New York, USA, May 11, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global probiotics market is predicted to rise at a tremendous CAGR of 7.6%, thereby garnering a revenue of $105,336.5 million in the 2022-2031 timeframe. This integrated report presents a brief outlook of the current framework of the probiotics market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Increasing awareness across the globe regarding the health benefits of probiotics is expected to become the primary growth driver of the probiotics market in the forecast period. Moreover, the growing demand for probiotics for improving gut health is expected to help the market grow substantially in the forecast period.
Opportunities: Rising use of probiotics as a replacement to pharmaceutical agents is predicted to offer numerous growth opportunities to the market in the forecast period. Along with this, growing use of probiotics in probiotic formulations is estimated to push the market forward.
Restraints: Market analysts are, however, skeptical about the full-paced growth of this market owing to the lack of regulations for proper use of probiotics, which might prove to be a restraint for the probiotics market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The probiotics market, however, faced a positive impact of the pandemic. The rising awareness among people regarding the importance of immunity and gut health during the pandemic increased the demand for probiotics which helped the market to grow despite the gloomy pandemic period.
Segments of the Market
The report has divided the probiotics market into certain segments based on ingredient, application, end user, and region.
Ingredient: Bacteria Sub-segment to be the Most Profitable
The bacteria sub-segment is expected to be the fastest growing sub-segment by 2031. The growing use of bacterial probiotics in fermented foods including kefir, sauerkraut, yoghurt, and kimchi is predicted to boost the growth of this sub-segment in the forecast period.
Application: Food and Beverages Sub-segment to be the Most Dominant
The food and beverages sub-segment is expected to have a significant market share by 2031. Growing demand for natural and organic food products and beverages is predicted to boost the growth of this sub-segment in the forecast period.
End User: Human Sub-segment to be the Most Dominant
The human sub-segment is expected to have the highest market share during the 2022-2031 timeframe. Rising health awareness, growing consumer demand for natural and healthy food products, and the increasing popularity of functional food and beverages are predicted to push the sub-segment forward.
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Market in the Asia-Pacific Region to be the Most Lucrative
The probiotics market in the Asia-Pacific region is expected to become the most lucrative sub-segment in the forecast period. Increasing use of probiotics in countries like Japan, China, and Korea is expected to be the main growth driver of the market in this region in the forecast period.
Prominent Market Players
Some of the prominent players of the probiotics market are
- Arla Foods Inc
- anisco A/S
- Lallemand Inc
- BioGaia AB
- General Mills Inc
- Lifeway Foods Inc
- Chr. Hansen Holding A/S
- i-Health Inc
- Mother Dairy Fruit & Vegetable Pvt. Limited
- Danone
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
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For instance, in January 2022, JB Chemicals & Pharmaceuticals, a pharmaceutical company, announced the acquisition of Sanzyme Biologics, a leading probiotic manufacturer based in India. This acquisition marks the entry of JB Chemicals and Pharmaceuticals into the probiotics market and is expected to help the company to increase its market share in the coming period.
Finally, the report also summarizes many crucial aspects of the probiotics market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Probiotics Market:
- Gut Health on Demand: The Rise of Personalized Probiotic Therapies
- The Probiotic Drinks Market to Experience Massive Growth with the Rising Demand for Healthy Beverages
