Probiotics Market worth $85.4 billion by 2027 – Exclusive Report by MarketsandMarkets™
According to a research report “Probiotics Market by Product Type (Functional Food & Beverages, Dietary Supplements, and Feed), Ingredient (Bacteria and Yeast), End User (Human and Animal), Distribution Channel, and Region – Global Forecast to 2027″ published by MarketsandMarkets, the global probiotics market is estimated to be valued at USD 57.8 billion in 2022. It is projected to reach USD 85.4 billion by 2027, recording a CAGR of 8.1% during the forecast period. Some macroeconomic and microeconomic elements that have been prevalent in some important countries have had an impact on the global probiotics market. In terms of value sales, this would be strong enough to significantly influence the market during the predicted period. The rise in consumer awareness, health consciousness, demand for meat, changing lifestyles, and consumption patterns drive the demand in the probiotics market.
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A wide variety of probiotics-based functional beverage products are available in the Asia Pacific market offered by Yakult Honsha.
Asia Pacific has a huge market share in the probiotics market which implies that the demand and consumer awareness is high in the region, making it the most lucrative region for probiotics market players to enter. Other factors such as rapidly rising urbanization, government health initiatives, rise in the demand for meat, and fast-growing economies with attractive investment opportunities are pulling investments in the industry from various players around the globe. Japan-based Yakult Honsha Co. Ltd. is a leading and well-established player in the market, particularly in the functional beverages category. It has a dominant share in the region for this category. The knowledge of consumer perception and local taste gives it a competitive edge over other players that are not from the region.
The global feed market is relatively untapped and small in comparison to the functional food & beverages segment
Probiotics-based feed is relatively less commercialized than functional food & beverages in the market. This is because the human end-user market is much bigger than the animal end-user market. The animal end-user market is at a very nascent stage, and the importance of probiotics-fortified feed has just started gaining momentum in the probiotics market, which already has a big dominant presence of functional food & beverages probiotics products. However, as the awareness in the animal feed segment is on the rise, the demand for the segment is gradually rising, further pushing the players to manufacture products to cater to the interests of the gradually rising market.
During the forecast period, the online distribution channel segment is expected to increase at the highest CAGR of 9.2%.
Online shopping has been a very popular marketing and distribution channel in recent years. Although this trend is still at a nascent stage when compared to online clothes shopping, it is expected to gain consumer interest in the coming years owing to its value for the price, consumer comfort, and the Covid-19 pandemic. In developing countries, especially China, India, and Indonesia, online shopping is expected to gain popularity amid the hectic lifestyle, as online shopping saves time. Online grocery is further strengthened by investments from internet giants Alibaba Group Holding Limited (China) and Amazon.com, Inc. (US). Probiotic products such as yogurt, juices, dietary supplements, and bars are expected to be delivered through online channels. While purchasing probiotic products online, consumers also get detailed product information, which gives them first-hand details on strains if they are looking for probiotics with specific health benefits. Online buying is projected to be the future with the increase in urbanization and lifestyle change, thus, making it the fastest-growing distribution channel in the probiotics market during the forecast period.
By ingredient, yeast is the fastest-growing segment in the probiotics market during the forecast period
As a probiotic, yeast has been actively used in applications such as food, beverages, pharmaceuticals, and industrial enzymes. According to a fermented food market analysis published by Spoonshot in July 2022, there has been a growing interest in fermented food and drinks with potential health benefits over the last few years. Yeast probiotics can reduce or replace the use of antibiotics as growth promoters, thereby reducing the incidence of Salmonella and antibiotic resistance in animals. Therefore, due to the multiple benefits offered by probiotic yeast, their demand is on a rise. The preference for fermented food is also in demand. All these factors together are estimated to have made yeast the fastest-growing segment in the probiotics market during the forecast period.
By end user, human segment dominates the probiotics market during the forecast period
The developing economies in the Asia Pacific, such as China, India, and South Korea, are largely shifting toward urbanization, and in the coming years, the demand for convenience food products is witnessed to grow explicitly. These factors have boosted the growth of probiotic products such as yogurt. Therefore, the rising trend of consuming functional food & beverages due to health consciousness makes the human segment dominate the probiotics market during the forecast period.
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Europe is projected to reach USD 16.4 billion during the forecast period.
According to estimates, Europe is expected to hold a market share of 22% of the worldwide probiotics industry in 2022. The awareness and consumption of probiotics products are high in the region. The food & beverages industry is one of the largest and most important manufacturing sectors in Europe. The food market in the region is highly fragmented and consists of a large number of companies, most of which are small to medium-scale. The Europeans are health conscious and scrutinize ingredients on product labels before purchasing them. Most European countries, such as the Netherlands and Spain, have got approval from AESAN for the term probiotics on food and food supplement labels sold in the country. This has resulted in a high level of awareness, paving the way for increased demand for the consumption of probiotic products in the European region. These factors are thus, expected to push the probiotics market in the region to a value of USD 16.4 billion by 2027.
The key players in this market include Danone(France), ADM (US), Probi (Sweden), and Nestle (Switzerland).
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