The global probiotics market is expected to reach USD 66.04 billion by 2024, according to a new report by Grand View Research, Inc. The growing preference for functional foods to curb health disorders is expected to favor the overall market growth over the forecast period. Probiotics are healthy bacteria which when consumed in adequate amount, benefit the body functions.
Probiotics have beneficial effects on humans as well as animals. They help in treating various gut-related as well as immunity related diseases. They are gaining widespread popularity owing to the raising awareness regarding the relation of nutrition, diet, and health. This trend is expected to complement the market growth.
Increasing health concerns is expected to play an important role in complementing the market over the forecast period. Rising disposable income and increasing standards of living, particularly in the developing regions are expected to benefit the overall market. Increasing probiotics market penetration in dairy and other food and beverages industry is expected to favor the overall demand.
Major market players are focusing more on R&D activities to gain traction as far as innovation in product portfolio is concerned. Companies are approaching probiotics production through a holistic approach with key companies trying to integrate their value chain process. Companies are constantly trying to provide unique product differentiation to gain customer loyalty.
Further key findings from the report suggest:
- Probiotics food & beverages had the highest penetration in 2015, and this trend is expected to continue over the next eight years. Differentiated product portfolio and continued innovation in the sector are the primary reasons for this scenario.
- Probiotics are finding acceptance in applications such as skin health. Development of proprietary formulation techniques is undertaken by companies to cater to customized needs
- Asia Pacific is expected to witness the highest growth of 7.7% over the next eight years. High population density and percentage of the youth population in countries such as India coupled with rising disposable income are expected to contribute to the market growth.
- A major part of market share is held by very few companies. Companies are trying innovative techniques for customer engagement. Mergers & acquisitions are carried out to increase regional presence as well as market share.
- Industry participants majorly include Chr. Hansen Holding A/S, Danone, Yakult Honsha Co., Ltd., Nestle, Probi AB, Danisco A/S, Lallemand Inc., and Arla Foods, Inc.