Thailand probiotics market is anticipated to grow at a CAGR of 12.21% during the forecast period, to reach a total market size of US$251.793 million in 2026 from US$112.411 million in 2019.
Probiotics are live bacteria and yeasts that are good for humans and animals, especially for their digestive systems. Probiotics are bacteria which when consumed in sufficient amounts have a desirable impact on the human body such as improved gut health, reduced intestinal inflammation, etc. Probiotics also strengthen the immune system, which prevents the occurrence of many diseases. Probiotics are further effective in improving gut-related disorders related to digestion, intestinal tracts, and bowel function as they protect proteins and lipids from oxidative destruction, and reduce body pathogens. The growing awareness regarding the relationship between diet and health is augmenting the demand for probiotic food and beverage products and dietary supplements in Thailand. Probiotics act as an adjuvant in the prevention and treatment of a wide variety of chronic diseases. The increasing number of patients affected by chronic diseases and the mortality rate due to chronic diseases is on an increase in Thailand, which is further amplifying the Thailand Probiotic Market in the region. According to the World Health Organization (WHO), 6% of deaths in Thailand are due to chronic respiratory diseases. In addition, the increasing health awareness, rising disposable income, lifestyle change, and growth of the aging population in the country are expected to bolster the growth of the probiotics market in Thailand during the forecast period. Furthermore, the demand for probiotic beverages and yogurt has witnessed a significant increase in Thailand coupled with the growing demand for immunity-based products in the last few years. The probiotic cosmetics industry is budding in Thailand with the key market players launching innovative cosmetic products such as probiotic-based makeup remover, moisturizer, primer, and cream is further projected to propel the market growth for the probiotics market in Thailand in the next few years.
By application, the functional food and beverages segment is expected to account for a significant market share owing to the rising consumption of processed food, increasing disposable income, and innovative probiotic products. The Thailand Probiotic Market for the dietary supplements segment is expected to grow notably due to the growing awareness regarding fitness and good health, and the increasing demand for probiotic yogurt in Thailand. The probiotic cosmetic and skincare industry is expected to witness significant growth in the next five years owing to the changes in skincare routine and awareness about the skincare benefits of probiotics. By end-user, the human probiotics segment is projected to hold a dominant market share owing to the growing health awareness, rising disposable income, and increasing aging population in the country. By ingredients, the bacteria segment is estimated to hold a vital market share as the health benefits associated with bacteria consumption are vast such as increased lactase production, prevention of diarrhea, prevention of immune system disorders, and enhanced Lactobacilli immunity. By type, lactobacillus and bifidobacterium segments are projected to hold notable market shares as they are the two most commonly used non-spore forming probiotics used in food and feed in Thailand. 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.
According to agingasia.org, Thailand is ranked as the third most rapidly aging population country in the world. The number of people aged 60 and above in Thailand stood at about 13 million, accounting for 20% of the population, in 2018. The increase in the geriatric population in the country will drive the growth of the market during the forecast period as the elderly population will suffer from more diseases for which the consumption of probiotics in their diet will increase. The geriatric population is more likely to suffer from digestive, chronic, and immunity disorders, which will encourage them to purchase more probiotic products.
The major contributor to the growth of the probiotic market in Thailand is the increasing health awareness among consumers. Consumers in Thailand are constantly searching for healthy food products for daily consumption. Probiotics have several health benefits associated with their consumption, which is driving the market growth. Many innovative products have entered the Thailand probiotic market such as yogurt, fruit juice, cultured dairy drinks, biscuits, etc. which is further fueling the market as the consumers have a wide variety of products to choose from. Several initiatives by the governing bodies of each country are launching campaigns regarding health awareness, such as the World Health Organization, marks April 7 as the World Health Day, which is further making people more conscious about their eating habits, this, in turn, is expected to propel the market growth during the forecast period.
The costs associated with developing new probiotic strains are very high in Thailand as huge investments need to be made in developing laboratories, purchasing research equipment, and the high cost of hiring trained professionals. Probiotic products are associated with health benefits, which makes it challenging for manufacturers to get a high return on investment on the initial investment cost. The high cost of R&D may restrain the growth of the market during the forecast period.
Impact of COVID–19.
The Covid-19 pandemic resulted in a sudden surge in the demand for immunity-building products such as probiotic drinks, tablets, yogurt, etc. in Thailand. The probiotic market in the country witnessed an overnight market growth as consumers purchased health-related products in abundance to protect themselves from the virus. The novel coronavirus pandemic thus resulted in the strong market growth of the probiotics market in 2020.
Prominent/major key market players in the Thailand Probiotic Market include Yakult Honsha Co., CP-Meiji Co., Ltd., Betagen Company Limited, Foremost Group Thailand, Natures Bounty Inc., Maison Valmont, Nestlé S.A, Danone S.A, BioGaia, and Chr. Hansen Holding A/S. The players in the Thailand Probiotic Market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. For Instance, in May 2020, Maison Valmont, launched Primary, the company’s first microbiome-balancing skincare collection comprising of five new products, made using prebiotics and probiotics. Major market players in the market have been covered along with their relative competitive strategies in this report and the report mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Thailand Probiotic Market.