Probiotics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Probiotics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global probiotics market is projected to register a CAGR of 8.08% during the forecast period, (2020-2025).

Key Highlights

• The probiotics market is driven by the robust demand for health-based products among consumers, especially from the younger generation. Probiotics are a part of functional foods and beverages. They are known for improving gut functionality, along with other benefits, such as boosting immunity.
• With the sudden impact of COVID-19, the market has witnessed a surge in demand for products that provide immune health, which is likely to impact the probiotics market positively. Owing to the factors there are significant product launches to cater to the growing demand. In Asia-Pacific, India has surged in the highest number of new food, drinks, and supplements that bear immune system-boosting claims launched in the last five months, followed by Australia and Indonesia.
• There is no clear demarcation for probiotics-based pharmaceuticals and food products, with variations across different countries. Thus, the complexity in the regulatory, legislative, and technological aspects is serving as a major hurdle for market growth.

Key Market TrendsSignificance of Health Consciousness Among Millennials

Probiotics are a driving force within the booming digestive health supplement category, and people of all age groups are consuming them. However, the major consumption is observed among millennials due to their growing awareness regarding health and wellness through multi-channel publicity, which influences their consumption pattern to a large extent. Probiotic supplements represent the largest condition-specific category for mass-market retail sales in the United States, and it is the second-fastest-growing condition-specific supplement category. This shows the awareness among people regarding the benefits of probiotic supplements. The millennials, being technologically advanced, update themselves with the facts related to health and, thereby, try to amend their routines and food habits accordingly. This is inflating the demand for probiotic supplements, and it is therefore expected to drive the market for probiotics in the near future, not just in the United States, but across the world.

Asia-Pacific Emerged as the Market Leader

The Asia-Pacific probiotics market is driven by the increasing awareness about and interest in new technology, media coverage, and consumer demand. The rising awareness about probiotics in China and India is expected to further boost the market growth in the region. In China, the inclusion of probiotics in the infant formula segment has been experiencing huge demand, which is likely to increase in the upcoming years. The market has witnessed significant growth, owing to the rise in the aging population and a growing understanding of the importance of preventive health, along with a wealth of studies showing benefits around immunity, cognitive health, and skincare. The innovations in retail chains with new formulations help differentiate the brands and the corresponding products.

Competitive Landscape

The market is highly competitive, with the presence of key players, such as Nestle SA, Danone SA, PepsiCo Inc., and Yakult Honsha Co. Ltd. The sustainable competitive advantage through differentiation is high and manufacturers are increasingly introducing product innovations, in terms of ingredients, price, and functionalities. This has led to a high degree of competition in the market. Additionally, these companies are increasing their investments in research and development. Companies are also focusing on developing products with enhanced functionalities, in line with consumer needs, in order to expand their presence and maintain their positions in the market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Nestle SA
Danone SA
PepsiCo Inc.
Yakult Honsha Co. Ltd
Now Foods
BioGaia
Morinaga Milk Industry Co. Ltd
Lifeway Foods Inc.
Reckitt Benckiser LLC

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