Global Probiotics Market was valued at US$ 58.9 Bn Billion in 2022, according to the Global Probiotics Market Report, By Type (Probiotics Food and Beverages, Probiotics Dietary Supplements, and Probiotics Animal Feed), By Application (Human Probiotics and Animal Probiotics), By Ingredient (Lactobacillus, Streptococcus, and Bifidobacterium), and By Region (North America, Latin America, Asia Pacific, Europe, Middle East & Africa), published by Coherent Market Insights.
The global probiotics market was valued at US$ 58.9 Billion in 2022 and is expected to register a CAGR of 8.3% over the forecast period (2023–2030). Probiotics are microorganisms, such as bacteria, that offer intestinal benefits to humans by ensuring the proper functioning of the intestine. Probiotics can be consumed in the form of supplements and food to enhance the function of the immune system. Probiotics are widely consumed to treat digestive and neurological disorders.
The rapid increase in the demand of nutrition food products in recent times coupled with disruptions in supply chains caused during the coronavirus (Covid-19) pandemic resulted in the inability to maintain levels of supply of nutrition food. However, the rising demand for probiotics owing to rising health issues among the elderly population for boosting immunity during coronavirus (Covid-19) pandemic stabilized the market growth after the mid quarter 2020.
Key Trends and Analysis of the Global Probiotics Market:
- The rising use of lactobacillus strain as an additive in yogurt and milk products to enhance digestibility and minimize the risk of blotting and acid reflux is a major trend in the market. Moreover, lactobacillus strain is also beneficial in enhancing the texture and flavor of yogurt since it offers a sweet taste. Hence, lactobacillus strain is gaining huge demand across milk and yogurt products, thereby augmenting the global probiotics market growth.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/probiotics-market-3988
Key Takeaways of the Global Probiotics Market:
- On the basis of ingredients, lactobacillus dominated the global probiotics market in 2021 with around 65% of market share in terms of revenue, followed by streptococcus and bifidobacterium.
- Partnership and agreements among major manufacturers is a key trend in probiotics market. For instance, on April 11, 2023, Mother Dairy Fruit and Vegetable Pvt. Ltd. A company that manufactures, markets and sells milk and dairy products has launched its new portfolio, which includes more than 15 new goods for the summer season of 2023.. The product portfolio includes ready-to-eat custard, two cold coffees, and more than 10 ice cream flavors. Furthermore, Vitamins A and D have been added to the Nutrifit Curd line.
- New product launches, merger and acquisitions, strategic partnership expansion, and research and development activities in the global probiotics industry are the key strategies adopted by players in the market. For instance, in November 2021, Alliance was formed between Yakult Honsha Co., Ltd. (hereinafter referred to as "Yakult Honsha") and Pokka Sapporo Food & Beverage Ltd. (hereinafter referred to as "Pokka Sapporo"). The agreement allows the two firms to collaborate on research and development for goods that provide additional value to customers in the Japan market, utilizing the ingredients and health-related technology that they both control. This alliance will promot new innovations in probiotics market.
