Probiotics Market - Pre & Post COVID-19 Market Estimates| Market Worth $76.7 billion by 2027 at a CAGR of 6.7%
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“Probiotics Market by Product Type (Functional Food & Beverages, Medical & Dietary Supplements, Animal Feed), Strain (Bacteria, Yeast), Form (Dry, Liquid), Sales Channel (Offline, Online), and Geography– Global Forecast to 2027.”
Growing consumer awareness regarding the health benefits of probiotics, increasing use of probiotics as an alternative to antibiotics, growing research progress on the probiotics for newer applications, and growing proportion of aged population are the key factors driving the growth of the probiotics market. Moreover, the growing use of probiotics for children and e-commerce growth are expected to create lucrative opportunities for players operating in this market. However, the regulations issued related to probiotics is expected to hinder the growth of this market to some extent.
The global probiotics market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of strain, product type, form, sales channels, end-user, and geography. The study also evaluates industry competitors and analyses the market at a country level.
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Based on the strain, the overall probiotics market is mainly segmented into bacteria strain products and yeast strain products. The bacteria strain segment is estimated to command the dominant share of the overall probiotics market in 2020. However, the yeast strain product segment is expected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is mainly attributed to the increasing demand for yeast strain-based medicines due to proven positive results for reducing the risk of chronic diseases such as diarrhea & bowel diseases related to antibiotic use.
Based on product type, the overall probiotics market is mainly segmented into functional food & beverages, medical & dietary supplements, and animal feed. The probiotic functional food & beverages segment is estimated to command the largest share of the overall probiotics market in 2020. The large share of this market is mainly attributed to the factors such as growing consumer interest for functional food, particularly probiotics that can support digestive health; rising health and wellness trends; and growing application of probiotics in yogurt, which is the most popular source of probiotics. However, the medical & dietary supplements segment is expected to grow at the fastest CAGR during the forecast period.
Based on form, the liquid form segment is estimated to command the largest share of the overall probiotics market in 2020. However, the dry form segment is expected to grow at the fastest rate, owing to benefits such as better handling & transport, ease of use, lower expenses, ability to avoid costly formulation mistakes, and enhancement in shelf life of ingredients.
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Based on sales channel, the overall probiotics market is segmented into offline sales and online sales. The offline sales segment is estimated to command the largest share of the overall probiotics market in 2020. The large share of this segment is mainly attributed to the increasing per capita disposable income, rising healthy eating habits, and growing urban population. In addition, the rise in the number of pharmacies and supermarkets and growing probiotics supplement industry in the U.S. and across the world further supports the growth of this segment.
Geographically, Asia-Pacific region is estimated to command the largest share of the global probiotics market in 2020. The large share and fast growth of this market is mainly attributed to the factors such as increased consumer awareness regarding the relationship between their digestive health & immunity and overall wellness; growing diabetic and overweight people in Asia-Pacific; and rising innovations in probiotic formulations. In addition, the increasing trend across the Asia-Pacific region for non-dairy probiotic food (e.g. cereal based, fruit and vegetable juices) and presence of number of companies in the digestive health products category offers lucrative growth opportunities for the key players operating in this market.
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The key players operating in the overall probiotics market are Probi AB (Sweden), BioGaia AB (Sweden), Nestle S.A. (Switzerland), Chr. Hasen Holding A/S (Denmark), Danone S.A. (France), Yakult Honsha Co., Ltd. (Japan), Lallemand Inc. (Canada), Lifeway Foods Inc. (U.S.), Dupont de Nemours, Inc. (U.S.), Kerry Group plc (Ireland), Archer Daniels Midland Co. (U.S.), Deerland Probiotics & Enzymes Inc. (U.S.), PepsiCo Inc. (U.S.), Evolve Biosystems (U.S.), Cell Biotech Co., Ltd. (Korea), and Probiotical S.p.A. (Italy) among others.
Key questions answered in the report-
Which are the high growth market segments in terms of the strain, product type, form, sales channel, end-user, and countries/regions?
What is the historical market for probiotics across the globe?
What are the market forecasts and estimates for the period of 2020-2027?
What are the major drivers, restraints, and opportunities in the global probiotics market?
Who are the major players in the global market and what share of the market do they hold?
Who are the major players in various countries and what share of the market do they hold?
How is the competitive landscape?
What recent developments have taken place in the global probiotics market?
What are the different strategies adopted by the major players in this market?
What are the key geographic trends and which are the high growth countries?
Who are the local emerging players in the global probiotics market and how do they compete with the other market players?
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