Probiotics Market Overview: 2022
Probiotics Market is expected to garner $57.4 billion by 2022, registering a CAGR of 7.7% during the forecast period 2016-2022.
Probiotics are microorganisms, such as bacteria and yeast, that are very useful to sustain the balance of intestinal microbiota in the human and animal body. Probiotic ingredients stimulate natural digestive juices and enzymes in the body to ensure proper functioning of the digestive system. In addition, probiotics protect healthy organisms from harmful microorganisms. Nowadays, probiotic products find applications to diagnose mental illness and treat digestive problems & neurological disorders. Moreover, they strengthen the human immune system, protect proteins & lipids from oxidative destruction, and reduce body pathogens. Probiotic ingredients can be administered through food or in the form of supplements. In addition, these ingredients are sold in the form of capsules, tablets, powders, and gel.
The major factor that boosts the market growth is an increase in consumer preference for natural products. Rise in concerns of consumers on preventive healthcare and effectiveness of probiotic bacteria on health drive the market growth. The demand of probiotics has increased due to upsurge in consumption of functional foods, which have potentially positive effects on health apart from providing basic nutrition. Besides, factors such as ban on the usage of antibiotics in animal feed in several countries, increase in product innovations in the form of chocolates, biscuits & others, increased demand of probiotic based medicines for chronic diseases such as diarrhea & bowel diseases drives the market growth. In addition, increase in disposable income and improved standards of living in developing economies supplement the market growth.
The factors that restrict the market growth are lack of standardization regarding microorganism concentration in probiotic products, high prices of ingredients and lack of awareness regarding benefits of probiotics among consumers. Proactive government support such as approval from Food & Drug Administration for probiotic dietary supplements & Foods for Specific Health Uses are expected to offer lucrative opportunities for market growth. Also, several publications on probiotics, functional food fact sheets, and conferences by International Food Information Council (IFIC) have increased awareness about probiotic products, which are expected to drive the market.
The world probiotics market is segmented based on ingredient, application, function, end use, and geography. Based on ingredient, the market is segmented into bacteria and yeast. Probiotic foods such as Yogurt and Kefirs are induced with probiotic bacteria either in powdered or liquid form. Yeast probiotics are used for therapeutic purposes also. Bacterial strains are available in powdered, liquid, and in gel forms whereas yeast strains are available only in powdered form. Bacteria segment accounted for the maximum revenue share in the year 2014 and is anticipated to consolidate its position during the forecast period, owing to its health benefits such as improve lactose digestion, prevention of urogenital infections, and treatment of allergies.
Based on application, the market is segmented into food & beverages, dietary supplements, and animal feed. Food & beverages is the most preferred mode of consumption of probiotics and is expected to maintain its dominance during the forecast period. Dietary supplements segment is expected to be the fastest growing segment during the forecast period, due to rise in demand for botanical and natural health supplements, which will help maintain good gut health and strong immune system.
Based on function, the market is divided into regular, preventive healthcare, and therapeutic. Among these, preventive healthcare function is expected to grow with a highest growth rate due to rise in application in pharmaceutical industry to regulate the digestion and normalize the intestinal tract. By end use, the probiotics market is segmented into animal probiotics and human probiotics. Human probiotics dominated the overall probiotics market in 2014 and this segment is anticipated to generate highest revenue throughout the forecast period.
The market is analyzed on the basis of four regions, namely, North America, Europe, Asia-Pacific, and LAMEA along with their prominent respective countries. Asia-Pacific would continue to be the highest revenue-generating region during the forecast period. Factors such as rapid growth in the food & beverage industry in developing countries, such as India and China, and rise in awareness of benefits of probiotic food products drive the market. The key players operating in this market include BioGaia AB, Danone, Chr. Hansen Holding A/S, Yakult Honsha Co., Ltd., Probi AB, Lifeway Foods, Inc., Nestle S.A., Ganeden, Inc., E. I. du Pont de Nemours and Company, and Protexin.
By End Use
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