Probiotics Market Expects to Reach $69.3 Billion By 2023 | Top Key Players are DowDuPont, Yakult Honsha, Danone, Chr. Hansen, Nestle
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Food & beverage segment is projected to be the largest segment in theglobal market during the forecast period.
The food & beverage segment dominated the probiotics market, on the basis of application, during the forecast due to the rising popularity of probiotic functional foods & beverages among consumers. Awareness, faith in their efficacy, and safety are some of the factors driving the market of probiotics. The food & beverages segment is the largest revenue-earning market across regions. Consumers are now taking a proactive approach towards preventing chronic conditions. China and Japan are the two largest markets in the Asia Pacific, and the Japanese market is projected to reach its maturity level during the forecast period.
The animal probiotics segment is projected to account for the fastest growth during the forecast period.
The animals segment is projected to record the fastest growth during the forecast. The ban on synthetic antimicrobial growth promoters (AGP’s) in Europe is a factor driving the this market. The motive behind the ban was to curb the practice of using antibiotics, antimicrobials, and other drugs for promoting the growth of livestock and increasing the production of meat, milk, and other products.
The demand for liquid probiotics from the yogurt and beverage industries is projected to dominate the market
The demand for liquid probiotics has increased as compared to dry probiotics, due to its application in yogurt, which is the most popular source of probiotics. Other products that use liquid probiotics include kefir water, probiotic juices, and yogurt-based drinks, which are healthy options for daily supplementation. The Asia Pacific region is projected to be a key market for yogurt in the coming years. China stands a huge opportunity for both domestic and international companies to penetrate the yogurt market as the country consumes yogurt on a large scale.
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Asia Pacific Projected To Be a Leading Region in the Probiotics Market During the Forecast Period
The increasing population of health-conscious consumers and growing preference for dairy products and functional food products have widened the scope of growth for key players in the Asia Pacific. Companies are offering a range of probiotic products that help to strengthen the gut microbiome and improve the digestive health of consumers. Also, leading players such as Yakult Honsha, Chr. Hansen, Danone, and Nestle are operating in the region, which reflects positively on the growth of the probiotics market during the forecast period.
Key players in the probiotics market are focusing on adopting strategies such as partnerships, new product launches, collaborations, and agreements to enhance their brand presence in the market. Some of the leading players identified in this market include DowDuPont (US), Yakult Honsha (Japan), Danone, Chr. Hansen (France), and Nestle (Switzerland).
Overall, the growth of the probiotics market is projected to remain positive during the forecast period. Manufacturers are identifying various health requirements of customers and focusing on offering products that strengthen their gut microbiota and strengthen their immune system to prevent the prevalence of various diseases. They significantly focus on product innovation and developments to sustain their lead in the market over the forecast period.
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