Colombia Probiotics Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Ingredient (Bacteria, Yeast), By Form (Liquid, Dry), By Application (Functional Food And Beverages, Dietary Supplements, Animal Feed), And By End-Users (Human, Animal) - Forecasts From 2022 To 2027
- Published : May 2022
- Report Code : KSI061613228
- Pages : 80
The Colombia probiotics market is projected to witness a compound annual growth rate of 7.13% to grow to US$321.014 million by 2027, from US$198.229 million in 2020.
The market is projected to show considerable growth during the next five years, primarily attributed to the growing health concerns and awareness from health authorities and media. Hectic schedules along with increased consumption of processed food have resulted in poor lifestyle and disturbed diet, which lacks nutrients, has increased the demand for external nutrients source, hence boosting the market.
GROWING DEMAND FOR FEED PROBIOTIC
Surging meat and poultry consumption have a significant role in increasing the Colombia probiotics market size. The country's meat consumption is rising, with a growth rate of around 3.59% to 4.2% from 2016 to 2019. (source: FAO). In 2017, Colombia's meat consumption reached an all-time high at 32 kgs per person, making it the second most meat-consuming country in the Latin American region after Brazil. In that year, Colombia reached 23rd position in the list of poultry meat consumption out of 155 countries, and 25 ranks above the position observed ten years ago. Moreover, the rise in demand for quality meat has increased the demand for probiotics for animal feed in the country. Probiotics, when included in animal feed, increase the health and nutrients levels and decreases the threat of disease outbreak in the animals, providing better meat for human consumption. Quality product standards have led to a surge in the adoption of probiotics in the animal husbandry industry in the country. Moreover, Colombia’s regulatory conditions provide advantages for the probiotics market, especially dietary supplements and animal feed.
BY FORM, THE COLOMBIA PROBIOTICS MARKET IS SEGMENTED INTO LIQUID AND DRY PROBIOTICS.
Liquid probiotics are increasingly becoming the favorable form for consuming probiotics as they are easy to consume and can be offered in different flavors in different foods. Their ease of use for babies and toddlers is further expected to boost their market demand as parents can now put just a few drops of the probiotic liquid on their child’s tongue or add them to cold food and/or drinks, and the work is done. Therefore, with advantages like ease of consumption and live bacteria, the liquid form of probiotics is expected to witness significant growth in Colombia in the upcoming years.
BY APPLICATION, THE COLOMBIA PROBIOTIC MARKET IS SEGMENTED INTO FUNCTIONAL FOOD AND BEVERAGES, DIETARY SUPPLEMENTS, AND ANIMAL FEED.
With the Colombian population becoming more nutrition-conscious and aware of the health benefits of probiotic supplements, the demand for dietary supplements is increasing in the country. Also, the absence of physical activities and poor eating habits has led to various lifestyle diseases such as obesity, diabetes, blood pressure, cardiovascular problems, and various other diseases, which has led to the Colombian people being increasingly conscious of their health. The rise in disposable income in Colombia is also one of the major factors driving the probiotic supplements market in the country. According to IMF, the gross national disposable income of Colombia was 872,354,000 COP million in 2016, which rose to 922,708,000 COP million in 2017.
In March 2020, The World Bank’s board of executive directors approved the project, Colombia - Improving quality of healthcare services and efficiency in Colombia program. It got an IBRD loan of $150 million with the objective to support improvements in the quality of healthcare services and the efficiency of the Colombian health system. The improving healthcare infrastructure and broader insurance coverage are leading to an increasing number of people opting for medical care, which is leading to an increasing number of people becoming aware of the daily nutrition requirements for their bodies and are therefore recognizing the importance of nutritional supplements to fill in the nutritional gap.
The coronavirus pandemic has severely affected Colombia, affecting 2.34 million people and causing 62,148 deaths. This has, in turn, increased the market for probiotics in the country. Pre-pandemic Colombia was a prime consumer of probiotics, especially dietary supplements, in the Latin American region. The pandemic has skyrocketed the market for probiotics, raising health and nutrients concerns.
Colombia Probiotics Market Scope:
|Market size value in 2020||US$198.229 million|
|Market size value in 2027||US$321.014 million|
|Growth Rate||CAGR of 7.13% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Ingredient, Form, Application, And End Users|
|Companies covered||Orffa, Mastellone Hons SA, Progurt, Axon Pharma|
|Customization scope||Free report customization with purchase|
Key Market Segments
- BY INGREDIENTS
- Streptococcus Thermophilus
- Saccharomyces Boulardii
- BY FORM
- BY APPLICATION
- Functional Food and Beverage
- Dietary Supplements
- Animal Feed
- BY END-USERS
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The Threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. COLOMBIA PROBIOTICS MARKET, BY INGREDIENTS
5.2.3. Streptococcus Thermophilus
5.3.1. Saccharomyces Boulardii
6. COLOMBIA PROBIOTICS MARKET, BY FORM
7. COLOMBIA PROBIOTICS MARKET, BY APPLICATION
7.2. Functional Food and Beverage
7.3. Dietary Supplements
7.4. Animal Feed
8. COLOMBIA PROBIOTICS MARKET, BY END-USERS
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.2. Mastellone Hons SA
10.4. Axon Pharma
Mastellone Hons SA
|Report Name||Published Month||Get Sample PDF|
|Chile Probiotics Market Size & Share: Industry Report, 2022-2027||Jan 2023|
|South America Probiotics Market Size: Industry Report, 2022-2027||Jan 2023|
|Peru Probiotics Market Size & Share: Industry Report, 2022-2027||Dec 2022|
|Brazil Probiotics Market Size & Share: Industry Report, 2022 – 2027||Sep 2022|
|Argentina Probiotics Market Size & Share: Industry Report, 2022 – 2027||Jan 2023|