The global probiotics market share isexpected to showcase considerable growth by reaching USD 94.48 billion by 2027 whileexhibiting a CAGR of 7.9% between 2020 and 2027. The increasing demand forhealthy probiotics fortified food products and the growing adoption oftechnology by the companies is attributed to the growth of the market. Thisinformation is published by Fortune Business Insights, in its latest report,titled, “ProbioticsMarket Size, Share & COVID-19 Impact Analysis, By Microbial Genus(Lactobacillus, Bifidobacterium, and Yeast), Application (Functional Foods &Beverages, Dietary Supplements, and Animal Feed), Distribution Channel(Supermarkets/Hypermarkets, Pharmacies/Health Stores, Convenience Stores,Online Retail, and Others), and Regional Forecast, 2020-2027.” The report further mentions thatthe market stood at USD 48.88billion in 2019.
Increasing Consumption of Healthy Food Products amid COVID-19 toStoke Demand
To mitigate the risk of the novel coronavirus, people areconsuming a healthy and balanced diet. The increasing demand for immunityboosting products such as probiotics that enhance gut health and improvesoverall health is expected to bode well for the growth of the market in thenear future.
Probiotics are healthy yeasts and bacteria that aid in the overalldevelopment of the digestive system that keep the gut healthy. Some of theseextensively adopted supplements are Bifidobacterium, Lactobacillus, and Saccharomycesthat enable several health benefits when consumed regularly. Apart from theenhanced gut, they aid in reducing depression and promote a healthy heartfunctioning amongst the consumer. They are generally added to food productssuch as yogurt and are considered as an immunity-boosting product across theglobe.
What does the Report Include?
The market report includes a detailed assessment of various growthdrivers and restraints, opportunities, and challenges that the market will faceduring the projected horizon. Additionally, the report provides comprehensiveresearch into the regional developments of the market, affecting its growth duringthe forecast period. It includes information sourced from the advice of expertprofessionals from the industry by our research analysts using severalmethodologies. The competitive landscape offers further detailed insights intostrategies such as product launches, partnerships, mergers and acquisitions,and collaborations adopted by the companies to maintain market strongholdbetween 2020 and 2027.
DRIVING FACTORS
Increasing Consumption of Immunity Boosting Food Products to SpurDemand
The increasing prevalence of lifestyle diseases such as obesityand diabetes is driving the demand for a healthy and balanced diet. Accordingto the World Health Organization (WHO), the global rate of obesity amongst thepeople has tripled since 1975. This alarming pace at which the lifestylediseases are increasing is propelling the demand for immunity boosting productssuch as probiotics across the globe. Additionally, the growing adoption oftechnology is enabling the manufacturers to educate the consumers about thehealth benefits of consuming such a diet. These initiatives are furtherexpected to boost the growth of the global probiotic bacteria market during theforecast period.
SEGMENTATION
Supermarkets/Hypermarkets Segment Held a 61.33% Market Share in2019
The supermarkets/hypermarket segment held a market share of about61.33% in 2019 and is expected to experience considerable growth owing to thewide availability of the products and easy accessibility, along with offeringseveral discounts, and cashback.
REGIONAL INSIGHTS
Asia-Pacific to Remain at the Forefront; Increasing Consumption ofFermented Drinks to Aid Growth
Among all the regions, Asia-Pacific is expected to showcaseexponential growth and hold the highest position in the global probioticbacteria market. This dominance is attributable to the increasing consumptionof fermented food products that impart a healthy gut and balanced overall diet.
The market in North America stood at USD 8.30 billion in 2019 andis anticipated to showcase significant growth during the forecast period. Thisis ascribable to factors such as the increasing prevalence of lifestylediseases and the presence of established manufacturers that are focusing ondeveloping innovative products in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Major Companies Focus on Introducing Innovative Products toStrengthen Their Market Positions
The global probiotics market is fragmented into several majorcompanies that are striving to maintain their presence by introducing newprobiotics products to cater to the increasing demand and consolidate theirposition. The adoption of strategies such as partnership, collaboration, andmerger and acquisition by key players to expand their distribution network willfavor market growth in the forthcoming years.
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https://www.fortunebusinessinsights.com/industry-reports/probiotics-market-100083
