Probiotics Market Worth $76.7 billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Analysis by Meticulous Research®
Hence, the growing awareness about health benefits of probiotics among consumers and various initiatives taken by developing countries helps to spur the demand for probiotics.
LONDON, Aug. 3, 2020 /PRNewswire/ --According to a new market research report titled "Probiotics Market by Product Type (Functional Food & Beverages, Medical & Dietary Supplements, Animal Feed), Strain (Bacteria, Yeast), Form (Dry, Liquid), Sales Channel (Offline, Online), and Geography– Global Forecast to 2027", the probiotics market is expected to grow at a CAGR of 6.7% from 2020 to 2027 to reach $76.7 billion by 2027.
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Nowadays, consumers are more aware of functional food and dietary supplements and the potential role of these products in ensuring good health. With this, probiotics are becoming an increasingly popular as a functional food because of their health benefits such as improvement of intestinal health, amelioration of symptoms of lactose intolerance, enhancement of the immune response, reduction of serum cholesterol, cancer prevention, and reduction of the risk of various other diseases. Moreover, the rising awareness activities by companies, such as Yakult, continue to drive the consumer awareness about probiotic products that will in turn fuel the growth of the probiotics market. Also, many countries are taking initiatives to promote the health benefits of probiotics. For instance, to provide the consumers with a better understanding of the health benefits of probiotics, the Nutrition Society of Malaysia (NSM) has Initiated the Probiotics Education Programme (PEP). Hence, the growing awareness about health benefits of probiotics among consumers and various initiatives taken by developing countries helps to spur the demand for probiotics.
Impact of COVID-19 on the Probiotics Market
The COVID-19 crisis has impacted the entire value chain of the probiotics industry mainly due to strict lockdown in some regions and several concerns such as truck shortages, reduced deliveries, and employees contracting COVID-19. In addition, truncated air freight capacity, port congestion, roadblocks, and logistic disruptions in Southeast Asia are expected to escalate as stricter measures are implemented by the governments. All these factors somehow restricted the demand for probiotics. For instance, Yakult company has reported that the COVID-19 pandemic has impacted its business in China as they had experienced a drop in sales in the first two months of the year 2020. However, the use of probiotics is increasing gradually in the recent months due to the fact that corona virus directly affects the human's immune system and use of probiotics have positive effects on the immune responses. For example, Dupont reported the growth in its Nutrition & Biosciences segment in its 2020 first quarter result, with probiotics section seeing the strongest growth period to date. Also, in April 2020, Probi reported that its probiotic sales had been bolstered, noting a clear increase in interest in its immunity products.
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The global probiotics market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of strain, product type, form, sales channel, end-user, and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on strain, the bacteria strain segment is estimated to command the largest share of the overall probiotics market in 2020. The large share of this segment is mainly attributed to the factors such as growing use of bacteria strain in a wide variety of commercial dairy products including sour and fresh milk, yogurt, and cheese, among others. In addition, the growing gastrointestinal and extraintestinal disorders (including prevention and alleviation symptoms of traveler's diarrhea and antibiotic-associated diarrhea, inflammatory bowel disease, lactose intolerance, and irritable bowel syndrome); increasing popularity among health-conscious consumers around the world; and rising preference for nutrient-rich food products is expected to boost the demand for bacterial strain probiotics. However, the yeast strain product segment is expected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is mainly attributed to the increasing demand for yeast strain-based medicines due to proven positive results for reducing the risk of chronic diseases such as diarrhea & bowel diseases related to antibiotic use.
Based on product type, the probiotic functional food & beverages segment is estimated to command the largest share of the overall probiotics market in 2020. The large share of this market is mainly attributed to the factors such as growing consumer interest for functional food, particularly probiotics that can support digestive health; rising health and wellness trends; and growing application of probiotics in yogurt, which is the most popular source of probiotics. However, the probiotic medical & dietary supplements segment is expected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is primarily attributed to the rapid urbanization, increasing disease conditions, and growing awareness regarding the health benefits of good nutrients among consumers. Further, energy, weight management, immunity, diabetes control, cardiovascular diseases, gastrointestinal health, and general health are some of the major applications of probiotic dietary supplements which are driving the market growth.
