, and are backed by clinical research. There is growing consumer demand for products containing probiotics due to rising health consciousness.
Weakness: The ability of probiotics to provide health benefits can vary greatly depending on the strain used. Some consumers remain skeptical about probiotic claims due to lack of sufficient evidence for certain applications. The quality and viability of probiotic products need to be properly maintained during manufacturing and distribution to ensure live bacteria reach the consumers.
Opportunity: The expanding functional food and beverage industry provides major opportunities for probiotic ingredient suppliers. New product formats and advanced delivery systems help address various ailments more effectively. Emerging economies offer immense growth potential with rising disposable incomes and improved access to premium health products. Probiotics can tap into personalized nutrition trends through strain-specific formulations.
Threats: Stringent regulatory norms across regions pose compliance challenges for market players. over-the-counter probiotic products receive more scrutiny regarding health claims. Pricing pressures from local manufacturers also threaten industry profitability. Advancements in gut microbiome research may diminish the commercial scope of some existing probiotic strains over time.
Key Takeaways
The Global Probiotics Market Demand is expected to witness high growth. The market size for 2024 is estimated to reach US$ 63.79 billion, projecting a CAGR of 6.4% during the forecast period of 2023 to 2030. Rapid urbanization, growing health concerns, and expanding retail distribution are fueling the demand across regions.
Regional analysis:
The Asia Pacific probiotics market accounted for the largest share of over 35% in 2023. Countries like Japan, China, India and South Korea are driving volume sales due to rising living standards and health awareness. North America represents another major pocket with United States as the dominant country, supported by innovative products, informed consumers and a conducive regulatory environment. Europe was valued at US$ 14.7 billion in 2023 due to growing acceptance of probiotic formulations as an integral part of the diet.
Key players:
Key players operating in the Probiotics market are F. Hoffmann-La Roche AG, Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Danaher Corporation, Qiagen N.V., PerkinElmer, Inc., Illumina, Inc. and Merck KGaA. These companies have strong global presence, diverse product portfolios and focus on R&D for new technologies and applications. They continue to consolidate their positions through organic initiatives and acquisitions.
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