Global Probiotics Market to hit $64bn by 2023
Published: March 7, 2017
Source : www.gminsights.com
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.
Germany Probiotics Market size for food applications, 2012-2023 (USD Billion)
The most common sources for the intake of Probiotics are dairy products, fermented meat products, cereals, dry foods, non-dairy products, baked foods, and dietary supplements. Among these, food & beverages have been the most popular source of probiotics worldwide, accounting for nearly 84% of the total probiotics market share in 2015. The dairy products formulated with probiotics have witnessed significant gains and are estimated to surpass a revenue of USD 49 billion by 2023. Yogurt was the most popularly consumed dairy product with a share of nearly 57% of the global probiotics dairy market. Dietary food supplements will also contribute significantly towards the global probiotics market over the coming years, with an estimated CAGR of 7.4% over 2016-2023.
‘The global probiotics market size is estimated to grow at a CAGR of 7% over the period of 2016-2023.’ The increasing adoption of probiotics is being witnessed prominently on a global scale. The government support and favorable norms are also boosting the market size. For instance, on account of a favorable political scenario, the Europe probiotics market will see positive developments over the coming years. Organizations such as European Food Safety Authority, Scientific Committee on Animal Nutrition, and Novel Food Regulation will support the probiotics market growth. Dietary supplements are likely to be the prominent intake source in Europe, owing to the prevalence of digestive issues and obese patient base across this region.
The Asia Pacific probiotics market will be the most lucrative region for the manufacturers to explore new opportunities in this business space. India and China will be the key growth areas in APAC market, and Japan will continue to be the largest probiotics consumption hub over the coming seven years.
The probiotics industry is highly fragmented and will witness new developments year on year. The industry will spend heavily on R&D activities to add more value to the products. The players will try to enhance their brand value, as it will have a major impact on the buying decision of the consumers. Key market participants currently sharing this business space are Danone, Nestle, Yakult, Chr. Hansen, Arla Foods, Danisco, Mother Dairy, General Mills, Probi AB, Lallemand, Nebraska Cultures, and BioGaia AB.
You can browse key industry insights spread across 120 pages with 99 market data tables & 14 figures & charts from the report Probiotics Market in detail along with the table of contents:
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