Probiotics Market Expected to Grow at a CAGR of 7.5% - Exclusive Report by Mordor Intelligence
HYDERABAD, India, Dec. 30, 2019 /PRNewswire/ -- The Probiotics Market is expected to grow at a CAGR of 7.5%, during the forecast period. The scope of the market includes probiotics, such as functional food and beverage (Dairy Products, Fermented Products, Non-Alcoholic Beverages, Dietary Supplements, and others), dietary supplement and animal feed by type. Probiotic dietary supplements are not used for the treatment or cure of any specific disorders, significantly. However, they serve as a mode of delivering certain ingredients in the body to complement the diet. By distribution channel, the market is categorized as supermarkets/ hypermarkets, pharmacies/health stores, convenience stores, and others.
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Functional Food and Beverage Serve the Largest Probiotic Market
The functional food and beverage segment accounted for the highest revenue share in 2018, as it has various applications in the food industry, led by the increasing awareness among consumers and the on-going convenience trend. Functional foods and beverages containing probiotics have gained popularity in the market, recently, as they contain biologically active ingredients that have more metabolic and physiological health benefits than nutritional benefits. There is an increase in the consumer demand for non-dairy probiotic products as they have low lactose and cholesterol content, and they do not have to be refrigerated. Some of the popular innovations include - juices, non-dairy beverages, including Kombucha, vegetables, cereal-based products, chocolate-based products, processed meat, etc.
Highlights of the Market:
- The probiotic market is driven by the robust demand for health-based products, among consumers, especially by the younger generations. Probiotics are a part of functional foods and beverages, and are known for improving gut functionality, along with other benefits, including immunity boost and so on.
- There is no clear demarcation for probiotics-based pharmaceuticals and food products, with variations across different countries. Thus, the complexity in the regulatory, legislative, and technological aspects is serving as a major hurdle for the market growth.
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Asia-Pacific Emerges as the Market Leader
- The Asia-Pacific probiotics market is driven by increasing awareness and interest in new technology, media coverage, and consumer demand. The rising awareness of probiotics in China and India is expected to further boost the probiotics market growth in the region.
- In China, the inclusion of probiotics in the infant formula segment has been experiencing huge demand and is likely to increase in the upcoming years. The innovations in the retail chain with new formulations help differentiate the brands and corresponding products.
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Mordor Intelligence has segmented the Probiotics Market on the basis of Product Type, Distribution Channel, and Geography:
- Product Type
- Food and Beverage
- Dairy Products
- Fermented Products
- Non-Alcoholic Beverages
- Others
- Dietary Supplement
- Animal Feed
- Distribution Channel
- Supermarkets/Hypermarkets
- Pharmacies/Health Stores
- Convenience Stores
- Others
- Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- India
- Australia
- China
- Japan
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Argentina
- Rest of South America
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Competitive Landscape
The probiotics market witnessed dominance from the giants, Nestle, Danone, and Yakult. Actimel, Activia, and Yakult are the world's top brands in probiotics. Other prominent players are Lifeway Foods Inc., Bright Dairy (Bright Foods), Biogaia, among others and the most active companies in the probiotics market are Yakult, Lifeway Foods, Biogaia, and CHR Hansen. Yakult is notably the most active company in the industry. Yakult and Lifeway Foods are expanding their presence over the globe, so as to cater to a larger audience. Thus, expansion is the most preferred strategy among the probiotic market players to strengthen their position in the market.
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