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Probiotics Market may surpass USD 67 Billion by 2024; Assert Global Market Insights
Probiotics Market
The Probiotics Market should exceed USD 67 Billion by 2024; according to a new research report.
Growing awareness about health benefits associated with probiotic fortified food and supplements including curing urogenital infection, diarrhea, intestinal inflammation and bad gut bacteria treatment in human should drive probiotics market size. Rising incidences of gut related disease and its ability to act as buffer against external pathogens should further bolster industry growth.
Animal feed probiotics market should surpass USD 4 billion by 2024 owing to strong regulatory regimes set forth towards animal health care. Increasing global demand for meat & meat products coupled with growing consumer awareness towards livestock health & quality should have positive application outlook in product demand.
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Probiotics market from nutritional supplement applications should witness gains at above 7.5%. Increase of geriatric population in U.S. and Europe along with low immunity, associated illness & gut health disorders with ageing should drive product demand. It lowers pH level inside gut tract along with preventing harmful bacteria growth leading to high nutrition absorption.
Probiotics market from food & beverage applications should witness significant gains at over 7% during forecast timeframe. This application includes non-dairy & dairy products, cereals, baked food fermented meat products and dry food. This growth in demand can be attributed to rising demand for functional food due to increasing disposable income and growing health concern.
Probiotics market from animal feed application should exceed USD 4 billion by 2024. Improved efficacy, survival rate, balanced acidity in gut tract and controlled gut microbial growth in animals should foster product demand. These products help livestock farmers to enhance animal health along with higher productivity catalyzing industry growth.
Stringent regulations and policies stating against using antibiotic growth promoters (AGP) due to its diminishing curability potential should catalyze probiotics industry growth. Increased consumer preference over preventive healthcare along with rapid technological development in medicinal and nutritional supplement industry will drive product demand.
China probiotics market should generate over USD 12 billion by 2024 owing to rising consumer awareness towards infant nutrition coupled with hectic lifestyle for working professional should drive product demand. Growing demand for natural growth promoters (NGP) in livestock production should further bolster industry growth.
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Germany probiotics market should anticipate growth rate of over 7% during forecast timeframe. This growth in demand can be attributed to rising geriatric population along with strict regulatory regime against use of antibiotics. Presence of major industry participants investing heavily in improving product portfolio with superior properties should propel regional industry growth.
Probiotics market share is highly fragmented with presence of industry players including Arla Foods, Lallemand, Danisco, Du Pont, Probi AB and Nestle. Strong investment growth by industry participants for new product development and capacity expansion along with strategies adopted like partnerships, mergers & acquisitions to expand regional presence should drive product demand.
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