Probiotics Market by Type (Bifidobacterium, Lactobacillus, Others), Application (Functional Food and Beverages, Dietary Supplements, Animal Nutrition and Others): Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 70.71 billion mark in 2022 and is expected to hit US$ 119.78 billion by 2030, recording a CAGR of 7.8% during the forecast period.
Increasing consumer focus on health prevention
The awareness regarding health and nutrition has increased significantly. Due to hectic work schedules, people are unable to concentrate on their daily health, diet and fitness, thus leading to various health issues such as diabetes, digestive problems and obesity. Therefore, people are increasingly opting for dietary supplements that offer enhanced health benefits without harmful effects. These supplements often contain mixed cultures of live microorganisms rather than single strains and help improve digestive and immune health. Probiotics reduce digestive issues such as constipation, inflammatory bowel disease (IBD), and irritable bowel syndrome (IBS).
Within the report, the market is segmented into product type, application, and geography. The market is further segmented by product type into bifidobacterium, lactobacillus, and others. Based on application, the market is divided into functional food and beverages, dietary supplements, and animal nutrition. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Product launch with probiotics as a key ingredient.
Manufacturers across various industries are making notable investments in product innovation to attract many consumers. Further, yogurt is gaining huge demand, and manufacturers are continuously introducing various products, thereby fueling the market growth of probiotics. For instance, Jarrow Formula launched probiotic gummy supplements in three variations such as probiotic duo gummies, prebiotic and probiotic gummies, and probiotic and immune gummies. Such product innovations help companies enter the domestic markets and offer a competitive edge in international markets. Thus, there is an ongoing trend wherein manufacturers from various application industries are expected to incline toward probiotics as a key ingredient in their products.
Rising adoption in various applications is one of the major factors accelerating market growth.
The probiotic ingredient is being used and incorporated in a wide range of food & beverage applications. Such as dairy products, non-dairy beverages, cereals, and infant formula. The food & beverages segment is the largest revenue-earning market across regions. Consumers are now taking a proactive approach toward preventing chronic diseases.
Recent strategic developments in the probiotic market
The probiotic market has undergone several significant developments, and a few of these have been mentioned below:
- In May 2020, Probi AB contracted a long-term R&D collaboration agreement with Competence Centre on Health Technologies (CCHT). Its purpose is to develop novel products based on probiotics lactobacilli strains for women’s health.
- In September 2020, Danisco launched a new series of cultures and probiotic formulations for China. This series will enable faster fermentation and higher probiotic counts while maintaining quality and taste for consumers.
- In December 2020, Danone launched a probiotic product for preventing lactation mastitis in breastfeeding mothers.
- In November 2019, Nestle joined and partnered with the University of California San Diego Centre for Microbiome Innovation (CMI) to understand how microbiomes affect human health. This comprises microbiomes containing prebiotics, probiotics, and symbiotic.
The probiotic market is driven by several players implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. DuPont, Danone, Chr, Hansen, DowDuPont, Yakult Honsha, and Nestle are among the prominent players operating in the market.
Target audience for the report:
- Raw material providers
- Pharma service providers
- Pharmaceutical-related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policymakers
- Venture capitalists, and start-up companies
- Probiotic distributors and sales firms
- End users
- Research institutes, organizations, and consulting companies
- Food and safety agencies
- Regulatory bodies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Product Type:
- Functional Food and Beverages
- Dietary Supplements
- Animal Nutrition
- North America
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Chr, Hansen
- Yakult Honsha
- Chr, Hansen
- Yakult Honsha