Probiotic Market Fueled by the Efficiency of the Probiotics Bacteria
The global probiotic market is expected to be primarily driven by the rising awareness among consumers regarding gut health enhancement. Growing consumption of functional food products and increasing efficiency of probiotic bacteria is further expected to bode well for the global probiotic market’s growth. The demand for probiotic is expected to intensify over the next couple of years owing to the burgeoning awareness among consumers regarding the health benefits associated with probiotic consumption and the ban on the consumption of antibiotics across several nations. The rising demand for probiotic from emerging nations is expected to further provide lucrative growth opportunities to manufacturers of probiotic in the near future.
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The global market for probiotic is also fueled by the growing efficiency of probiotic bacteria and the inclination of consumers towards their digestive health. Incessant efforts are being made by companies and healthcare organizations to enhance the consumer base of probiotics across the globe. The health benefits that probiotics provide the consumer with are helping in the treatment of diseases related to the vagina, urinary tract, and skin and conditions such as infectious diarrhea, irritable bowel syndrome, and inflammatory bowel disease. However, companies need to combat the dearth of standardization in the global probiotic market.
The global probiotic market is expected to expand at a CAGR of 7.40% from 2014 to 2020. The market was worth US$62.6 bn in 2014 and is projected to touch a valuation of US$96 bn by 2020.
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Food and Beverages to Emerge as Key Application
In terms of application, the global probiotic market is segmented into animal feed, food and beverages, and dietary supplements. Among these, food and beverages led the market in 2013 and is expected to retain a dominant position until 2020. The food and beverages segment is expected to exhibit a CAGR of 7.20% between 2014 and 2020. The growth of this segment can be attributed to the growing inclination of consumers towards healthy food and beverage products and the shift in lifestyle. The consumption of dietary supplements as a part of functional foods to improve the health consumers is likely to rise over the forthcoming years. This particular trend is expected to continue over the forecast period. Growing disposable income of consumers and rising living standards, basically in developing economies are also likely to fuel the consumption of probiotic in food and beverages.
Among the two end-use segments, human probiotics and animal probiotics, the human probiotics segment led the market and is expected to retain the lead in the near future.
Asia Pacific to Surge Ahead of other Regions in terms of Consumption
Region-wise, the global probiotic market is classified into Asia Pacific, North America, Europe, and the Rest of the World. In 2013, Asia Pacific led the market and is estimated to maintain a dominant position until 2020 rising at a CAGR of 7.10%. The primary reason behind the extensive growth of this market is the mounting demand for probiotics in countries such as India, China, Japan, and Australia. Europe is also considered to be one of the leading markets of probiotics with France and Germany emerging as key consumer countries in the region. Although at present North America holds a minute share in the global probiotic market, it is projected that in future the region will exhibit promising growth.
The prime companies in the global probiotic market are Chr. Hansen, Yakult Honsha Co., Nestle S.A., Mother Dairy, General Mills Inc., Lifeway Foods Inc., Groupe Danone S.A., and BioGaia AB among others.
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