Report : South America Probiotic Ingredients Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Lactobacillus, Bifidobacterium, and Others) and Application (Functional Food & Beverages, Pharmaceuticals & Nutraceuticals, Animal Feed, and Others)
At 8.5% CAGR, the South America Probiotic Ingredients Market is speculated to be worth US$ 438.17 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the SAM probiotic ingredients market was valued at US$ 268.94 million in 2022 and is expected to reach US$ 438.17 million by 2028, registering an annual growth rate of 8.3% from 2022 to 2028. Increasing consumer focus on preventive health and rising demand for probiotic-fortified food & beverages.
Although probiotic-infused products are becoming increasingly popular, the lack of a proper regulatory framework in the probiotics industry is hampering the probiotic ingredients market growth. There is no clear distinction between probiotics-based pharmaceuticals and probiotics-fortified food products, with variations across different countries. Furthermore, there are at least three different views on the necessary colony forming units (CFU) from different government bodies. As per customer bodies, authorities must set regulatory standards to prevent probiotic products from making misleading claims. Thus, the complexity in the regulatory, legislative, and technological aspects is serving as a major hurdle for the probiotic ingredients market growth. As no rules prevent the misuse of the term "probiotics," many products are marketed as "probiotics" that have not demonstrated health advantages. For instance, heat-killed microorganisms are marketed as probiotics. However, heat-killed bacteria may not fit the WHO's definition of a probiotic as a 'living microorganism.' Such labeling issues arise due to a lack of standardization. As a result, physicians may not be able to confidently recommend probiotics as an effective treatment until issues with probiotic regulations are resolved. This is expected to drive the market during the forecast period.
On the contrary, regulatory issues hurdles the growth of SAM probiotic ingredients market.
Based on type, the SAM probiotic ingredients market is divided into lactobacillus, Bifidobacterium, and others. The lactobacillus probiotic ingredients segment held 66.4% market share in 2022, amassing US$ 178.65 million. It is projected to garner US$ 287.06 million by 2028 to expand at 8.2% CAGR during 2022–2028.
Based on application type, the SAM probiotic ingredients market is categorized into functional food & beverages, pharmaceuticals & nutraceuticals, animal feed, and others. The functional food & beverages segment held 80.5% market share in 2022, amassing US$ 216.57 million. It is projected to garner US$ 347.86 million by 2028 to expand at 8.2% CAGR during 2022–2028.
Based on country, the SAM probiotic ingredients market has been categorized into the Brazil, Argentina, and Rest of SAM. Our regional analysis states that Rest of SAM captured 48.3% market share in 2022. It was assessed at US$ 129.95 million in 2022 and is likely to hit US$ 206.66 million by 2028, exhibiting a CAGR of 8.0% during the forecast period.
Key players dominating the SAMprobiotic ingredients market are ADM; Novozymes A/S; Chr. Hansen Holding A/S; Kerry Group plc; Lallemand Inc; IFF Nutrition & Biosciences; AngelYeast Co., Ltd; Probiotical S.p.A; Adisseo; and Probi among others.
- In Aug 2021, Chr. Hansen Holding A/S launches science-based probiotics for the pet segment.
- In June 2020, Novozymes A/S acquires PrecisionBiotics Group to advance its business within human health.
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