According to a report, "Probiotics Market Size, Share & Trends Analysis Report By Application (Food & Beverages, Dietary Supplements, Animal Feed), By End-use, By Region, And Segment Forecast, 2018 - 2024 " published by Grand View Research, Inc., The global probiotics market is expected to reach USD 66.04 billion by 2024, Probiotics have beneficial effects on humans as well as animals. They help in treating various gut-related as well as immunity related diseases. They are gaining widespread popularity owing to the raising awareness regarding the relation of nutrition, diet, and health. This trend is expected to complement the market growth. Probiotics food & beverages had the highest penetration in 2015, and this trend is expected to continue over the next eight years.
Key Takeaways from the report:
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Probiotics food & beverages had the highest penetration in 2015, and this trend is expected to continue over the next eight years. Differentiated product portfolio and continued innovation in the sector are the primary reasons for this scenario.
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Probiotics are finding acceptance in applications such as skin health. Development of proprietary formulation techniques is undertaken by companies to cater to customized needs
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Asia Pacific is expected to witness the highest growth of 7.7% over the next eight years. High population density and percentage of the youth population in countries such as India coupled with rising disposable income are expected to contribute to the market growth.
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A major part of market share is held by very few companies. Companies are trying innovative techniques for customer engagement. Mergers & acquisitions are carried out to increase regional presence as well as market share.
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Industry participants majorly include Chr. Hansen Holding A/S, Danone, Yakult Honsha Co., Ltd., Nestle, Probi AB, Danisco A/S, Lallemand Inc., and Arla Foods, Inc.
Increasing health concerns is expected to play an important role in complementing the market over the forecast period. Rising disposable income and increasing standards of living, particularly in the developing regions are expected to benefit the overall market. Increasing probiotics market penetration in dairy and other food and beverages industry is expected to favor the overall demand.
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Soy and Dairy Protein Ingredients Market: Increasing market acceptance, especially in functional foods and dietary supplements is expected to drive protein ingredient demand over the next six years. Additionally, consumer attitude towards these products has undergone a transition over the last five years; this trend is expected to remain strong in the near future as consumers look for healthier and sustainable options.
Inulin Market: Gaining popularity of prebiotic ingredients on account of rising awareness towards low fat and calorie reduction is expected to fuel inulin market demand over the next six years. U.S. FDA recognized inulin as generally recognized as safe (GRAS) product, which is expected to have a positive impact on market over the next six years. Food & beverage was the largest application, accounting for over 65% of market volume in 2013. Inulin is being increasingly used in dairy product formulation such as cheese, spoonable yogurts and butter. Dairy industry growth is expected to act as a major driver for inulin market over the forecast period.
Major market players are focusing more on R&D activities to gain traction as far as innovation in product portfolio is concerned. Companies are approaching probiotics production through a holistic approach with key companies trying to integrate their value chain process. Companies are constantly trying to provide unique product differentiation to gain customer loyalty.
Grand View Research has segmented the probiotics market on the basis of application, end use and region:
Global Probiotics Application Outlook (Revenue, USD Million, 2014 - 2024)
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Probiotics food & beverages
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Dairy products
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Non-dairy products
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Cereals
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Baked foods
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Fermented meat products
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Dry food probiotics
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Probiotics dietary supplements
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Food supplements
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Nutritional supplements
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Specialty nutrients
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Infant formula
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Animal feed probiotics
Global Probiotics End Use Outlook (Revenue, USD Million, 2014 - 2024)
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Human probiotics
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Animal feed probiotics
Global Probiotics Regional Outlook (Revenue, USD Million, 2014- 2024)
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North America
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U.S.
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Europe
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Germany
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UK
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Asia Pacific
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China
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Japan
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India
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Central & South America
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Brazil
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Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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