According to a research report "Probiotics Market by Product Type (Functional Food & Beverages, Dietary Supplements, and Feed), Ingredient (Bacteria and Yeast), End User (Human and Animal), Distribution Channel, and Region - Global Forecast to 2027" published by MarketsandMarkets, the global probiotics market is estimated to be valued at USD 57.8 billion in 2022. It is projected to reach USD 85.4 billion by 2027, recording a CAGR of 8.1% during the forecast period. Some macroeconomic and microeconomic elements that have been prevalent in some important countries have had an impact on the global probiotics market. In terms of value sales, this would be strong enough to significantly influence the market during the predicted period. The rise in consumer awareness, health consciousness, demand for meat, changing lifestyles, and consumption patterns drive the demand in the probiotics market.
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Humans have been consuming probiotic products for ages in the form of yogurt, cheese, beer, therapeutic food, and other fermented foods, with no awareness of probiotic microorganisms until just a century ago. Since then, numerous research studies have been undertaken on the topic. With their proven health benefits and rise in consumer health consciousness, there has been a spike in their global demand. Due to lifestyle and food eating habits changes, digestive tract-related diseases are rising. This has led to the consumption of probiotics-fortified food and beverages that offer many health benefits, more specifically related to the human gut. With a rise in demand for meat, poultry, milk, and other animal products, there has been a global rise in demand for probiotics for animals, to maintain animal health, which subsequently provides better output to cattle farmers. The global probiotics market is estimated to be valued at USD 57.8 billion in 2022. It is projected to reach USD 85.4 billion by 2027, recording a CAGR of 8.1% during the forecast period.
The Asia Pacific region is estimated to be the largest and fastest growing market for probiotics products due to the sustained popularity of probiotic products. It also has a huge share in the feed probiotics market, evident with China being the largest consumer and producer of meat in the world. The presence of leading probiotic players in the market such as Yakult Honsha Co., Ltd. (Japan) and Morinaga Milk Industry Co., Ltd. (Japan), is catering to the wide demand in the market. Other leading players, such as International Flavors & Fragrances Inc. (US), are also investing in setting up production facilities in the region to tap the region’s potential in the functional food & beverages category which holds a major share in the probiotics market.
For the probiotic dietary supplements category, North America is the leading market due to the natural predisposition of consumers to take supplements. Compared to European countries, people in the US are more willing to consume oral supplements. Moreover, in the US, the FDA does not require pre-market approval of the health claims made by the manufacturers of probiotic dietary supplements, which allows them to launch innovative products to cater to the increasing demand. In the Asia Pacific region too, probiotic dietary supplements have now started gaining popularity. These factors make it the fastest-growing product type segment in the probiotics market, driving its growth.
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Thus, key players in the market are focused on launching innovative probiotics-fortified food products with appealing flavors such as fast melts and nutritional bars. These players are also targeting geographical locations such as the Asia Pacific and North America, to tap their market potential for probiotics human and animal markets.
Thus, rising consumer awareness of the benefits offered by probiotics-based food & beverages and the rising popularity of dietary supplements in North American and Asia Pacific markets is fueling the demand for probiotics across the globe. This, in turn, is creating a paradigm shift in the industry which is expected to boom further in the coming years including the forecast period.
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Release ID: 461395