Probiotics are live microorganisms that are intended to have health benefits when consumed. They are available as dietary supplements or incorporated into certain foods, such as yogurt, kefir, sauerkraut, and kimchi. Probiotics aid in maintaining a healthy balance of microbiota in the gut by competing with harmful bacteria, aiding nutrient absorption, and supporting proper digestion. Their consumption has been linked to maintaining digestive health, strengthening immunity, and managing certain health conditions like irritable bowel syndrome. The probiotics market is driven by increased health consciousness and inclination towards preventive healthcare.
The probiotics market is estimated to be valued at US$ 63.79 Bn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for functional and nutraceutical food products fortified with probiotics is a major trend in the market. Manufacturers are developing various food and beverage products containing probiotic strains targeted at specific health conditions. Fermented dairy products especially yogurt continue to be a popular format for probiotic delivery. Another notable trend is the rising consumer preference for vegetarian and vegan probiotic supplements obtained from plant-based sources like kimchi, kombucha, etc. Additionally, the market advancement of novel probiotic delivery formats like gummies, chewables and freeze-dried powders catering to different consumer segments is propelling the industry expansion.
Threat of new entrants: Low as the probiotics market requires high R&D investments and established distribution channels. Bargaining power of buyers: Moderate as buyers have multiple vendor options but are concerned about quality and probiotic strains. Bargaining power of suppliers: Low due to availability of substitutes and dependence of suppliers on major players. Threat of new substitutes: Moderate as new delivery formats and combination of probiotic strains can disrupt the market. Competitive rivalry: High as major players compete based on strains, delivery formats and regional expansions.
The Global Probiotics Market Size is expected to witness high growth, exhibiting a CAGR of 8.3% over the forecast period, due to increasing demand for preventive healthcare and gut health supplements. The market size for 2023 is estimated to be US$ 63.79 Bn.
North America dominates the probiotics market due to rising health awareness and popularity of probiotic supplements. Asia Pacific is expected to be the fastest growing market owing to growth in food & beverage sector and increasing spending on alternative treatments in countries like India and China.
Key players operating in the probiotics market include BioGaia AB, Chr. Hansen, Groupe Danone S.A., Nestle S.A., PROBI AB, Lifeway Foods, Inc., Mother Dairy, General Mills, Inc., China-Biotics, Inc., Yakult Honsha Co., Ltd., and E. I. du Pont de Nemours and Company. Major players are focusing on new product launches, mergers, and regional expansions to strengthen their market presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it