The global probiotics market is estimated to be valued at US$ 58.9 billion in 2022 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Probiotics are live bacteria and yeasts that promote gut health and improve the immune system. They are commonly found in fermented foods such as yogurt, kefir, and sauerkraut. Probiotics have gained significant attention in recent years due to their potential health benefits, including improved digestion, enhanced nutrient absorption, and strengthened immune function.
B) Market Dynamics:
The global Probiotics Market is driven by two main factors. Firstly, there is a growing awareness among consumers about the importance of digestive health and the role probiotics play in maintaining a healthy gut. This increased awareness is leading to a surge in demand for probiotic-rich foods, beverages, and supplements.
Secondly, there is a rising demand for functional foods and beverages that offer additional health benefits beyond basic nutrition. Probiotics are being incorporated into various products to enhance their nutritional value and promote overall wellness. For example, probiotic-infused yogurts and drinks are becoming increasingly popular among health-conscious consumers.
C) Segment Analysis:
The probiotics market can be segmented based on product type, application, and distribution channel. The product type segment includes bacteria and yeast. The bacteria segment dominates the market, as they are the most commonly used probiotics and offer a wide range of health benefits. In terms of application, the dietary supplements segment holds the largest market share, followed by dairy products. The rising popularity of probiotic supplements and fortified dairy products is driving the growth of these segments.
D) PEST Analysis:
– Political: The regulatory landscape surrounding probiotics varies across different countries. In some regions, there are strict regulations governing the labeling and health claims associated with probiotic products.
– Economic: The probiotics market has witnessed steady growth due to the increasing disposable income of consumers, which allows them to spend more on healthcare and wellness products.
– Social: The growing interest in preventive healthcare and holistic wellness has contributed to the rising demand for probiotics. Consumers are becoming more conscious about the impact of their dietary choices on their overall health.
– Technological: Advances in biotechnology and genetic engineering have enabled the development of more effective and targeted probiotic strains. This has expanded the range of potential applications for probiotics.
E) Key Takeaways:
– The global probiotics market is expected to witness high growth, exhibiting a CAGR of 8.3% over the forecast period, due to increasing awareness about digestive health and rising demand for functional foods.
– In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the probiotics market. The region has a long history of probiotic consumption, particularly in countries like Japan and South Korea.
– Key players operating in the global probiotics market include BioGaia AB, Chr. Hansen, Groupe Danone S.A., Nestle S.A., PROBI AB, Lifeway Foods, Inc., Mother Dairy, General Mills, Inc., China-Biotics, Inc., Yakult Honsha Co., Ltd., and E. I. du Pont de Nemours and Company.
In conclusion, the global probiotics market is witnessing significant growth due to increasing awareness about digestive health and the rising demand for functional foods. With the continued development of innovative probiotic products and growing consumer interest in preventive healthcare, the market is expected to expand further in the coming years.