Chicago, Jan. 19, 2023 (GLOBE NEWSWIRE) -- According to the MarketsandMarkets™, the global Probiotics Market is estimated to reach USD 85.4 billion by 2027 from USD 57.8 billion in 2022, recording a compound annual growth rate (CAGR) of 8.1% from 2022 to 2027.
The global perception toward daily food products is shifting from products providing basic nutrition to those offering several health benefits, such as functional foods. Today, a wide range of functional foods have been developed, including probiotics, prebiotics, and symbiotic foods. These products have changed the approach of various food processors from considering food only as a source of energy and nutrition to biologically active food components that confer benefits on human health. Functional foods are gaining popularity for their prevention and curing effects beyond their nutritional value. The global market is witnessing the development of a wide range of applications of probiotics, such as fortifying these ingredients in food & beverage products.
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High consumer demand for scientifically proven health foods and dietary supplements, particularly in developed economies, poses opportunities for probiotic manufacturers. Companies such as ADM (US), DuPont (US), Nestle (Switzerland), Probi AB (Sweden), and Danone (France) are the major market players. The Asia Pacific market is projected to grow at the highest CAGR during the forecast period.
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The Asia Pacific region is estimated to be the largest and fastest growing market for probiotics products due to the sustained popularity of probiotic products. It also has a huge share in the feed probiotics market, evident with China being the largest consumer and producer of meat in the world. The presence of leading probiotic players in the market such as Yakult Honsha Co., Ltd. (Japan) and Morinaga Milk Industry Co., Ltd. (Japan), is catering to the wide demand in the market. Other leading players, such as International Flavors & Fragrances Inc. (US), are also investing in setting up production facilities in the region to tap the region’s potential in the functional food & beverages category which holds a major share in the probiotics market.
For the probiotic dietary supplements category, North America is the leading market due to the natural predisposition of consumers to take supplements. Compared to European countries, people in the US are more willing to consume oral supplements. Moreover, in the US, the FDA does not require pre-market approval of the health claims made by the manufacturers of probiotic dietary supplements, which allows them to launch innovative products to cater to the increasing demand. In the Asia Pacific region too, probiotic dietary supplements have now started gaining popularity. These factors make it the fastest-growing product type segment in the probiotics market, driving its growth.
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