by Probiotics are live microorganisms that provide health benefits when consumed. Probiotics improve the balance of bacteria in the gut by acting as beneficial microbes. They are available in various forms such as dietary supplements and functional foods and beverages. Probiotic supplements contain one or more probiotic strains and help maintain a healthy gastrointestinal and immune system. The increasing consumer awareness about health and wellness has boosted the demand for nutrient-rich foods. Probiotics promote digestive health, strengthen immunity, and prevent problems like diarrhea, irritable bowel syndrome, and inflammatory bowel disease. The global probiotics market provides opportunities for manufacturers to offer innovative products catering to different consumer needs.
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 key trends:
One of the key trends in the probiotics market is the increasing consumption of probiotic yogurt and other probiotic dairy products. Probiotic yogurt contains live microorganisms that support gut health. The growth in yogurt consumption is attributed to factors like natural ingredients, digestive health benefits, and different flavors. Moreover, manufacturers are coming up with new yogurt products fortified with additional probiotic strains and prebiotics.
Another major trend is the rising popularity of vegetarian and vegan probiotic supplements. With the growth of the vegan lifestyle, consumers seek plant-based and dairy-free options. As a result, supplement makers are launching novel probiotic products derived from non-dairy sources like coconut, potato starch, and plant fibers. These innovative supplements are convenient to consume and support the probiotic needs of people following special diets.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the probiotics market is moderate. Significant capital and R&D investments are required for new players to establish themselves in this market. The established brands have significant first mover advantages in terms of brand popularity, customer loyalty and distribution channels.
Bargaining power of buyers: The bargaining power of buyers in the probiotics market is high. Buyers have a wide range of options available from various global and regional brands. Easy availability of substitutes increases negotiation power of buyers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key raw material suppliers for probiotics include dairy product manufacturers and pharmaceutical companies. Established suppliers have the advantage of economies of scale.
Threat of new substitutes: The threat of substitutes is high for probiotics market. Alternative health foods and supplements that provide similar benefits pose a threat. Plant-based and herbal products are emerging as substitutes.
Competitive rivalry: The competitive rivalry in the probiotics market is high. Major players compete on the basis of innovation, product quality, and pricing.
Key Takeaways
The Global Probiotics Market Size is expected to witness high growth over the forecast period. 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.
The Asia Pacific region is expected to be the fastest growing market for probiotics. Increasing health awareness and growth in functional food and beverages industry is driving the market in the region. Growing middle class population, increased health awareness, rising disposable incomes are driving the demand for probiotics products in the region. Countries like China, Japan, India and South Korea are expected to be the major contributors to the regional market growth.
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. F. Hoffmann-La Roche AG maintains its leading position in the market through its diverse product portfolio and strong distribution network across major markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
