Probiotic Market Outlook and Forecast by 2020
Posted: Nov 21, 2017
The global market for probiotic is highly dynamic in nature on account of changing customer preferences and demands. The presence of numerous small and large players also makes the market fragmented in nature. The vendors are seen trying to outshine one another on the basis of price, distribution, quality, and innovation. With the gigantic progress on the technological front, the market is slated to become even more competitive in the years to come.
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Some of the key players operating in the global probiotic market are Mother Dairy, Yakult Honsha Co., Lifeway Foods Inc., Chr. Hansen, Nestle S.A., BioGaia AB, General Mills Inc., and Groupe Danone S.A.
A report by Transparency Market Research predicts the global probiotic market to expand at a steady CAGR of 7.40% during the period between 2014 and 2020. At this rate, the market, which had a value of US$62.6 bn in 2014, will likely clock a value of US$96 bn by 2020.
Depending upon application, the global probiotic market can be divided into animal feed, dietary supplements, and food and beverages. Among these, food and beverages accounted for maximum share in the market in 2013. The segment is expected to retain its leading position in the next couple of years as well by clocking a CAGR of 7.20% from 2014 to 2020. The growth of this segment can be attributed to the growing inclination of consumers towards healthy food and beverage products and the shift in lifestyle.
Geographically, the key segments of the global probiotic market are Asia Pacific, Europe, North America, and the Rest of the World. Asia Pacific, among them, holds a dominant share and will likely retain its leading position in the foreseeable future as well by rising at a CAGR of 7.10% from 2014 and 2020. The primary reason behind the extensive growth of this market is the mounting demand for probiotics in countries such as India, China, Japan, and Australia.
Rising Awareness about Benefits of Probiotics Stokes Demand
The global probiotics market is witnessing a steady upswing on account of the rising awareness among consumers about its health benefits. "The improvement in digestive health resulting from probiotics will underpin their demand in the next couple of years. The increasing uptake of functional foods and role of probiotics in thwarting bacterial vaginosis, urinary tract infection, and yeast infection among women are some of the other factors leading to their consumption. Probiotics help lower pH levels and this helps in improving the interstitial microbial balance. The improved bowel movements and enhanced nutrient absorption brought about by the consumption of probiotics will also prove beneficial to the market," explains the lead analyst of the report.
Supermarkets and Hypermarkets Serve to Boost Sales
Serving to hinder probiotics market, on the flipside, is the lack of standardization. However, the emergence of ready-made functional drinks will help to overcome such challenges by inducing growth. "The convenience offered and ease of availability will generate tremendous profits for market players in the coming years," adds the lead analyst. Further, supermarkets, hypermarkets, and convenience stores are also serving to boost uptake.
This review is based on the findings of a TMR report, titled, "Probiotic Market (Application - Food and Beverages, Dietary Supplements, and Animal Feed; By End Users - Human Probiotics and Animal Probiotics) - Global Industry Analysis, Size, Share, Growth, and Forecast 2014–2020."
The Global Probiotic Market is segmented as below:
Global probiotics market, by application
Food and beverages
Global probiotics market, by end use
Global probiotics market, by strain types
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