Probiotics Market is anticipated to grow at a CAGR of 6.8% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Probiotics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global probiotics market is estimated to be over US$ 52.3 Bn in 2019. It is anticipated to grow at a CAGR of 6.8% from 2019 to 2030.
The significant growth of the market can be attributed to increasing health awareness among population followed by demand for probiotics fortified food and technological advancement in probiotics products. Moreover, factors such as increasing consumer awareness about healthy diets. In emerging countries particularly in Japan, the increase in the aging population are anticipated to boost the growth of the probiotics market over the forecast period. However, regulations related to probiotic product, high R&D costs for developing new probiotic strains and stringent international quality standards are some of the major factors restraining the growth of the market. Extensive research and development by major companies & universities across the globe to introduce probiotics technology with maximum safety and precision is expected to contribute to growth of the market. In 2019, Bifodan A/S, in collaboration with The Biomedicine group at Aalborg University (AAU), Denmark to enhance effectiveness of research across academia and industry related to the application of probiotics in health and disease.
The rising awareness regarding preventive healthcare and search for healthy food products for consumption among consumers. As probiotics have proven strong benefits related to health, more specifically to the human digestive system is a major driver for the market. The most commonly used bacteria include Bifidobacteria and Lactobacilli, which are found in various dairy products, including yogurt and foods & beverages. Yogurt is the most popular option for consumption of probiotics in the dairy category, manufacturers are coming up with a variety of options in the yogurt category. This in turn aids the substantial growth of the probiotics market.
The increasing demand for probiotics has shown that customers are preferring products with proven benefits. The tendency toward a safe, natural, and cost-effective substitute for drugs has led the application of probiotics as pharmaceutical agents. These pharmaceutical agents seem to be strain and dose-dependent. Moreover, they are proven essential in treating variety of diseases related to digestive system. Probiotics is a replacement of pharmaceutical agents which propel the growth of the probiotics market.
Browse key industry insights spread across 230 pages with market data tables & figures & charts from the report, Probiotics Market By Distribution Channel (Supermarkets, Drugstores, Specialty Stores, and Online), By Ingredient (Bacteria, Yeast, and Others), By Application (Food & Beverage, Dietary supplements, and Feed), By End User (Human Probiotics, and Animal Probiotics) - Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/probiotics-market/162
The substantial investments from manufacturers in R&D activities and investments in laboratories, research equipment, and high cost of hiring trained professionals create hurdles in the development of the probiotic market. Probiotic products are developed and produced as per the international food regulations so the cost of the final product is high. Also distribution and marketing price of these product were added to the final product cost, as they require different packaging and distribution channels as compared to common products. Moreover, consumers are aware of the health benefits of probiotics product but their high prices are restraining them from buying these product, which is a challenge for manufacturers. This is restraining the growth of the probiotic market to a certain extent.
Asia Pacific is estimated to account for the highest CAGR in probiotics market over forecast period. Increasing demand for nutritional food products and rising population coupled with the rising in disposable income which create lucrative opportunity for growth of the market in this region. Moreover strong demand from countries such as India, China as well as Australia is contributing to the overall growth. For instance, North America, is also expected to witness considerable growth over the forecast period. Manufacturers are investing in pharmaceutical industries whichcontributes to the regional market growth.
The prominent players in the global probiotics market are Chr. Hansen, Holding A/S, Dannon Ltd., Yakult Honsha Co., Ltd., Kerry Inc., Nestle, Bifodan A/S , PROBI, DuPont., glacbiotech Co., Ltd., UAS Laboratories, among others.
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