Based on form, the liquid form segment is estimated to command the largest share of the overall probiotics market in 2020. The large share of this segment is mainly attributed to the growing use of liquid probiotics due to variations in the form of liquid supplements and probiotic-enriched drinks. Also, liquid probiotics are convenient and easy to consume for children and elderly who dislike swallowing pills and thus drives the growth of this segment. However, most probiotics need to be refrigerated, especially the juices and probiotics drinks, which somehow restricts the demand for liquid form probiotics. However, the dry form segment is expected to grow at the fastest rate, owing to the benefits such as better handling & transport, ease of use, lower expenses, ability to avoid costly formulation mistakes, and enhancement in shelf life of ingredients.
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Based on sales channel, the offline sales segment is estimated to command the largest share of the overall probiotics market in 2020. The large share of this segment is mainly attributed to the increasing per capita disposable income, rising healthy eating habits, and growing urban population. In addition, the rise in the number of pharmacies and supermarkets and growing probiotics supplement industry in the U.S. and across the world further supports the growth of this segment. However, the online sales segment is expected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is primarily attributed to the growing consumer spending on probiotic products through online distribution channels, growing smartphone and internet penetration, and e-commerce expansion by major players in the developing countries. For instance, South Korean probiotic brand, Youguth, is expanding its e-commerce reach in Singapore. Further, Amazon, online pharmacies, and local online stores are mainly expected to drive the growth of this segment.
Based on end-user, the human segment is estimated to command the largest share of the overall probiotics market in 2020. The large share of this market is mainly attributed to the major factors such as the growing use of probiotics to treat digestive tract issues in humans, growing proportion of elderly people, and high demand for nutritional products among consumers. However, the animal segment is expected to grow with the fastest CAGR during the forecast period.
Geographically, Asia-Pacific region is estimated to command the largest share of the global probiotics market in 2020. The large share and the fast growth of this market is mainly attributed to the factors such as increased consumer awareness regarding the relationship between their digestive health & immunity and overall wellness; growing diabetic and overweight people in Asia-Pacific; and rising innovations in probiotic formulations. In addition, the increasing trend across the Asia-Pacific region for non-dairy probiotic food (e.g. cereal based, fruit and vegetable juices) and presence of number of companies in the digestive health products category offers lucrative growth opportunities for the key players operating in this market.
Some of the key players operating in the global probiotics market are Probi AB (Sweden), BioGaia AB (Sweden), Nestle S.A. (Switzerland), Chr. Hasen Holding A/S (Denmark), Danone S.A. (France), Yakult Honsha Co., Ltd. (Japan), Lallemand Inc. (Canada), Lifeway Foods Inc. (U.S.), Dupont de Nemours, Inc. (U.S.), Kerry Group plc (Ireland), Archer Daniels Midland Co. (U.S.), Deerland Probiotics & Enzymes Inc. (U.S.), PepsiCo Inc. (U.S.), Evolve Biosystems (U.S.), Cell Biotech Co., Ltd. (Korea), and Probiotical S.p.A. (Italy) among others.
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Scope of the report:
Probiotics Market, by Strain
- Bacteria Strain Products
- Multi Bacterial Strain Products
- Lactobacillus Strain Products
- Bifidobacterium Strain Products
- Streptococcus Thermophilus Strain Products
- Other Bacterial Strain Products
- Yeast Strain Products
Probiotics Market, by Product Type
- Functional Food & Beverages
- Dairy Food
- Yogurt
- Cheese
- Kefir
- Curd
- Probiotic Milk
- Other Dairy Food
- Non-dairy Food
- Fruit and Vegetable Juices
- Non-Dairy Kefir
- Non-Dairy Yogurt
- Other Non-dairy Food
- Baked Food
- Others
- Medical & Dietary Supplements
- Nutritional Supplements
- Specialty Nutrients
- Infant Formula
- Animal Feed
Probiotics Market, by Form
- Liquid
- Dry
- Capsules & Tablets
- Powder
- Semi-Solid & Gels
- Stick Packs
Probiotics Market, by Sales Channel
- Offline Sales
- Health Food Stores
- Pharmacies
- Super Markets
- Online Sales
Probiotics Market, by End-User
- Human
- Adults (18-65 Years)
- Seniors (Above 65 Years)
- Children & Adolescents (0-18 Years)
- Animal
- Poultry
- Swine
- Ruminants
- Aquaculture
- Pets
- Others
Probiotics Market, by Geography
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- U.K.
- Italy
- Spain
- Russia
- Rest of The Europe
- Asia-Pacific (APAC)
- China
- Japan
- South Korea
- Australia
- India
- Rest of The Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
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