The constantly changing consumer demands and transforming preferences is what makes the global probiotic market markedly dynamic in nature, notes Transparency Market Research (TMR). The global market is fairly fragmented owing to the presence of plethora of small and large players. Key imperatives for companies seeking growth and consolidation of market shares are focusing on distribution, price, and quality. Furthermore, a growing number of players are engaged in adopting technological advances to surge ahead of others, observes TMR.
Leading companies operating in the market include Danone S.A., General Mills Inc., BioGaia AB, Nestle S.A., Chr. Hansen, Lifeway Foods Inc., Yakult Honsha Co., and Mother Dairy.
The global probiotic market stood at US$62.6 billion in 2014. Rising at a promising CAGR of 7.40% during 2014–2020, the global is projected to reach a worth of US$96 billion by 2020 end.
The key application areas of probiotics are food and beverages (F&B), dietary supplements, and animal feed. Of these, the F&B segment led the pack in 2013 and is expected to hold its sway throughout by rising at a CAGR of 7.20% during the assessment period. The growth is attributed to the widespread uptake of probiotics through the consumption of food and beverages among health-conscious people world over.
On the geographical front, Asia Pacific contributes the leading share in the global market. Expanding at 7.10% CAGR from 2014 and 2020, the regional market is likely to hold its dominance in the years to come as well. The growth is fueled by the substantially rising demand for probiotics in its various economies.
Vast Purported Beneficial Health Effects of Probiotics helping in Market Expansion
The rising popularity of probiotics in global populations is driven by the vast purported beneficial health effects they have. The potential of the market is underpinned by several promising benefits these live microorganisms have on the digestive health of animals and humans. Over the past few years, probiotics have generated vast interest among worldwide populations in combating bacterial vaginosis and urinary tract infection, apart from promoting immune systems in organisms. Research into the beneficial role played by probiotics in striking a balance in intestinal microbes and gut microbiota have fueled the growth of the market.
The rising demand for functional foods for combating a variety of lifestyle-driven diseases such as irritable bowel syndrome and digestive disorders is a notable factor is bolstering the demand for probiotics as dietary supplements. Moreover, the growing use of various probiotics in treating liver diseases and common cold is propelling the growth of the market.
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Lack of Standardization key Hindrance to Market Growth, Wider Availability in Retail Stores Create Lucrative Opportunities
However, the growth of the probiotic market suffers from setbacks. The absence of standardization in products is a crucial factor hindering the growth. Nevertheless, there have been several new product launches favoring the growth of the market. For instance, the advent of ready-made functional beverages has imparted a new momentum to the market growth. Moreover, improving the ease of availability for foods containing probiotics is broadly opening new revenue streams for food and beverages companies operating in the market. The proliferating of probiotics in retail stores such as supermarkets and hypermarkets is a notable factor catalyzing the growth of the probiotics market.