The global probiotics market is estimated to be valued at US$ 58.9 billion in 2022 and is expected to exhibit a CAGR of 8.3% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Probiotics are live bacteria and yeast that are beneficial for human health, especially for digestion and the immune system. These microorganisms are available in certain foods and supplements, and have gained immense popularity due to their potential health benefits. Probiotic products, such as yogurt, kefir, and kombucha, have become increasingly popular as consumers become more aware of the importance of maintaining a healthy gut microbiome. Probiotics help restore the natural balance of bacteria in the gut, aiding in digestion, boosting the immune system, and promoting overall well-being.
B) Market key trends:
One key trend in the global Probiotics Market is the increasing consumer awareness about gut health. Research has shown that a healthy gut microbiome is essential for maintaining overall health and well-being. Rising health consciousness among consumers and the growing prevalence of gastrointestinal disorders have led to an increased demand for probiotic products. Furthermore, with the COVID-19 pandemic highlighting the significance of a strong immune system, there has been a surge in demand for products that support immune health, such as probiotics. For instance, companies like BioGaia AB and Lifeway Foods, Inc. have witnessed a significant increase in sales of their probiotic products during the pandemic.
C) PEST Analysis:
Political: Governments worldwide are increasingly promoting the consumption of probiotics through awareness campaigns and initiatives. For example, the Japanese government has designated June 1st as "Lactic Acid Bacteria Day" to promote the benefits of probiotics. This political support is expected to drive the growth of the probiotics market.
Economic: Rising disposable incomes and increasing purchasing power of consumers in developing countries have contributed to the growth of the probiotics market. Probiotic products are often premium-priced, and consumers are willing to spend more on health and wellness products.
Social: Changing consumer lifestyles and dietary preferences, along with a growing focus on preventive healthcare, have fueled the demand for probiotic products. Moreover, the influence of social media and word-of-mouth recommendations has also played a significant role in driving consumer awareness about probiotics.
Technological: Advancements in probiotic technology, such as microencapsulation and strain-specific probiotics, have improved product stability and efficacy. This has led to the development of a wide range of probiotic products, including supplements, functional foods, and beverages.
D) Key Takeaways:
1. The global probiotics market is expected to witness high growth, exhibiting a CAGR of 8.3% over the forecast period, due to increasing consumer awareness about gut health. The growing prevalence of gastrointestinal disorders and the demand for immune health support have further fueled the market growth.
2. The Asia-Pacific region is expected to be the fastest-growing and dominating region in the global probiotics market. Increasing health consciousness, a large population base, and a rich tradition of fermented foods in countries like China and Japan have contributed to the high demand for probiotic products in this region.
3. Key players operating in the global probiotics market include BioGaia AB, Chr. Hansen, Groupe Danone S.A., Nestle S.A., PROBI AB, Lifeway Foods, Inc., Mother Dairy, General Mills, Inc., China-Biotics, Inc., Yakult Honsha Co., Ltd., and E. I. du Pont de Nemours and Company. These companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market presence and gain a competitive edge.
