Probiotics Market is segmented by Application (Functional Food and Beverages (Dairy Products, Non-dairy Beverages, Infant Formula, Cereals), Dietary Supplements, Feed), Ingredient (Bacteria, Yeast), Form (Dry, Liquid), End User, and Region.
Probiotics are popularly known to be a combination of a live bacteria and yeasts that can both live on your body and at the same time, provide health benefits. These bacteria contrary to common belief, are actually goof for one’s body keeping you healthy. There is an increasing demand for probiotics especially in fortified foods, this is due to the rising awareness of its health benefits and consumers’ willingness in purchasing premium probiotics products.
The global Probiotics Market is approximated to have a market size value of USD 61.1 billion in 2022 and is expected to reach a size value of USD 111.1 billion by 2031, at a CAGR of 8.3% during the forecast period.
The spike in sales is attributed to the customers’ growing consciousness that the intake of probiotics is associated with digestive health benefits. Other factors contributing to the growth of this market are, growing demand for nutritious food and the high demand for better quality animal-based products. The evident health benefits of probiotics has changed consumer preference and inclination towards replacing pharmaceutical agents with probiotics. This is because probiotics are proven safe, natural, effective, and inexpensive compared to pharmaceutical drugs.
Countless industries adapted to and adopted the changes that are imposed upon them by their governments. A major set back on the growth of the probiotics market is the disruption of supply chain since manufacturing and distribution of key players or companies are being limited, if not, controlled by governments by imposing lock downs and halting travels across borders.
The market is facing a challenge of disruption in raw material supplies because it is negatively affecting manufacturers since travel, transport of raw materials, facility operations, and non-essential trade has been put off in many countries. This in turn affected production, causing fewer volume of product sales. Another repercussion is the anticipation of the possible holdup of international bodies like National Food Safety and Quality Service, Canadian Food Inspection Agency, US FDA, WHO, and European Parliament Committee on the ENVI (Environment, Public Health and Food Safety) of the EU with regard to food safety guidelines and protocols. Having stringent regulations and standardization of requirements have caused key players to halt production if not, delay it just to comply with the demands.
Another restraint in the market is the unavailability of work force or labor in facilities. Millions of people are inflicted with the COVID-19 virus, thus making them vulnerable and unable to provide labor support in the manufacturing of probiotics products.
COVID-19 Positive Impact
With all of the negative effects in the market, there are still opportunities that opened in favor of this market. For instance, there are now high demands with regard to consumption and sales of food products with probiotics because it can aid in providing necessary digestive health benefits and immunity boosting properties.
Key Findings in the Probiotics Market
In terms of application, the food and beverage segment is leading the market during the forecast period and is expected to be the largest segment. The driving factors of growth are, rising awareness, product efficacy and safety. This segment is projected to have the largest share in terms of revenue in the market.
Animal products segment on the other hand, is expected to have the fastest growth in the probiotics market during the forecast period. Synthetic antimicrobial growth promoters (AGP’s) are now banned in Europe thus contributing to the growth of this segment. Liquid probiotics segment is also expected to top the market compared to the dry segment. This is due to its application in known probiotics products like yogurt, kefir water, probiotic juices, and yogurt-based drinks.
Regional Market Analysis
In terms of region segment, Asia Pacific is expected to have the largest share in the market accounted for during the forecast period. Consumers’ well awareness of probiotics benefits from Asia Pacific is what drives this region to flourish in said market. The Japanese brand “Yakult” has an immense presence in most regions like China and Japan which are considered among the largest probiotics market.
Key Players: Share and Competition
The major key players in this market who have a strong product portfolio and an extensive assessment of the, market landscape are, Danone (France), Yakult Honsha (Japan), Nestlé (Switzerland), DowDuPont (US), and Chr. Hansen (Denmark).
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Industry Segmentation and Revenue Breakdown
Ingredient Analysis (Revenue, USD Million, 2022 - 2031)
• Lactobacillus acidophilus
• Lactobacillus rhamnosus
• Lactobacillus casei
• Lactobacillus reuteri
• Streptococcus thermophilus
• Saccharomyces boulardii
• Others (Saccharomyces cerevisiae and Saccharomyces bayanus)
Application Analysis (Revenue, USD Million, 2022 - 2031)
• Functional food & beverages
• Dairy products
• Non-dairy beverages
• Infant formula
• Others (snacks, meat, bakery, and nutrition bars)
• Dietary supplements
End User Analysis (Revenue, USD Million, 2022 - 2031)
Form Analysis (Revenue, USD Million, 2022 - 2031)
Region Analysis (Revenue, USD Million, 2020 – 2031)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Probiotics Market Industry Research Report
• Europe Probiotics Market Industry Research Report
• Asia Pacific Probiotics Market Industry Research Report
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