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Animal Feed sector shares major role in boosting Probiotics Market
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Probiotics market size in the animal feed sector is expected to grow at a rate of 8% over the period of 2016-2023. The growth can be credited to rise in livestock production along with the rising preference for high quality meat by the consumers. Functional foods & beverages sector contributed significantly towards global probiotics industry share in 2015, and is expected to grow substantially over the forecast timeframe. Increase in consumption of dairy items, dry food, and cereals will drive the functional F&B applications demand. Probiotics market revenue in the dietary supplements sector is expected to register significant gains of 8% over the coming six years, owing to growing product use in specialty nutrients, food supplements, infant formula, and nutritional supplements.
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On account of the global industry outlook, North America probiotics market is expected to register a CAGR of 6.5% over the forecast period. The growth can be credited to high demand for dietary supplements along with the booming healthcare sector. U.S. is predicted to drive the regional growth.
Asia Pacific probiotics industry is projected to grow at a rate of 7.5% over the period of 2016-2023, owing to increase in number of health-conscious consumers along with large old age population base. China, Japan, and India are expected to be the key regional revenue pockets.
LATAM probiotics market is expected to witness a high growth over the coming six years, owing to the growing popularity of specialty nutrients in the region. Brazil is projected to contribute considerably towards the regional share. MEA probiotics industry will grow noticeably over the next few years, with UAE and Saudi Arabia contributing substantially towards the overall revenue.
Potential use of the probiotics as an ingredient in skin treatment products is expected to generate new avenues for the business growth and will help in promoting the cosmetic applications over the coming years. Key probiotics industry participants include Nestle, Danisco A/S, Arla Foods, Chr Hansen, Yakult, Lallemand Incorporation, Nebraska Cultures, Danone, BioGaia AB, and Probi AB.
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