Probiotics Market to Reach US$ 58.9 Billion in 2022, with a CAGR of 8.3%
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Probiotics Market |
Market Overview:
The global
Probiotics Market is estimated to be valued at US$ 58.9 billion in 2023 and is projected to reach a compound
annual growth rate (CAGR) of 8.3%
during the forecast period of 2023 to
2030, according to a report by Coherent Market Insights. Probiotics are
live microorganisms that provide health benefits when consumed in adequate
amounts. These products improve gut health, boost the immune system, and
prevent various illnesses. The growing awareness about the health benefits of
probiotics, increasing investment by companies in research and development, and
rising consumer demand for natural and organic food products are driving the
growth of the probiotics market.
Market Key Trends:
One key trend in the Probiotics
Market Demand is the rising popularity of probiotic supplements. As
consumers become more health-conscious and seek preventive measures for various
health issues, the demand for probiotic supplements has witnessed significant
growth. Probiotic supplements offer a convenient and effective way to maintain
gut health and improve overall well-being. Moreover, the availability of
different forms and formulations, such as capsules, tablets, and powders, allows
consumers to choose the most suitable option for their needs. With the
increasing focus on preventive healthcare and the growing demand for natural
and sustainable products, the market for probiotic supplements is expected to
witness continued growth during the forecast period.
Segment
Analysis:
The probiotics market can be segmented based on application and distribution
channel. In terms of application, the dominating sub-segment is the dietary
supplements segment. This can be attributed to the increasing consumer
awareness regarding the health benefits of probiotics in maintaining a healthy
gut flora and overall wellbeing. Probiotic dietary supplements are extensively
used to improve digestion, boost immunity, and prevent various gastrointestinal
disorders. Moreover, the rising trend of self-medication and the growing
preference for natural and organic products are also contributing to the
dominance of the dietary supplements segment in the probiotics market.
Key Takeaways:
The global probiotics market is expected to witness high growth, exhibiting a
Compound Annual Growth Rate (CAGR) of
8.3% over the forecast period (2023-2030).
This growth can be attributed to various factors. Firstly, there is an
increasing demand for functional foods and dietary supplements due to the
rising awareness of the relationship between gut health and overall wellbeing.
Additionally, the growing prevalence of digestive disorders and the rising
geriatric population are driving the demand for probiotics globally.
In terms of regional analysis, North America is expected to be the
fastest-growing and dominating region in the probiotics market. The increasing
adoption of probiotic-rich diets, the presence of key probiotic manufacturers,
and the rising consumer awareness about the health benefits of probiotics are
some of the factors contributing to the growth of the market in this region.
Furthermore, the strong healthcare infrastructure and the high disposable
income of the population in North America are also driving the demand for
probiotics in the region.
Key players operating in the probiotics market include BioGaia AB, Chr. Hansen,
Groupe Danone S.A., Nestle S.A., PROBI AB, Lifeway Foods, Inc., Mother Dairy,
General Mills, Inc., China-Biotics, Inc., Yakult Honsha Co., Ltd., and E. I. du
Pont de Nemours and Company. These key players focus on research and
development activities to introduce new and innovative probiotic products in
the market. They also engage in strategic partnerships, mergers, and
acquisitions to expand their market presence and gain a competitive edge.
Read More:
https://www.dailyprbulletin.com/future-growth-and-emerging-opportunities-in-the-probiotics-market/
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