The global Digestive Health Products Market is estimated to be valued at US$ 47.02 Billion In 2022 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Digestive health products refer to a range of food and beverages that promote a healthy digestive system. These products include probiotics, prebiotics, enzymes, and dietary fibers. The increasing prevalence of digestive disorders such as irritable bowel syndrome, acid reflux, and constipation has led to a growing demand for digestive health products. These products help in maintaining a healthy gut microbiome, improving digestion, and preventing gastrointestinal ailments. Moreover, the rising awareness about the importance of gut health among consumers is also driving the market growth.
Market key trends:
One of the key trends in the Digestive Health Products Market is the growing popularity of probiotics. Probiotics are live beneficial bacteria that can be consumed through food or supplements. They help in restoring the natural balance of gut bacteria and improving digestive health. Probiotic yogurt, kefir, and kombucha are some of the popular probiotic products available in the market. The increasing consumer preference for natural and organic products is fueling the demand for probiotics. Moreover, the rising incidence of digestive disorders and the growing adoption of preventive healthcare measures are expected to drive market growth in the coming years.
Porter’s Analysis:
Threat of New Entrants: The threat of new entrants into the digestive health products market is relatively low. This is due to several factors such as high barriers to entry, including a strong brand presence and extensive distribution networks established by existing key players. Additionally, significant investment is required for research and development, marketing, and production facilities, making it difficult for new entrants to compete effectively.
Bargaining Power of Buyers: The bargaining power of buyers in the Digestive Health Products Market is moderate. While there are many consumers demanding these products, they have the ability to switch brands easily and are price-sensitive. This puts pressure on the key players to maintain competitive pricing and offer innovative products to attract and retain customers.
Bargaining Power of Suppliers: The bargaining power of suppliers in the digestive health products market is moderate. Key players in this market rely on a wide range of suppliers for raw materials, packaging, and other components. However, these key players often have established long-term relationships and contracts with their suppliers, which can help mitigate the bargaining power of suppliers.
Threat of New Substitutes: The threat of new substitutes in the digestive health products market is relatively low. Although there are various foods and beverages that promote digestive health, the specific formulations and targeted benefits provided by these products create a unique selling proposition. This makes it difficult for substitutes to fully meet the demand and requirements of consumers.
Competitive Rivalry: The competitive rivalry in the digestive health products market is high. There are several key players operating in the market, each with a significant market share. These key players are engaged in intense competition to maintain and expand their market position by launching new products, investing in marketing and advertising campaigns, and focusing on product innovations to meet evolving consumer demands.
Key Takeaways:
The global digestive health products market is expected to witness high growth, exhibiting a compound annual growth rate (CAGR) of 7.2% over the forecast period (2023 to 2030). This growth can be attributed to the increasing awareness among consumers regarding the importance of digestive health and the rising prevalence of digestive disorders and gastrointestinal diseases.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the digestive health products market. This is due to the high prevalence of digestive disorders, increasing health consciousness, and the availability of a wide range of digestive health products in the region. Furthermore, the Asia Pacific region is expected to witness significant growth, driven by the rising disposable income, urbanization, and changing dietary habits of the population.
Key players operating in the digestive health products market include Danone S.A., Arla Foods amba, Nestlé, Chr. Hansen Holding A/S, Yakult Honsha Co., Ltd., General Mills Inc., Meiji Holdings Co., Ltd, MondelÄ“z International, PepsiCo, Inc., and Kellogg NA Co. These key players focus on product innovations, strategic collaborations, mergers and acquisitions, and extensive marketing and advertising campaigns to maintain their market position and cater to the growing demand for digestive health products.