The global Probiotics Market is estimated to be valued at US$ 58.9 Bn in 2022 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Probiotics are live bacteria and yeast that are good for health, especially for the digestive system. They are often called "friendly" bacteria because they help keep the gut healthy. Probiotics can be found in certain foods, such as yogurt, or can be taken as dietary supplements. They are known to provide various health benefits, including improved digestion, boosted immunity, and reduced risk of certain diseases.
The growing awareness about the importance of gut health and the impact of probiotics on overall well-being is driving the demand for probiotic products. Consumers are increasingly inclining towards natural and preventive solutions for maintaining their health, which is fueling the growth of the probiotics market. Additionally, the rising prevalence of digestive disorders and the increasing adoption of a healthy lifestyle are further contributing to market growth.
B) Market Key Trends:
One key trend in the probiotics market is the increasing demand for probiotics in functional food and beverages. Functional food and beverages are those that offer additional health benefits beyond basic nutrition. Probiotic-infused products such as yogurt, kefir, and kombucha have gained immense popularity among health-conscious consumers. These products not only provide essential nutrients but also contain live probiotic cultures that support gut health. For instance, Nestle S.A. offers a range of probiotic-infused yogurts and dairy drinks under its brand name Acti-V. Such innovations in the functional food and beverage sector are driving the market growth.
C) PEST Analysis:
- Political: Governments across the globe are increasingly promoting the consumption of probiotics through awareness campaigns and regulations. For example, the Food and Drug Administration (FDA) in the United States has established regulations for labeling probiotic-containing foods and dietary supplements. This political support is positively influencing market growth.
- Economic: The increasing disposable income of consumers in developing countries is driving the demand for probiotic products. As people become more conscious about their health, they are willing to spend more on products that offer health benefits, including probiotics.
- Social: The growing emphasis on preventive healthcare and overall well-being is fueling the demand for probiotics. Consumers are becoming more aware of the importance of maintaining a healthy gut microbiota and are seeking natural solutions to support their digestive health.
- Technological: Advancements in probiotic delivery systems, such as microencapsulation techniques, have improved the viability and stability of probiotic cultures. This has expanded the application possibilities of probiotics in various industries, including food and beverages, dietary supplements, and pharmaceuticals.
D) Key Takeaways:
- The global probiotics market is expected to witness high growth, exhibiting a CAGR of 8.3% over the forecast period, due to increasing awareness about the health benefits of probiotics and the rising prevalence of digestive disorders.
- The Asia-Pacific region is expected to be the fastest-growing and dominating region in the probiotics market, driven by the growing population, rising disposable income, and increasing consumer awareness about gut health in countries like China and India.
- Key players operating in the global probiotics market include 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. These players focus on product innovations, strategic partnerships, and mergers and acquisitions to strengthen their market position and expand their customer base.
In conclusion, the global probiotics market is set to witness significant growth in the coming years, driven by the increasing awareness about gut health and the rising demand for natural and preventive solutions for maintaining overall well-being. Functional food and beverages infused with probiotics are particularly gaining popularity among health-conscious consumers. The Asia-Pacific region is expected to be the fastest-growing market due to the growing population and rising disposable income. Key players in the market continue to invest in research and development to introduce innovative probiotic products and strengthen their presence in the market.