Probiotics Market Projected to Reach $69.3 billion by 2023 | Key Players Include - Danone, Yakult Honsha, Nestlé

The report "Probiotics Market by Application (Functional Food & Beverages [Dairy Products, Non-dairy Beverages, Infant Formula, Cereals], Dietary Supplements, Feed), Ingredient (Bacteria, Yeast), Form (Dry, Liquid), End User, and Region – Global Forecast to 2023" The market for probiotics is estimated at USD 49.4 billion in 2018, and it is projected to grow at a CAGR of 7.0% from 2018 to 2023, to reach USD 69.3 billion by 2023. The global demand for probiotics is increasing significantly due to the growing awareness among customers about their direct relations to digestive health benefits, the rise in demand for nutritious food, and the increase in demand for quality animal-based products. Probiotics are found in supplement form, or as components in food and beverages.

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The food & beverage segment is projected to be the largest revenue contributor in the probiotics market during the forecast period.

The food & beverage segment is accounted to hold the largest share of the probiotics market in 2018. The global probiotics market is currently driven by the rising popularity of probiotic functional foods & beverages among consumers. Factors such as age, stress, and poor diet are responsible for digestive ailments, bloating, and reduced resistance to infections; consumption of probiotic-enhanced products helps to alleviate these conditions. These products contain live microorganisms (probiotics) that confer positive health effects on the host.

The animal probiotics segment is projected to account for the fastest growth, by end user, during the forecast period.

Probiotics are considered an important ingredient in animal nutrition, with benefits similar to those in human nutrition. Factors driving the animal segment in the probiotics market include the ban on synthetic antimicrobial growth promoters (AGPs) in Europe in 2006. The motive behind the ban was to curb the practice of using antibiotics, antimicrobials, and other drugs to promote the growth of livestock and increase the production of meat, milk, and other products. Probiotics in consumer-packed health products are increasingly used for companion pets such as dogs and cat, due to their similar function in animals for maintaining gut health.

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The Asia Pacific is projected to account for the largest market size during the forecast period.

The Asia Pacific is a dominant region in the global probiotics market. Some factors that influence the market share include the high demand for functional foods and dairy products, the presence of major players in the regions, and awareness about the benefits of using probiotics. Top probiotic manufacturers such as Danone, Yakult Honsha, Nestlé, and Chr. Hansen together account for a share of more than one-third of the market. These companies have a strong presence in Europe and the Asia Pacific, and also have manufacturing facilities across these regions and a strong distribution network.

This report includes a study of marketing and development strategies along with the product portfolios of leading companies in the probiotics market. It includes profiles of leading companies such as Danone (France), Yakult Honsha (Japan), Nestlé (Switzerland), and Chr. Hansen (Denmark).

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