The probiotics market is anticipated to grow at a CAGR of 8.15% during the forecast period, to reach a total market size of US$73.161 billion in 2024 from US$45.718 billion in 2018. Probiotics are effective in improving gut-related disorders related to digestion, intestinal tracts, and bowel function. Growing awareness regarding the relationship between diet and health is augmenting the demand for probiotic food and beverage products and dietary supplements that enhance health while providing basic nutrition. Changing food pattern consumption coupled with increasing number of people from these diseases is leading to the growing adoption of probiotics in daily diet. Growing health awareness and rising disposable incomes particularly in developing economies will bolster the growth of global probiotics market in the coming years. Growing demand for dietary supplements owing to increasing fitness goals among people will drive the market growth of probiotics for dietary supplements application which includes infant formula, food supplement, nutritional supplements, and specialty nutrients.
The probiotics market segmented based on application, end-use, ingredients, function, types, and geography. By application, the market has been segmented into functional food and beverages, dietary supplements, and animal feed. By end-use, the market has been segmented into human probiotics and animal probiotics. By ingredients, the market has been classified into bacteria and yeast. By function, the market has been segmented into functional regular, preventive healthcare, and therapeutic. By type, the market has been segmented into Lactobacillus, Streptococcus, Bifidobacterium, Spore Formers, and others.
By type, functional food and beverages accounted for a significant market share in 2018. This growth is attributed to the rising consumption of processed food, poor lifestyle patterns, and increased level of information from health authorities and media on nutrition and the link between health and diet. This application segment is expected to grow at a good CAGR during the forecast period owing to growing awareness of personal health deterioration coupled with increasing incidences of self-medication. The probiotic market for dietary supplements will grow at a substantial CAGR during the forecast period due to growing awareness regarding fitness and good health, especially among younger global population base. The development of advanced and superior probiotic strains for specific purposes is further fueling the market growth. Animal feed probiotics will witness great growth owing to changing dietary patterns leading to high meat consumption, especially in developing economies. These probiotics in animal husbandry industry ensure proper health of animals to eliminate constant threat of disease outbreaks.
By type, lactobacillus has a significant market share in 2018 and will continue to show decent growth in the global probiotics market throughout the forecast period. Bifidobacterium probiotics type will also witness good growth during the forecast period. Lactobacillus and bifidobacterium are the two most commonly used non-spore forming probiotics used in food and feed across the globe. These probiotics are majorly used in dairy products, as probiotic dairy foods lead to improved gut health through improved tolerance to lactose in lactose-intolerant individuals or improved resistance to pathogenic bacteria. Others include microorganisms such as yeast Saccharomyces cerevisiae, Escherichia coli, and Enterococci among others.
The Probiotics Market – Forecasts from 2019 to 2024 is an exhaustive study that aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key market, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by application, end-use, ingredients, function, types, and geography.
Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, South America, Europe, Middle East and Africa, and Asia Pacific regions. The report also analyzes 15 countries across these regions with thorough analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers.
Major players in the probiotics market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the probiotics market.