Probiotics are live microorganisms that, when administered in adequate amounts, confer a health benefit on the host. They are commonly found in foods and dietary supplements. The key types of probiotic bacteria include Lactobacillus, Bifidobacterium, and others. Probiotics are most commonly consumed through fermented foods like yogurt, kefir, kimchi, and tempeh or as dietary supplements. They provide several health benefits like maintaining a natural balance of microorganisms, protection against harmful pathogens, assisting nutrient absorption, and boosting immunity. With rising health consciousness, demand for nutraceuticals and functional foods containing probiotic ingredients has increased significantly.

The global Probiotics Market is estimated to be valued at Us$ 63.79 Bn in 2023 and is expected to exhibit a Cagr Of 6.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing demand for nutraceuticals and functional foods: Rising awareness about digestive and overall health benefits has propelled the demand for probiotic products globally. Probiotics are increasingly being used as ingredients in nutraceutical and functional food products like yogurt, juices, baked goods, and dietary supplements to enhance their nutritional profile. The growth of the nutraceuticals and functional foods industry is subsequently driving opportunities in the probiotics market.

Explaining the above driver: As highlighted in the heading, growing demand for nutraceuticals and functional foods containing probiotic ingredients has emerged as a key opportunity in the probiotics market. With rising health consciousness, consumers are shifting towards preventive healthcare and seeking healthier prepared food products fortified with probiotics. This fast-growing demand from the nutraceuticals and functional foods industry is augmenting growth in the probiotics market.

Segment Analysis

The probiotics market is dominated by the animal feed segment which holds around two-third of the overall market share. Probiotics helps in maintaining the gut health of poultry and livestock animals which improves their metabolism and enhances immunity. The consumption of antibiotics in animal feed is strictly regulated in many countries which is driving the demand for natural growth promoters like probiotics. With rising meat consumption globally, the animal feed segment is expected to remain the largest revenue generator in the probiotics market during the forecast period.

PEST Analysis

Political: Many countries have laid down stringent regulations regarding the usage of antibiotic growth promoters in animal feed due to antibiotic resistance concerns. This is positively impacting the demand for safe alternative products like probiotics.

Economic: Rising disposable incomes in developing nations is driving greater demand for value-added dairy and meat products. This is favoring the growth of the probiotics market as it enhances animal productivity.

Social: Growing health consciousness among consumers has increased the demand for nutrient-rich and preservative-free probiotic food and beverages. The provision of gut health benefits is attracting customers towards probiotic supplements as well.
Technological: Continuous R&D is expanding the range of delivery formats for probiotics such as sprinkle capsules, gummy bears, and frozen desserts to increase palatability. New production techniques are also helping market players scale up operations economically.

Key Takeaways

The Global Probiotics Market Demand  is expected to witness high growth during the forecast period owing to rising focus on preventive healthcare and regulations regarding antibiotic usage. The animal feed segment dominates the market currently due to its role in gut health maintenance of livestock and poultry. The global probiotics market is estimated to be valued at US$ 63.79 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030.

Regional analysis:

Asia Pacific is expected to witness the fastest growth in the probiotics market during the forecast period. This can be attributed to growing meat consumption, rising health expenditures, and increasing acceptance of probiotic fortified foods in countries like India, China, and Japan.

Key players:

Key players operating in the probiotics market are F. Hoffmann-La Roche AG, Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Danaher Corporation, Qiagen N.V., PerkinElmer, Inc., Illumina, Inc. and Merck KGaA. These players are focusing on geographical expansion and new product launches catering to diverse applications.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it