February 25, 2024
Probiotics Market

The growing demand for preventive healthcare is anticipated to open up new avenue for the Probiotics Market

Market Overview:

Probiotics are live microorganisms that provide health benefits when consumed. They are usually present in fermented foods like yogurt, kefir, kimchi, and kombucha or available as dietary supplements. Probiotics help maintain a healthy gut flora and may improve gut functions and immunity. They are used to treat various gut disorders like irritable bowel syndrome, infections, and antibiotic-associated diarrhea.

The probiotics market is estimated to be valued at US$ 63.79 Bn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The probiotics market is primarily driven by the growing health and wellness trend among consumers globally. There is increasing awareness about the gut-brain axis and how maintaining gut microbiome can positively impact mental health, mood, weight management, and overall wellbeing. This is encouraging consumers to opt for probiotic-rich foods and supplements. Additionally, the rising incidences of digestive disorders like IBS, constipation, and antibiotic-associated diarrhea are also augmenting the demand for probiotic products as they help relieve the symptoms. Probiotics are widely marketed as having various other health benefits like strengthening immunity, controlling blood pressure, lowering cholesterol, and aiding in weight loss. Their versatility and expanded applications are offering lucrative growth opportunities in the market.

Segment Analysis

The probiotics market is dominated by the dietary supplements segment which accounts for over 50% share of the total market. This is because of the growing consumer preference for dietary supplements that improve gut health. Probiotics supplements come in various forms like tablets, capsules and powders which provide convenience of consumption.

PEST Analysis

Political: The favorable regulatory landscape regarding probiotic products is driving the market growth. Various government initiatives to promote gut health supplements are boosting probiotics adoption.
Economic: Rising disposable incomes and growing health awareness among consumers is fueling the demand for premium probiotic products globally. Changing lifestyles and growing cases of gut related diseases also contributes to market revenues.
Social: Increasing health consciousness and focus on preventive healthcare has made probiotics popular as a digestive aid. Social media influence and celebrity endorsements have made probiotic bacteria consumption a style statement in the community.
Technological: Continuous innovation in delivery forms like gummy bears, juices, yogurts etc. and advances in microencapsulation and moisture-resistant techniques are helping expand the market reach. Strategic R&D also aids in development of novel and high-potency probiotic strains.

Key Takeaways

The Global Probiotics Market Size is expected to witness high growth, exhibiting 21% CAGR over the forecast period 2023-2030, due to increasing health awareness about gut and digestive health. The market size is projected to reach US$ 256.39 Bn by 2030 from US$ 63.79 Bn in 2023.

Regional analysis indicates North America dominates currently, accounting for over 35% share due to rapid adoption of probiotic supplements. Asia Pacific is poised to grow at fastest pace attributed to booming food & beverages industry and large consumer base in countries like India and China. Probiotic yogurts and fermented dairy products are gaining immense popularity in the region.

Key players operating in the probiotics market are 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. These companies focus on new product launches, capacity expansions and collaborations to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it