Demand for Probiotics is Growing Due to Increasing Consumer Awareness about Healthy Diets

The probiotics market is estimated at USD 49.4 Billion in 2018 and projected to grow at a CAGR of 7.0%, to reach USD 69.3 billion by 2023. The growth of the market is driven by factors such as health benefits associated with probiotic-fortified foods and technological advancements in probiotic products. Key drivers for the market’s growth are the increasing use of high nutritional content in foods due to increasing consumer awareness about healthy diets. An Asian countries, particularly in Japan, the increase in the aging population is a lucrative opportunity for the sale of probiotic supplements in the region.

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The sedentary lifestyle of consumers has led to increased stress and poor diet, resulting in various digestive issues. Also, poor digestive health leads to low resistance against multiple infections and bloating. These factors have encouraged manufacturers to develop effective solutions, such as probiotics, that cater to various digestive & gut health issues. Due to the growing awareness about the health benefits of probiotics in multiple food products and its increasing popularity among consumers, the food & beverage segment is projected to hold the largest share of the market during the forecast period.

As probiotics offer similar health benefits for animals, key players offer them in various feed products. Also, manufacturers focus on providing probiotics as an effective alternative to synthetic antimicrobial growth promoters (AGPs), which are banned in multiple countries. Rearers prefer opting for probiotics as an alternative to improve the production of milk and meat. Their use in pet food also helps in improving the gut health of pets, due to which probiotics will continue to witness a surge in demand. Owing to these factors, the animal segment in the probiotics market is projected to record the fastest growth across regions during the forecast period.

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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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