(I-BusinessNews.Com, March 19, 2021 ) The probiotics market is estimated to grow at USD 49.4 billion in 2018 and is projected to grow at a CAGR of 7.0% from 2018, to reach a value of USD 69.3 billion by 2023. The demand for probiotics in fortified foods is projected to remain high due to the increasing awareness about their benefits, and willingness of consumers to purchase premium products incorporated with probiotics. The global demand for probiotics is increasing significantly due to the growing awareness among customers about their direct relation to digestive health benefits, the rise in demand for nutritious food, and increase in demand for quality animal-based products.
Market Dynamics
“Health benefits associated with probiotics fortified food is a major driver for the market”
Health awareness among consumers is on the rise and most consumers are constantly in search of healthy food products for consumption. Probiotics have proven strong benefits related to health, more specifically to the human digestive system.
Probiotics are found in supplement form or as components of foods & beverages. Their integration with inexpensive health foods, such as yogurt, fruit juices, and cultured dairy drinks has contributed to a significant market size. The most commonly used bacteria include Bifidobacteria and Lactobacilli, which are found in various dairy products, including yogurt. In the dairy category, yogurt is the most popular option for consumption of probiotics. Manufacturers are coming up with a variety of options in the yogurt category; for instance, in 2013, Chobani, LLC (US) introduced a line of Greek yogurt in the US market, which has now become one of the leading brands across North America.
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“Replacement of pharmaceutical agents provides a major opportunity for probiotics.”
The increasing demand for probiotics has shown that customers are preferring products with proven benefits. The increased evidence of health benefits associated with probiotics for health restoration has increased the customer expectations related to probiotics for health curing functions. This inclination toward a safe, natural, and cost-effective substitute for drugs has led the application of probiotics as pharmaceutical agents. Beneficial effects of probiotics as pharmaceutical agents seem to be strain- and dose-dependent. Clinical trials have displayed that probiotics may cure certain disorders or diseases in humans, especially those related to the gastrointestinal tract
High R&D costs for developing new probiotic strains is a major restraint for the global market
Substantial investments in R&D activities and investments in laboratories, research equipment, and high cost of hiring trained professionals create barriers for the development of the probiotic market. The scientific validation regarding the usage of probiotics in their applications becomes a success to this market. Probiotics applications are linked with health benefits, which make it challenging for manufacturers to get an adequate return on investments on high initial investments.
Probiotic strains and products are developed and produced as per the international food regulations. Due to the high cost of production, the cost of the final product is also high. Marketing and distribution of these products also add to the product price, as they require different packaging and distribution channels as compared to common products. Though consumers are aware of the health benefits of probiotics, their high prices are restraining them from buying the product, which is a challenge for manufacturers.
“Asia Pacific is projected to be the fastest growing region in the probiotic market.”
The Asia Pacific is projected to be the fastest-growing market for the period considered for this study, due to the rising in disposable income and the increase in demand for nutritional food products, along with the growing technology base, leading to the increased demand for probiotics in the region. The rapid economic growth in countries such as China, Japan, Brazil, and Argentina have led to a significant increase in the disposable incomes of livestock owners. This, in turn, is driving the demand for probiotic-based food, making the Asia Pacific the fastest-growing market globally.
“The food & beverages application segment for probiotics is estimated to account for the largest share in 2018.”
Based on application, the food & beverages segment is estimated to account for the largest share in the probiotics market in 2018. The products under this category include foods & beverages that offer distinct health benefits beyond fundamental nutrition, due to their specific ingredients. The food & beverages segment is the largest revenue-earning market across regions.
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“ Liquid probiotics are expected to dominate the global market.”
The demand for liquid probiotics has increased as compared to dry probiotics, due to its application in yogurt, which is the most popular source of probiotics. Other products that use liquid probiotics include kefir water, probiotic juices, and yogurt-based drinks, which are healthy options for daily supplementation.
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Mr. Aashish Mehra
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