Global Probiotics Market to Grow at a CAGR of 8.7% during 2022-2028
Published | 08 June 2022
Global Probiotics Market is growing at a high rate because of rising health awareness, changing lifestyles, increasing demand for fortified food & dietary supplements, expanding research and development activities along with the growing application as well as benefits of probiotics…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Probiotics Market was worth USD 60.23 billion in the year 2022. It is estimated to grow at a CAGR of 8.7%, earning revenue of around USD 93.49 billion by the end of 2028. The significant growth of the Global Probiotics Market is attributed to urbanization, rapid technological innovation, changing lifestyles, rising consumption of fortified food, expanding Food and Beverage industry, and increasing usage of probiotics in the food industry to reduce the use of antibiotics, to treat various digestive, intestinal disorders, and prevent physical problems. Also, it is widely used in pharmaceuticals and animal feed. Furthermore, Global Probiotics Market is one of the most booming markets that grow continuously owing to the fast advantages and integration of new technologies like the Internet of Things (IoT), artificial intelligence (AI), cloud computing, and others.
There is a surge in demand for dietary supplements, functional, and processed food products in various countries around the globe and to meet this demand various market players are promoting new probiotics-based nutritional food products. Thus, probiotics is essential for a healthy lifestyle. However, some factors like the high-cost associated with research and development activities, standard research equipment, investments in laboratories, and high-risk of quality management during the development of new products, and the high-cost to hire trained professionals are the major restraining factors for the growth of the Global Probiotics Market. Moreover, nowadays fermented Food and Beverages product is popular owing to the shifting preferences of consumers towards delicious yet healthier food products like yogurt, kefir, apple cider vinegar, wine, beer, and cultured milk resulting in driving the growth of the Global Probiotics Market. The demand for probiotics supplements owing to growing interest in the role of gut bacteria and overall health, in general, is gaining huge popularity among consumers across the globe Due to all these factors, the Global Probiotics Market is anticipated to proliferate during the forecast period (2023-2028).
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Based on Distribution Channel, the Global Probiotics Market is segmented into Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, and Online Retail. The supermarkets/Hypermarkets segment dominates the market owing to their wide availability of different products, convenient nature, and discounted price grabs consumers' interest in buying probiotics products. Consequently, reinforcing the growth of the Global Probiotics Market during the forecast period. Based on End-User, the Global Probiotics Market is segmented into Food and Beverages, Dietary Supplements, Pharmaceuticals, and Animal Feed. The Food and Beverages segment dominates the market owing to the changing lifestyles, increasing consumption of dietary food supplements, increasing demand for probiotic fortified food, and the importance of Probiotics in manufacturing food supplements and beverages, and dietary products are driving the growth of the Global Probiotics Market during the forecast period.
Geographically, the global probiotics market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA). The Asia-Pacific (APAC) segment accounts to hold the largest share in the market owing to the increasing health awareness, growing aging population, hectic lifestyle, adoption of nutritional value and low-calorie content products, as well as new product launches in markets of this region are driving the growth of the Global Probiotics Market during the forecast period. Moreover, North America is expected to witness higher growth in the market due to the well-established food industry and the presence of various prominent market players. The sudden outbreak of COVID-19 negatively affected the Food and Beverage industry, pharmaceuticals, and the decline in the global economy. People are more concerned about their health and the fear of buying new products during the pandemic which restrains the demand for gelatin. However, post-pandemic, there is a surge in demand for fortified food, fermented products, and nutritional processed food products owing to their health benefits which in turn increases the demand for probiotics during the forecast period.
The leading market players in the Global Probiotics Market are Danone S.A. (France), DowDuPont (US), Yakult Honsha (Japan), Lifeway Foods, Inc., and Nestle (Switzerland), Chr. Hansen (Denmark), Probi AB, Ganden, Inc., Protixin, Kerry Inc. (Tralee, Ireland), Pepsico, Inc. (New York, US), Lallemand Inc. (Canada), and other prominent players. The Global Probiotics Market is highly consolidated with the presence of multinational Food and beverages and pharmaceutical companies. These companies constantly launch a wide range of products with innovations to attract consumers and significantly invest in research and development activities to further innovate their offerings. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
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 in 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.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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