April 20, 2024
Probiotics market

The global Probiotics Market is estimated to Propelled by the growing health consciousness among consumers

Probiotics are live microorganisms that provide health benefits when consumed. Probiotics play a vital role in maintaining the balance of gut microflora and help in digestion. They boost the immune system and help reduce conditions like diarrhea, irritable bowel syndrome, and colic in infants.

The global Probiotics Market is estimated to be valued at US$ 63.79 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growing health consciousness among consumers has fueled the demand for probiotic supplements and fortified foods and beverages in recent years. Probiotics are widely embraced by consumers as an easy way to support digestive health and immunity. With rising awareness about gut health and its links to overall wellbeing, consumers are increasingly incorporating probiotic supplements and foods in their daily diets. This has significantly driven the growth of the global probiotics market. The trend is expected to continue in the coming years with more product innovations catering to health-conscious consumers.

SWOT Analysis
Strength: Probiotics have various health benefits such as improving digestive health, boosting immunity and lowering risk of certain cancers. Growing awareness among consumers regarding these benefits is driving the market growth.

Weakness: High costs associated with R&D activities for developing novel probiotic strains is a major challenge for small players in this market. Stringent regulatory framework also increases complexity and compliance costs.

Opportunity: Rising focus on preventive healthcare and customized nutrition is creating new opportunities. Products targeting specific health conditions like irritable bowel syndrome are gaining traction. Growing health consciousness in emerging economies also presents lucrative opportunities.

Threats: Lack of scientific consensus and standardized clinical evidence poses risks. Overstatement of health claims by some manufacturers can undermine consumer trust. Stringent storage and transportation requirements also increase operational challenges.

Key Takeaways
The Global Probiotics Market Size is expected to witness high growth. The market size is forecast to reach US$ 63.79 Bn by 2024, expanding at a CAGR of 6.4% during the forecast period.

Regional analysis
The North American region is expected to continue dominating the probiotics market during the forecast period, driven by growing health consciousness. Presence of major players and robust distribution channels also contribute to its leading position. Asia Pacific is anticipated to demonstrate the fastest growth owing to rising disposable incomes, evolving dietary habits and increasing digestive ailments.

Key players
Key players operating in the probiotics market are F. Hoffmann-La Roche AG, Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Danaher Corporation, Qiagen N.V., PerkinElmer, Inc., Illumina, Inc. and Merck KGaA. These players are focused on new product launches, collaborations and expansions to strengthen their market presence.

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