Probiotic Drinks Market to Reach $23.40 Bn, Globally, by 2031 at 6.6% CAGR: Allied Market Research

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Apr 19, 2022, 08:40 ET

PORTLAND, Ore., April 19, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Probiotic Drinks Market by Type (Dairy-Based, Plant-Based), by Flavor (Regular, Berry, Tropical, Others), by Sales Channel (Hypermarkets And Supermarkets, Convenience Stores, Online Retail, Others),: Global Opportunity Analysis and Industry Forecast, 2020-2031." According to the report, the global probiotic drinks industry was pegged at $11.04 billion in 2020, and is expected to reach $23.40 billion by 2030, growing at a CAGR of 6.6% from 2022 to 2031.

Drivers, restraints, and opportunities-

Rise in health concerns, growth in popularity of plant-based probiotic drinks, multiple health benefits of probiotic drinks, and increase in demand for functional foods and beverages drive the global probiotic drinks market. However, potential side effects of probiotic drinks hinder the market growth. On the contrary, increase in focus on preventive healthcare and rise in disposable income and purchasing power across emerging economies are anticipated to pave the way for multiple opportunities in the industry.

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COVID-19 scenario-

Due to required bans and limitations imposed by relevant regulatory bodies during the recent outbreak of COVID-19, several industries were forced to shut down or operate with a reduced workforce.
Probiotics, on the other hand, have several gut health advantages and increase immunity. As a result, during the spread of COVID 19, the demand for probiotic drinks has increased in order to maintain a healthy immune system. It has a significant favorable impact on the revenue growth of the industry.
Furthermore, the health benefits associated with overall health are predicted to fuel market's global revenue growth.

The dairy-based segment to dominate by 2031-

By type, the dairy-based segment accounted for around two-thirds of the global probiotic drinks market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is owing to the fact that probiotic drinks are generally made from fermented milk and other dairy products such as yogurt. The plant-based segment, however, would showcase the fastest CAGR of 6.9% by 2031. This is attributed to the growing vegan population around the world.

The regular segment held the lion's share in 2020-

Based on flavor, the regular segment held the lion's share in 2020, contributing to more than three-fifths of the global probiotic drinks market, and is expected to continue its lead during the forecast period. Health-conscious people are significant users of probiotic drinks, they are more focused on quality of products rather than flavor or taste of products. This drives the demand for the segment. However, the berry segment is expected to witness the highest CAGR of 7.6% by 2031. This is owing to the growing demand for new flavors and tastes from consumers and people who are seeking more than traditional taste and flavors in foods & beverages products. The report also includes an analysis of the tropical segment.

Asia-Pacific, followed by North America, to lead the trail in terms of revenue-

By region, Asia-Pacific, followed by North America, garnered the major share in 2020, contributing to more than two-fifths of the global probiotic drinks market, and is expected to dominate the market during the forecast period. This is attributed to the fact that probiotic drink was first invented in Japan in 1930, and it has gained huge popularity among Asian consumers. The strong growth of the regional market is attributed to rapid development of the health and wellness industry in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.6%. This is owing to willingness of people in Europe to spend on premium and healthy food and beverage products.

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Key players in the industry-

Danone SA
Chobani, LLC
GCMMF (AMUL)
NextFoods, Inc.
Harmless Harvest
PepsiCo Inc
Lifeway Foods, Inc.
Yakult Honsha Co., Ltd.
Fonterra Co-operative Group Ltd

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