The global probiotics market is expected to grow with an 8.51% CAGR during the forecast period between 2022 and 2030. The growing use of preventive healthcare products, novel formulations of probiotics, and the rising threat of antibiotic resistance drive the growth of the global probiotics market.
The demand for probiotics is rapidly increasing globally, owing to probiotic-fortified foods’ multi-functionality and health benefits. There is also a surge in the use of probiotics due to the rising consumer awareness about its benefits in regular diets. Further, the demand for probiotics in these foods is projected to remain high due to the consumers’ willingness to purchase probiotics-incorporated premium products.
As their consumer acceptance is increasing, more and more manufacturers are coming up with consumer-specific novel technologies. Companies are developing probiotic drops fortified with vitamins that can easily be ingested or mixed in a toddler’s meal. Many infant formulas are available with probiotics to ease colic pain. Similarly, for dental and digestive health in dogs, companies have introduced dental sticks that dogs can easily chew. Innovative products with clever marketing strategies are expected to be probiotic market drivers.
The global probiotics market growth evaluation entails the analysis of Asia-Pacific, Europe, North America, and Rest of World. Asia-Pacific has the fastest-growing CAGR in the market owing to the improving living standards, growing disposable income, and consumer acceptance of functional foods.
The probiotic products market is highly fragmented and dynamic. Many competitors have a diversified portfolio, leading to fierce industry competition. Brand identity also plays a major role in consumer preference as they find it synonymous with good product quality. Many companies are investing heavily in their R&D departments to introduce novel products in the market to stay ahead in the game. As a result, the industry rivalry is high.
Some leading market players include Biogaia AB, Kerry Group PLC, Nestle Inc, Pharmacare Laboratories PTY Ltd, Jarrow Formulas Inc, etc.
Our report offerings include:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation caters to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments