The global prebiotics market is projected to reach USD 7.11 billion by 2024, according to a report by Grand View Research, Inc. Rise in demand for high fiber food products is anticipated to drive the market from 2013 to 2024 (forecast period). Considerable investments in the food and beverage industry for development of new products is likely to bolster market growth at around 10% CAGR during the forecast period. Demand for baby food supplements coupled with rising health-consciousness among consumers is expected to positively impact the market.
Technological developments in production of inulin and oligosaccharides as viable substitutes for sugar are likely to spur growth of the market for prebiotics. Cultivation and harvesting of prebiotic herbs in Europe is expected to facilitate market expansion. Rise in expendable incomes of consumers coupled with inclusion of prebiotics in health management programs are likely to propel the market to new heights. Growing concerns of sugar-related diseases is estimated to drive product innovation in the market.
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The global prebiotics market is segmented according to ingredient, application, and region. Inulin, fructo-oligosaccharide (FOS), galacto-oligosaccharide (GOS), and mannan-oligosaccharide (MOS), and others are ingredients used in manufacturing prebiotics. ‘Others’ segment includes chicory fructans, oligosaccharides, human milk oligosaccharides (HMOs), and xylo-oligosaccharide (XOS).
The inulin segment dominated the market with a significant revenue share in 2015. Increasing demand for inulin in baked goods and beverages is expected to impel market growth over the forecast period. Health benefits of inulin coupled with abundant availability of its sources such as garlic and bananas can further drive the demand. The MOS segment is expected to experience a healthy growth owing to constant demand for prebiotics in animal feeds.
Food & beverages, dietary supplements, and animal feed are the major application segments. The food and beverage segment accounted for around 82% global market share in terms of demand in 2015. It can experience immense growth over the forecast period owing to inclusion of healthy bacteria in food and beverages. The animal feed segment demand is predicted a CAGR of over 10.5% from 2016 to 2024. Emphasis on animal health and fortification of animal feeds with prebiotics to improve digestive health of animals is touted to impel demand over the forecast period.
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Regions covered in the market report include North America, Latin America (LATAM), Middle East and Africa (MEA), Europe, and Asia Pacific (APAC). The prebiotics demand in North America was valued at over USD 280 million in 2015. Demand for prebiotics-infused products to improve digestive health among consumers is anticipated to drive the global prebiotics market in the forthcoming years. Focus on preventive healthcare is likely to impact market development. Rise in incidence of swine flu, porcine epidemic diarrhea virus (PEDv), and bovine spongiform encephalopathy (BSE) in the U.S. has led to high demand for high-quality animal feeds. The market is anticipated to witness a 9.7% CAGR from 2016 to 2024.
The APAC market is expected to experience a 10.7% CAGR from 2016 to 2024 due to demand from developing economies such as India, China, and Japan. High rate of consumption of dairy products is likely to impact probiotics market growth.
The Europe market is touted to witness a 10.2% CAGR through 2024 due to importance given to prebiotics for weight management coupled with awareness among consumers. Diversification in products and its importance in the food and beverage sector is likely to impact market growth.
The LATAM market is anticipated immense growth owing to demand for meat in Chile, Argentina, and Brazil. Disposable incomes of consumers in these regions are ensured to facilitate market growth in the forthcoming years.
Some of the major players of the prebiotics market are Roquette Frères, FrieslandCampina Domo, Kraft Foods Group, Inc., Jarrow Formulas, Inc., and Bright Food (Group) Co. Ltd. Players are investing in research and development (R&D) centers to develop new methods for extraction of materials. Mergers and acquisitions, new product developments, and expansions are expected to expand market size in the forthcoming years. Presence of starch manufacturers and huge production facilities in Europe and North America are anticipated to boost market demand.
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