Global Probiotics Market Thriving: Projected to Grow at a CAGR of 8.0% by 2027
Published | 28 September 2021
Probiotics are microorganisms, such as bacteria and yeast that benefit humans and animals by preserving intestinal microbial balance. Probiotics are in high demand due to the growing consumer awareness concerning digestive health and the increasing demand for high-quality foods and quality animal-based products.
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that global probiotics market was worth USD 57.4 Billion in the year 2020. It is estimated to grow at a CAGR of 8.0%, earning revenue of around USD 97.8 Billion by the end of 2027. As consumers become aware of the importance of digestive health, as well as the rising demand for high-quality foods and animal-based products, the demand for probiotics will continue to grow. One can easily find it in the form of supplements or components in food and beverages. Probiotics are expected to grow in the near future, but the high cost of research and development for breakthrough strains and international quality standards is likely to hamper growth.
Hectic daily schedules, long working hours, and sedentary lifestyles have affected eating habits as well as food choices, resulting in an increased prevalence of various lifestyle-related conditions such as diabetes, fatty liver disease, and obesity. Because of this, consumption of probiotic foods is of considerable public interest world-wide. Many health benefits have been seen in the probiotics like inulin and pectin as they decline the frequency and duration of diarrhea and help in inflammation and any symptoms of intestinal bowel disorder, this helps in driving the growth of the global probiotics market.
Different mode of consumption
Furthermore, the availability of probiotic supplements in many forms in most supermarkets and pharmacies is also a major contributor to the growth of the global probiotics market. Various forms of probiotics are available on the market, such as capsules or tablets, which can be swallowed. Furthermore, probiotics are also available as a loose powder that can be sprinkled on food or drinks. Drinks have become a popular way to consume probiotics among the masses these days. Consumers who regularly consume probiotics have indicated that the liquid form is easier to consume.
Low awareness among consumers
Many consumers don't know how to find and buy these probiotic foods, constraining the global probiotic market's growth. A large number of the population are still not aware of its existence. The lack of proper knowledge about probiotics and their beneficial effects ultimately leads to the consumption or intake of probiotics of the wrong type, which may not have any positive effects. Increasing demand for probiotics will occur as and when the average person becomes aware of their benefits.
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Impact of COVID-19 in the industry
Since the emergence of COVID-19, many industries have been facing a struggle. The global probiotics market is one of those few sectors that the pandemic has positively impacted. During the pandemic, consumers became more aware of the products, which helped strengthen their immune systems. Since the beginning of the nationwide lockdowns imposed by different countries, consumers have become more conscious about maintaining their health and wellbeing. This has led to a significant increase in the use of natural and organic solutions, such as probiotics, with people seeking to avoid medical intervention. The fear of getting infected in a pandemic has led to people accepting healthy lifestyles. Because everyone has the possibility of virus infection, manufacturers are focusing on probiotic products that provide noticeable results, which in turn is driving the market growth.
Based on ingredients, yeast occupies the largest share of Global Probiotics Market
Based on ingredients, the global probiotics market is divided into Bacteria and Yeast. Yeast is expected to be the segment with the fastest growth during the forecast period. In emerging markets such as China, Brazil, and India, there is a high demand for yogurts containing Saccharomyces boulardii, a type of yeast with many benefits of probiotics. It is anticipated that there will be an increase in the demand for yeast strain-based medicines due to tested positive results for reducing the incidence of chronic diseases, such as diarrhea and bowel diseases linked to antibiotic use.
North America is expected to witness significant growth in the market during the forecast period
Based on the regions, the global probiotics market is divided into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The region, which has dominated the market in terms of revenue during the forecast period, is North America. The US is the major contributor to market growth. The inclination of consumers towards the intake of functional food and beverages is increasing the application of probiotics in the food industry. On the other hand, Asia Pacific is also growing significantly and holds an important share of the global probiotics market. Additionally, the region is expected to grow at the highest CAGR during the forecast period. The probiotics market is growing due to an increase in applications in the APAC region.
Key players in the global probiotics market are CHR-Hansen A/S (Denmark), Novozymes A/S (Denmark), Lallemand Inc. (Canada), Probi AB (Sweden), Kerry Group (Ireland), Sabinsa Corporation (US), DowDupont Inc. (US), Synbio Tech Inc. (Taiwan), Roelmi HPC (Italy), UAS Laboratories LLC (US), Probiotical SpA (Italy), Greentech SA (France), Biosearch, SA (Spain), and BioCC OÜ (Estonia) and other manufacturers.
The core strategy of most market players for growth is launching new products, followed by partnering, expanding, and acquiring companies. Globalization has made product launches a popular method for companies to expand themselves globally and appeal to customers around the world. In the past few years, there have been a number of innovative products developed by companies to enhance their product offerings.
Do not miss the business opportunity of the Global Probiotics Market. Consult our analysts to gain crucial insights, and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global probiotics market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global probiotics market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Probiotics Market- Global Industry Size, Share, Trend Analysis and Forecast Report, 2018-2028, Segmented By Type (Bacteria, Yeast, and Others), By Source (Yogurt, Cauliflower, kefir, fermented dairy Products, and Plants), By Distribution Channel (Specialty Stores, Convenience Stores, and Online Retail), By End User (Food & Beverages, Dietary Supplements, Pharmaceuticals, and Animal Feed) By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
Publish Date: June 2022
Global Probiotics Market is gaining significant traction owing to the rising demand for Probiotic foods and beverages, and probiotic dietary supplements along with its benefits of improving digestion, immune system, diarrhea, allergies, as well as other illness...
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