Global Probiotics Market, By Form (Liquid and Dry), By Ingredient (Bacteria and Yeast), By Application (Functional Food & Beverages, Dietary supplements, Feed), By End User (Human and Animal), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global probiotics market was valued at US$ 54.5 Bn in 2020 and expected to reach at a value of US$ 92.3 Bn by 2028 with a significant CAGR of 6.8%.
Probiotics are living microorganisms that promote good health. They are also acknowledged as good bacteria and found in yogurt and other fermented food products along with dietary supplements and beauty products. The Food and Agriculture Organization of the United Nations and the World Health Organization defines probiotics as the live microbes that aid health benefits in the body of the host when consumed in adequate amounts.
The most common bacteria belonging to this group are Lactobacillus and Bifidobacterium. Besides, some specific spores of yeasts, such as Saccharomyces boulardii, are also categorized into this category. The rising health benefits associated with the consumption of probiotics are the prime factor boosting the global probiotics market growth. As the consumption of probiotics on regular basis enhances the count of good bacteria in the intestine, improving the capability of the digestive system prevents and treats diarrhea, keeps the heart healthy, boosts immune systems, and others.
Also, the introduction of a new product or strain aids in generating market revenue. For instance, in April 2021, Deerland Probiotics & Enzymes expanded its branded probiotic spore portfolio with the introduction of an all-new MuniSpore product. Other factors, such as the rising health consciousness among consumers coupled with the technological advancements in probiotic products are also responsible for propelling the growth of the global probiotics market in a positive direction.
On the flip side, the requirement for high research & development investments for the innovation of new probiotic strain serves to be the restraining factor hampering the market growth. But, the factors such as the rising demand for value-added probiotic products from developed economies and the replacement of pharmaceutical agents with probiotics are expected to offer profitable growth opportunities for the probiotics market share during the predictable years.
Still, the intricacies linked with the integration of probiotics in functional foods are the major challenging factor responsible for pulling industrial growth in a negative direction. As the development of functional foods rotates around growing demand from the consumer side, the feasibility of advanced technological conditions, and regulatory approvals of the finished products. Additionally, the upgrading knowledge of consumers concerning the health effects of specified ingredients will also affect the demand and is likely to suppress the overall sale of the product, which in turn will decrease the probiotics market share globally.
MMC Study identifies some of the key participating players in the probiotics market market globally are Chr. Hansen, Danone, Yakult Honsha, DowDuPont, Kerry, Probi AB, Nestle, BioGaia, Morinaga Milk Industry Co., Ltd., Glac Biotech, Bifodan A/S, Lallemand, General Mills, Uas Laboratories, Archer Daniels Midland Company.
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