Probiotics Market Latest Trends & Top Companies in 2023
The global probiotics market size is expected to reach USD 94.48 billion by 2027 while exhibiting a CAGR of 7.9% between 2020 and 2027. This information is published by Fortune Business Insights in its report, titled “Probiotics Market, 2020-2027“. The report further mentions that the market stood at USD 48.88 billion in 2019. The growing consumption of nutritional food among the health conscious section of the market is gaining popularity in recent years. For instance, the Nutrition Society of Malaysia has also introduced the Probiotics Education Program to educate consumers on the health benefits of these products.
List of Top 10 Key Players Profiled in the Probiotics Market:
- Danone S.A. (Paris, France)
- Lallemand Inc. (Canada)
- Yakult Honsha (Japan)
- Nestle S.A. (Vevey, Switzerland)
- DuPont (Danisco A’S) (Delaware, United States)
- Chr. Hansen (Horsholm, Denmark)
- Kerry Inc. (Tralee, Ireland)
- Post Holdings, Inc. (Missouri)
- Pepsico, Inc. (New York, United States)
- Evolve Biosystems, Inc. (Davis, California)
Market Segmentation
On the basis of microbial genus, the market is segmented into lactobacillus, bifidobacterium, and yeast. Based on drug class, the insulin segment held a market share of about 43.7% in 2018.
Based on application, the market is trifurcated into functional food and beverage, dietary supplement, and animal feed. On the basis of distribution channel, the market is segmented into supermarkets/hypermarkets, pharmacies/health stores, convenience stores, online retail, and others. Based on geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
What Does the Report Contain?
The report offers an insight into the profitability, entire structure, and scale. It also studies the drivers and restraints and considers all the potential threats to the market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts.
Driving Factor
Rising Awareness of Product through Social Mediums to Surge Demand
The numerous health benefits of the product are augmenting the probiotics market growth. The increasing awareness and advertisement by prominent personalities are creating a demand in the market. Various athletes and yoga instructors are emphasizing the health benefits of nutraceuticals through social media as paid partnerships. Also, a considerable chunk of health-conscious vegan consumers prefers to get their nutrients from nutraceutical sources. The industry is also experiencing heavy investment in research and development for innovation. For example, in February 2020, Amorepacific Group inaugurated its novel green tea probiotics Research Centre for studying lactobacillus found in Jeju organic green tea.
Regional Insights
Rising Awareness of Health Benefits to Aid Growth in Asia Pacific
Asia-pacific is expected to hold the largest probiotics market share due to high consumption in China and Japan. The rising awareness of the health benefits of the product is garnering significant demand from the region. For instance, Yakult Honsha declared the company sales of 9,540 bottles of Yakult every day in Japan.
North America is anticipated to showcase considerable growth in the forthcoming years. This is due to the well-established food industry in the region. Moreover, a rising preference for a healthy diet owing to the prevalence of lifestyle diseases in the region is anticipated to incur product demand.
Competitive Landscape
Collaboration by Prominent Companies to Brighten Their Market Prospects
The competitive landscape of the market for probiotics enlightens us with details on prominent players of this industry. Technological advancement by key players is being researched to gain traction in the market. Several market giants are also collaborating on production facilities to expand their business horizons. Some companies are also using awareness campaigns to strategically introduce their products in regions with minimal awareness to expand their horizons. Several more strategic collaborations, acquisitions, partnerships, product launches, technological advancement, and others are spread across the market horizon of this product.
Read More Related Insights:
The global nutraceuticals market is expected to gain momentum by reaching USD 658.11 billion by 2028 while exhibiting a CAGR of 9.3% between 2021 and 2028. Fortune Business Insights in its latest report, titled, “Nutraceuticals Market, 2021-2028.”, mentions that the market stood at USD 320.00 billion in 2020. Factors such as the increasing personalization in nutritional diet and the increasing investment in R&D activities are expected to propel the demand for the product in the forthcoming years.
For instance, in July 2019, General Mills announced its collaboration with GoodBelly to produce and distribute lactose-free yogurts and a probiotic-based cereal to cater to the growing demand from consumers. Therefore, the increasing focus on the personalization of nutrition has propelled companies to introduce healthy food products worldwide.
List of Companies Profiled in the Global Nutraceuticals Market:
- Herbalife Nutrition Ltd. (California, United States)
- Archer Daniels Midland Company (Illinois, United States)
- General Mills (Minnesota, United States)
- PepsiCo Inc. (New York, United States)
- BASF SE (Mannheim, Germany)
- Abbott (Illinois, United States)
- Amway (Michigan, United States)
- Glanbia Plc. (Ireland)
- Danone S.A. (Paris, France)
- Nestle S.A. (Vevey, Switzerland)
Massive Spike in Demand for Healthy Food Products amid COVID-19
The COVID-19 pandemic has brought upon a turbulent time for several economies worldwide. However, it has also been an eye-opener for people globally to adopt a healthy and nutritious diet with a core focus on building strong immunity. The demand for vitamins and minerals has surged significantly and people are consuming immunity-boosting products to ensure protection from chronic and infectious diseases. This is expected to bode well for the growth of the market in the forthcoming years.
