The new report by Expert Market Research titled, ‘Global Probiotics Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global probiotics market, assessing the market based on its segments like products, distribution channels, end-uses, ingredients, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 55.6 Billion
• Forecast CAGR (2023-2028): 7.8%
The food and beverage segment dominated the probiotics market by the application during the forecast period, owing to the rising popularity of probiotic functional foods and beverages among consumers. The market for probiotics is being driven by factors, such as increased awareness confidence in their efficacy and safety. Consumers are now taking an active role in chronic illness prevention. With the broad availability of the Japanese brand “Yakult,” consumers are well aware of the health benefits of probiotics, thereby aiding in the market expansion. The Asia Pacific region has significant prospects for animal probiotic products as governments grow increasingly concerned about the health and production of agricultural animals. The deterioration of animal health with AGP use has prompted livestock owners to switch to probiotic-based feed, driving probiotics’ market growth.
Industry Definition and Major Segments
Probiotics are live microorganisms that are promoted as providing health benefits when consumed, typically by improving or restoring gut flora.
The major products of the global probiotic market are:
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• Probiotic Food and Beverages
o Dairy Products
o Non-Dairy Products
o Baked Food
o Fermented Meat
o Dry Food Probiotics
• Probiotic Dietary Supplements
o Food Supplements
o Nutritional Supplements
o Speciality Supplements
o Infant Formula
o Animal Feed Probiotics
On the basis of its ingredients the market can be classified into:
The market can be classified based on its end-use as:
• Human Probiotics
• Animal Probiotics
Based on its distribution channels, the market is segmented into:
• Pharmacies/Drug Stores
• Speciality Stores
• Online Stores
On the basis of region, the market can be classified as:
• North America
• Asia Pacific
• Middle East and Africa
• Latin America
The Asia Pacific region is predicted to see a substantial increase in probiotic use, adding to total market development. Its combination with low-cost health foods like yoghurt, fruit juices, and cultured dairy beverages has created a substantial industry in recent years, which is expected to expand further throughout the forecast period. Consumer health awareness is growing, and most customers are looking for healthy food products to consume on a regular basis, which is a primary driver driving the market growth. Probiotics have been found to provide numerous health benefits, particularly for the digestive tract of humans. It can be obtained as supplements or as components in foods and beverages, which is boosting the growth of the market.
Key Market Players
The major players in the market are Arla Foods amba, BioGaia AB, Chr. Hansen Holding A/S, Danone S.A. and Nestlé S.A., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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