Probiotics Market Is Set To Reach $66 Billion By 2024: Grand View Research, Inc.

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According to new report published by Grand View Research, the global probiotics market driven by rising health concerns coupled with growing digestive complaints due to unhealthy lifestyle.Increasing disposable income and growing standard of living especially in emerging countries are likely to propel the market in near future.

According to Grand View Research, Inc.; the worldwide probiotics market is expected to surpass USD 66 billion by 2024. Rising health concerns coupled with growing digestive complaints due to unhealthy lifestyle can drive the market during the forecast period (2014 to 2021). Additionally, increasing disposable income and growing standard of living especially in emerging countries are likely to propel the market in near future.

Probiotics are considered as healthy bacteria that are advantageous to both humans and animals. They are highly useful in treating various types of immunity and gut related diseases. These special bacteria are used for treating diseases related to intestines, digestion, gastrointestinal tract, and bowel function. They act as barriers against external pathogens in case of food poisoning. Animal probiotics play an important role in maintaining the animal health as animal husbandry business faces a constant threat of diseases. The use of these products in limiting animal illnesses is anticipated to make positive impact on the market. Furthermore, probiotics can also be useful in maintaining skin health. This application area is anticipated to further propel the demand in near future.

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Herbalife, a nutrition company, recently introduced Simply Probiotic, an easy to use powder probiotic. It can deliver around one billion active probiotic cultures per serving. This powdered probiotic is portable and it can be stored at normal room temperature. It can be easily mixed with cold, hot, or frozen food and is considered useful for gut balance.

The worldwide probiotics market can be segmented on the basis of end use and application. Based on the end use, the market can be classified into human probiotics and animal probiotics. Human probiotics captured more than 90% total revenue share in 2015. As per application, the market can be segmented into probiotic food and beverages, dietary supplements, and animal feed. Probiotics food and beverages can be further divided into dairy, nondairy, baked foods, cereals, fermented milk products, and dry food probiotics. Probiotics dietary supplements can be categorized into food supplements, nutritional supplements, specialty nutrients, and infant formulas. In 2015, probiotics food and beverages segment captured more than 85% revenue share. Dairy supplements are predicted to grow at around 7.5% CAGR during the forecast period.

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Geographically, the market can be segmented into North America, Europe, Asia Pacific, Central and South America, and Middle East and Africa. Asia Pacific has been dominating the market with around 40% total market share. It is expected to witness the highest growth at nearly 7.7% CAGR over the next eight years. This growth is attributed to rising awareness about probiotics usage, growing population, high disposable income, and existence of many international companies. China, Japan, and India are the major contributors in this region. Supportive, government policies favoring the dairy industry may also fuel market growth in this region.

North America is predicted to grow at 6.8% CAGR during the forecast period. High awareness and preference for functional foods are the major factors driving the growth in this region. Regions like Middle East & Africa and Central & South America are also predicted to exhibit considerable growth over the forecast period.

Some of the leading companies operating in the worldwide probiotics market include Yakult Honsha Co., Ltd.; Lallemand Inc.; Arla Foods, Inc.; Danisco A/S, and Danone.

Major part of the overall market is occupied by very few companies. Key manufacturers are using innovative ideas and techniques for customer engagement. They are continuously trying to deliver unique products to gain customer allegiance. Mergers and acquisitions are carried out for increasing regional presence as well as to gain maximum profit. Additionally, companies are investing lots of money and effort in research and development (R&D) activities for developing more effective probiotic strains. Third party R&D companies are employed to develop greater cultures for gaining competitive advantage. Development of patented preparation techniques is accepted by major companies to provide personalized products. Most key market players are also focusing on developing new skincare products.

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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