Market Insight
Probiotics Market Revenue 2020 is all set to gain at a considerable rate of 8.48% between 2019 and 2027 (assessment period), confirms Market Research Future (MRFR). The market is also expected to be valued at USD 3,257.0 Million by 2027. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Key Boosters and Challenges
The Probiotics Market Revenue development is largely backed by the rising focus of consumers on preventive healthcare coupled with the increasing introduction of effective probiotic strains. Probiotics’ adequate consumption can result in desirable effects on the body including better gut health and lower intestinal inflammation, which boost its demand among health conscious people. With the rising focus on preventive healthcare, probiotics are observing higher demand as these prevent the chances of diseases by boosting the immune system. Therefore, mounting awareness with regard to preventive healthcare as well as the health benefits of probiotics can result in significant market growth during the evaluation period.
The worldwide market is largely characterized by the high availability of demographic-based probiotics, namely genders and geriatrics. Such niche markets provide leading firms opportunities to try new strategies to expand their product portfolio and also optimize their resources. Rampant surge in the preference for probiotic-based beverage and food products along with probiotic dietary supplements is touted to work in favor of the global market over the coming years.
Other key growth boosters in the market include the surge in disposable income, better living standards, and the expanding aging population. Rising use of the internet and the easy availability of information with regard to probiotics and its role in preventive healthcare contributes favorably to the market demand. Product innovation combined with the research and development to explore the potential of probiotics has led to new growth opportunities for probiotic manufacturers.
For instance, in August 2020, Swedish research team combined probiotics with omega-3 fatty acids, as this mix has the potential to control the gut microbiota for immune regulation. The combination of probiotics and omega-3 fatty acids is connected to positive metabolic results, especially in pre-diabetic and diabetic subjects.
Segmental Analysis
Type and application are the primary segments based on which the market study has been carried out in the MRFR report.
The types of probiotics in the market include lactobacillus, bifidobacterium and others.
The main applications of probiotics are functional food beverages, dietary supplements, animal nutrition and more. The market for functional food beverages is the largest, and can record a valuation of USD 1,749.6 million by 2027-end. The escalating consumption of beverages, particularly functional beverages, along with dairy-based products has led to the significant growth. But, the dietary supplements segment is anticipated to attain the fastest growth rate in the years to come.
Regional Insight
Europe, North America, Middle East and Africa/MEA and APAC/Asia Pacific are the top markets for probiotics worldwide.
North America has garnered the biggest share i.e. 31.60% in the global market and its growth has remained unparalleled since 2018. The United States/US is the most lucrative market in the region, given the rising preference and consumption of functional and healthy food beverages and the surge in probiotic use in the food sector. Probiotics are being researched constantly in the region, to explore its potential for animal nutrition and this development is anticipated to work in favor of the regional market in the years to follow.
The APAC market is another strong contender and can project the fastest CAGR over the conjectured period. The widening application scope of probiotics across industries and the substantial increase in awareness among people owing to the growing efforts by the prominent firms, in terms of advertisements and promotional campaigns, also benefit the market. The surging popularity of probiotics in countries like India, Australia and China, along with the expanding population and improving disposable income as well as standard of living also boost the market size. The vigorous RD activities to introduce products with better characteristics and use cases also help the market go from strength to strength in the region.
Renowned Companies
Renowned companies outlined in the market study include Novozymes A/S (Denmark), Roelmi HPC (Italy), Kerry Group (Ireland), BioCC OÜ (Estonia), Greentech SA (France), DowDupont Inc. (US), Probiotical SpA (Italy), Probi AB (Sweden), Sabinsa Corporation (US), Lallemand Inc. (Canada), Biosearch, SA (Spain), CHR-Hansen A/S (Denmark), Synbio Tech Inc. (Taiwan), UAS Laboratories LLC (US), to name a few.
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