Increased demand for dietary supplements and rise in consumption of dairy products such as yogurt are expected to drive the demand for probiotics in the region. Apart from this, the region is marked by the presence of key players such as Lallemand (Canada), DowDuPont (US), and General Mills (US); these companies are offering various probiotic-based products for both humans and animals. Additionally, the growing health concerns among consumers are also expected to drive the demand for probiotic-infused products in the region. The global probiotics market is projected to reach a value of USD 69.3 billion by 2023, growing at a CAGR of 7.0% from 2018.
The food & beverage segment, by application, is projected to be the largest revenue contributor in the probiotics market in North American region during the forecast period.
The food & beverages segment is accounted to hold the largest share of the probiotics market in the North American region, in 2018. The North American probiotics market is driven by the growing concerns about preventive healthcare, urging consumers to opt for products with additional health benefits. The increased demand for dietary supplements and dairy products such as yogurt is expected to boost sales of probiotics in the region.
The yeast segment is projected to account for faster growth, by ingredient, in the probiotics market in the North American region during the forecast period.
The yeast segment is projected to dominate the probiotics market in the North American region during the forecast period. Apart from bacteria supplements, yeast supplements are expected to gain popularity in the region, owing to the health benefits that they offer. Saccharomyces boulardii is the most common yeast probiotic available as a dietary supplement in the region.
The dry segment, by form, is projected to be a larger revenue contributor to the probiotics market in the North American region during the forecast period.
The dry segment is accounted to hold a larger share of the probiotics market in the North American region, in 2018. The dry form of probiotics is gaining popularity in the dietary supplements and animal feed space. The US is expected to be a major market for dry probiotic manufacturers in the coming years, owing to the increased demand for dietary supplements. Probiotic powders are largely being demanded by the feed processing industry for making nutritious products.
The human segment is projected to account for faster growth, by end user, in the probiotics market in the North American region during the forecast period.
The human segment is projected to dominate the probiotics market in the North American region in 2018. The North American region is backed by a large consumption of probiotic yogurt and dietary supplements amidst the growing health concerns among consumers, thus boosting sales of probiotics in the region.
The US is projected to account for the largest market share during the forecast period.
The US is expected to be a major revenue pocket for probiotic manufacturers in the coming years. The country has several leading players operating in the probiotics space. These players are offering probiotic-induced products for both human and animal consumption. In the dairy sector, drinkable yogurt is popular among the US consumers, with players such as Chobani (US) and Danone (France) offering a variety of products in different flavors. Apart from this, the consumption of probiotics supplements is also high in the country. These factors are expected to boost sales of probiotics in the country.
Key Questions addressed by the report
- What are the new application areas that the probiotics companies are exploring?
- Which are the key players in the market and how intense is the competition?
- What kind of competitors and stakeholders such as probiotics companies, would be interested in this market? What will be their go to market strategy for this market, and which emerging market will be of significant interest?
- How are the current R&D activities and M&As in the probiotics market projected to create a disrupting environment in the coming years?
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