Probiotics are those microorganisms that include bacteria or yeast that are considered highly beneficial to human beings by maintaining gut health and intestinal inflammation. These help in strengthening the immune system of humans when consumed in adequate amounts. Additionally, the consumption of probiotics further leads to improvement in bowel functions, intestinal tracts, and digestion-related disorders which is also a major factor driving its consumption throughout the globe. The major factors that are leading towards the high consumption of probiotics include the growing health concerns regarding the benefits on the consumption of probiotics along with inclining focus of the people towards a relation between diet and health.
The market is also driven by the fact that there is a changing food pattern consumption which has led to numerous diseases regarding bowel functioning, improper digestion which in turn, is significantly driving the demand for probiotics especially in the developed countries as the people in the developed regions are highly concerned about their healthy lifestyle. Furthermore, the changing lifestyle of the people in the developing economies due to the growing disposable incomes has also led to an increase in the consumption of numerous dietary products which is also propelling the probiotics market growth during the coming years. There is a high demand for various supplements and dietary food among the millennials due to the increasing fitness goals for a healthy lifestyle is also anticipated to drive the market growth for probiotics for their applications in numerous food and beverages.
The demand for probiotics is directly proportional to the increasing population across all regions. According to the United Nations Department of Economic and Social Affairs, the total global population is expected to reach around 9.7 billion in 2050. The growth in probiotics supplements market will be significant with the increasing population owing as the increasing awareness regarding the health among the younger generation is leading to high consumption of various dietary products out of which probiotics based food, beverages and supplements form are also considered an integral part, thereby positively impacting its demand over the forecast period.
Increasing consumer awareness and knowledge about different types of dietary foods and beverages is significantly forwarding the probiotics market growth. Immunity system related benefits are one of the dominating attributes consumers generally associate with probiotics, followed by maintaining a healthy digestive system and healthy bowel functioning. Consumers generally connect supplements and dietary foods to various benefit areas which include increasing muscle recovery after exercise, healthy aging, and weight loss and satisfaction.
The probiotics market has been segmented into application, end-user, ingredients, function, type, and geography. On the basis of application, the market has been segmented into functional food and beverages. On the basis of end-user, the classification is done on the basis of human probiotics and animal probiotics. By ingredients, the segmentation has been done on the basis of bacteria and yeast. By function, the market is segmented into regular, preventative healthcare and therapeutic. On the basis of type, the probiotics market has been segmented into lactobacillus, streptococcus, bifidobacterium, spore formers, and others. Geographically, the market is segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
By application, the dietary supplements segment is projected to show a notable growth during the next five years primarily on the account of rising health concerns regarding health and fitness among the millennials. The functional food and beverage segment is anticipated to hold a significant share in the market during the forecast period on account of the growing consumption of processed food and poor eating habits of the people, especially in the underdeveloped economies.
By the end-user, the animal feed segment is projected to show a robust growth owing to the rising consumption of meat in developing economies which has further facilitated the need for the proper health of animals, thereby positively impacting the growth of this segment during the coming years. Also, the outbreaks of various diseases in animals is anticipated to propel the adoption of probiotics with an aim to keep the animals healthy.
Geographically, North America and Europe are projected to hold a considerable share in the market due to the presence of high health concerned population in these regions. Also, the presence of key players of the market in the region also supports the market growth during the next five years. The market in the Asia Pacific region is projected to witness decent growth due to the growing aging population in countries like Japan and China along with significant growth in the diet-conscious population across the countries of the APAC region.
The growing investments by key market players as well as small players in the market in the form of R&D for developing new products and expanding the product portfolio along with facility expansions and acquisitions and partnerships in order boost the production to cater to the rising market demand and also to tap the potential that the market holds further shows the potential for the market to surge during the next five years. For instance, recently in May 2020, Ancient Nutrition announced the launch of its new line of SBO Probiotics with unique offerings. Similarly, in September 2019, Yakult, a globally known leading company in the field of probiotics announced its plans to expand the sales of its drink Yakult Gold for the Middle East region.
ABOUT THE AUTHOR:
Rachit Gulati is a Market Research Analyst at Knowledge Sourcing Intelligence, working on estimates and global/regional specific reports on multiple industries ranging from automation to food and beverages, with a special knack for automotive and healthcare. With the addition of his formal education in Economics, Commerce, and Finance, he is able to provide more light on the macro aspects of the story. To read more articles by him, and for more information regarding multiple global markets, visit www.knowledge-sourcing.com.