The global probiotics market is estimated to be valued at USD 57.8 Billion in 2022. It is projected to reach USD 85.4 Billion by 2027, recording a CAGR of 8.1% during the forecast period. In the food & beverage industry, probiotics are living microorganisms associated with health benefits when consumed in appropriate quantities. They are helpful in the treatment of diseases, such as intestinal inflammation and urogenital infections, in both humans and animals. They are fed to the livestock to enhance microbial stability in the intestinal tract. The major reasons for the growing demand for probiotics in fortified foods are the increase in awareness related to their benefits and rise in consumer willingness to purchase probiotics-incorporated premium products. Probiotic products are gaining popularity worldwide due to digestive health and other benefits. Thus, there is a significant rise in the demand for nutritious food, and the increase in the demand for quality animal products. Probiotics are found in supplement form or as components of food & beverages. Their integration with inexpensive but good-for-health products, such as yogurt, fruit juices, and cultured dairy drinks, has contributed to their significant market size. Manufacturers are coming up with various innovations in probiotic products, thus providing various choices for consumers.
“Asia Pacific is projected to witness the growth of 9.5% during the forecast period making it the fastest-growing market.”
The probiotics market in Asia Pacific is growing at a CAGR of 9.5%. The Asia-Pacific region consists of a rising population, some of the world’s fastest-growing economies, and a growing preference for functional foods, which is expected to thrive the probiotics market in the region. Moreover, major players in the market are establishing their plants in the region to tap the rising potential. The demand for feed probiotics is also on a rise, due to an increase in demand for safer, healthier, and export-quality meat and poultry. Thus, high demand and investments from key players are expected to propel the probiotics market ecosystem in the region, during the forecast period, making Asia-Pacific, the fastest-growing market.
“The animal end-user segment is projected to grow at the fastest CAGR of 7.9% during the forecast period.”
Factors driving the animal segment in the probiotics market include the ban on synthetic Antimicrobial Growth Promoters (AGPs) in Europe in 2006 to promote the healthy growth of animals that provide safe meat for human consumption. The increasing awareness among consumers related to the benefits associated with the consumption of meat and dairy products has also given rise to their concern related to the quality of the meat they consume, hence, fueling the market growth.
Europe is projected to be one of the key markets for the application of probiotics in the feed industry. Besides this, emerging countries of the Asia Pacific and South America are projected to become key major revenue-generating pockets for probiotic manufacturers in the feed industry due to the rising demand for animal protein sources in the region. Thus, the demand for probiotics for animal nutrition is projected to increase at the fastest rate due to the growing awareness among pet owners and farmers.
“Change in consumption pattern with growing incidence of chronic diseases is creating opportunities in the probiotics market.”
Chronic diseases are among the most prevalent health conditions worldwide, especially in developed countries, such as the US. As per the data published by the Partnership to Fight Chronic Disease (PFCD), chronic diseases are the leading cause of death and disability in the US. Approximately 133 million Americans, or 45% of the population, have at least one chronic disease, and chronic diseases are responsible for seven out of every 10 deaths in the US, killing more than 1.7 million Americans every year. Thus, changing consumption patterns and the growing prevalence of chronic diseases can prove to be a big opportunity for the players in the probiotics industry, especially in the dietary supplements space, as the products have health-associated benefits that are disease preventive.
Break-up of Primaries:
- By Company Type: Tier 1 – 30.0%, Tier 2- 45.0%, Tier 3 – 25.0%
- By Designation: Managers – 50.0%, CXOs – 25.0%, and Executives- 25.0%
- By Region: Asia Pacific - 40%, Europe – 30%, North America - 20%, RoW – 10%
The report segments the probiotics market on the basis of ingredients, product type, end user, distribution channel, and region. In terms of insights, this report has focused on various levels of analyses?the competitive landscape, end-use analysis, and company profiles, which together comprise and discuss views on the emerging & high-growth segments, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges of the global probiotics market.
Reasons To buy this report:
- To get a comprehensive overview of the probiotics market
- To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
- To gain insights about the major countries/regions in which the probiotics market is flourishing