Probiotic Supplements Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Capsules and Tablets, Gummies, Powder, and Others) and Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, Online Retail, and Others)

Probiotic Supplements Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Capsules and Tablets, Gummies, Powder, and Others) and Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, Online Retail, and Others)

The probiotic supplements market is expected to grow from US$ 6,970.10 million in 2021 to US$ 11,529.10 million by 2028. It is estimated to grow at a CAGR of 7.6% from 2022 to 2028.

Probiotic supplements are live microorganisms available in the form of powders, tablets, capsules, etc.; these supplements are consumed to restore or improve gut flora. Health has become a top priority for consumers across the world, leading to a boom in demand for functional supplements. Consumers are willing to pay more for products that offer enhanced health benefits. There has been a massive demand for plant-based and non-GMO (containing no genetically modified organisms/components) probiotic supplements. In addition, the growing trend of plant-based and non-GMO products is rapidly evolving worldwide, which has compelled probiotic supplement manufacturers to develop plant-based supplements. Veganism has gained significant momentum in recent years. Consumers are highly inclined toward plant-based products as they perceive them to be healthier than conventional products. Thus, due to the flourishing trend of veganism, the manufacturers of dietary supplements such as probiotic supplements are launching plant-based products.

The probiotic supplements market, based on distribution channel, is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment held the largest market share in 2021, whereas the online retail segment is expected to register the fastest CAGR from 2022 to 2028. Online retail is one of the fastest-growing distribution channels due to the convenience associated with shopping and product delivery. Online retail stores offer a wide variety of products with heavy discounts. Further, consumers can conveniently buy required products from remote locations. Online retailers are likely to increase their sales and profits faster than retail shops, as selling online offers the advantage of being available 24×7. Moreover, shopping platforms offer descriptive product information and user reviews, which helps buyers compare products and make wise purchasing decisions.

In 2021, North America held the largest share of the probiotic supplements market. The consumption of probiotic supplements is gradually increasing in North America owing to the factors such as rising consumer awareness about digestive health, and probiotic strains and their health benefits. Probiotic supplements are available in the form of capsules and tablets, gummies, powder, etc., which are favorable for all age groups of the population. According to a report by the GI Alliance, published on January 23, 2021, 20 million North Americans are diagnosed with chronic digestive diseases. Digestive diseases, associated with distress and pain, represent one of the most severe health problems in North American countries. The prevalence of digestive diseases leads to a surge in personal treatment expenditures and a reduction in working hours. Probiotic supplements help maintain appropriate microflora in the gut and assist in curing gastrointestinal diseases

Bayer AG; Pharmavite LLC; BioGaia AB; Nature's Way Products, LLC; Nestlé S.A.; SFI Health; GNC Holdings, LLC; Nature's Bounty; Church & Dwight Co., Inc.; and NOW Foods. are among players operating in the probiotic supplements market. The manufacturers of probiotic supplements are making significant investments to launch innovative products that meet the changing requirements of consumers. For instance, In March 2021, Bayer AG, under its Talcid brand, launched two probiotics developed with China's Jiangnan University. The company aimed to extend the scope of the action mechanism of its products from upper gastrointestinal problems to overall gut wellbeing. The formula has 400 billion CFU of live Bifidobacterium bifidum CCFM16 as the main probiotic strain.

The overall size of the probiotic supplements market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the probiotic supplements market.

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Highlights key business priorities in order to assist companies to realign their business strategies.The key findings and recommendations highlight crucial progressive industry trends in the global probiotic supplements market, thereby allowing players to develop effective long-term strategies.Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.