Market Overview:
Probiotics are live microorganisms that provide health benefits when consumed. They help maintain a healthy gut flora and may play a role in immunity, digestion, vitamin synthesis, and lactose intolerance. Common forms include probiotic bacteria found in yogurt, kefir, kombucha, supplements, and other foods.
The probiotics market is estimated to be valued at US$ 63.79 Bn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the probiotics market is the growing popularity of probiotic supplements. With rising awareness about gut and digestive health, consumers are increasingly turning to probiotic supplements as an easy and convenient way to meet their daily probiotic needs. Probiotic supplements are available in the form of capsules, tablets, powder, liquid and others which provide standardized doses of good bacteria without the need to consume multiple probiotic food products. The supplements segment is expected to witness significant growth during the forecast period due to factors like busy lifestyles, rising health concerns and changing consumer preferences towards preventive healthcare.
Segment Analysis
The probiotics market is segmented on the basis of ingredient, form, application, and end use. The probiotic bacterial strain segment dominated the market in 2022. This is because, probiotic bacterial strains such as Bifidobacterium and Lactobacillus hold major share of probiotic supplements due to their benefits of improving gut health.
Key Takeaways
The Global Probiotics Market Size is expected to witness high growth, exhibiting a CAGR of 8.3% over the forecast period, due to increasing awareness about digestive and gut health. The Asia Pacific region is expected to exhibit the fastest growth over the forecast period owing to increasing spending on health supplements and growing awareness about gut health in countries like China, India, and Japan. Key players operating in the probiotics market are BioGaia AB, Chr. Hansen, Groupe Danone S.A., Nestle S.A., PROBI AB, Lifeway Foods, Inc., Mother Dairy, General Mills, Inc., China-Biotics, Inc., Yakult Honsha Co., Ltd., and E. I. du Pont de Nemours and Company.
The global probiotics market size is expected to reach US$ 63.79 Billion in 2023. Regionally, Asia Pacific is expected to grow at the highest CAGR during the forecast period due to rising disposable income, growing health awareness and increasing demand for dietary supplements in major countries like China, India and Japan.
Key players operating in the probiotics market are focusing on new product launches. For instance, in 2022, Probi AB launched a new probiotic strain called ProViva ProB3-9, containing Lactobacillus plantarum ProViva. The company claims this strain supports urinary and digestive health. Similarly, Chr. Hansen launched new probiotic strains like Lactobacillus rhamnosus GG, Bifidobacterium animalis subsp. lactis BB-12 to strengthen their product portfolio.
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