Global Probiotics Market to hit $64bn by 2023

It was during 1980's when the concept of functional food first took its commercial shape in Japan. Since then, the business space for functional food has been expanding and will continue to rise over the coming years. Functional foods are referred to as the food additives with health benefits. The growing awareness among the consumers pertaining to the relation between health, nutrition, and diet is basically propelling the demand for these functional food products. One of the most popular names in this industry is ‘Probiotics’ which has become the eye-catcher for the food manufacturers to increase their product’s value. According to Global Market Insights, Inc. “The global probiotics market worth USD 36.6 billion in 2015, is anticipated to surpass a revenue of USD 64 billion by 2023.”

 

Probiotics are gaining utter significance owing to their high nutritional value and their ability to strengthen the immune system. These are referred to as ‘good’ bacteria which are capable of keeping the gut or the abdominal system healthy. Moreover, the researchers are continuously exploring the new benefits associated with the probiotics and are encouraging the intake of these friendly bacteria. For instance, a recent finding suggests that probiotics are proving to be of a high value in helping people with ailments such as diabetes, sugar levels, and Alzheimer’s disease.

 

The consumption of probiotics is popular among the humans as well as the animals. The rising livestock production and the growing meat consumption worldwide are encouraging the intake of probiotics in animals. Animal feed probiotics market having had a market share of USD 2.46 billion in 2015, is estimated to grow rapidly over the coming years, with revenue estimations of USD 4.2 billion by 2023. Human consumption of probiotics, which attained an appreciable revenue of USD 34.2 billion in 2015, is set to dominate the industry over the coming timeframe. The growth can be attributed to the rising health awareness among the consumers coupled with the frequent occurrence of diseases such as diabetes, obesity, etc.