The global probiotics market is estimated to be valued at USD 49.4 billion in 2018 and is projected to reach USD 69.3 billion by 2023, at a CAGR of 7.0% during the forecast period. The probiotics market is driven due to the rising number of health-conscious consumers across the globe and the growing trend of consumption of health-benefiting products in the form of functional foods drives the demand for probiotic products such as yogurt. Countries such as China and South Korea are projected to be the major revenue pockets for probiotic product manufacturers in the coming years amidst the adoption of hectic lifestyle in these countries.
Manufacturers are focusing on various innovations based on consumer preference, which has further driven the demand for probiotic products. The rise in the demand for probiotic dietary supplements in North America, which is a huge market for probiotics has further boosted sales of probiotic products.
Based on ingredient, the yeats segment is projected to be the fastest growing from 2018 to 2023. Yeast, as a probiotic, is actively used in applications such as food, beverages, pharmaceuticals, and industrial enzymes. Species of Lactobacillus and Bifidobacterium are most commonly used as probiotics, but at the same time, yeast such as Saccharomyces cerevisiae as well as some E. coli and Bacillus species are also used as probiotics.
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Based on form, the dry form segment was the fastest growing from 2018 to 2023. Dry probiotics are preferred in the dietary supplements and the animal feed industry. The dietary supplements comprise tablets, powders, and capsules. The demand for dietary supplements is high in the North American region. New products are such as probiotic-infused juices and yogurt-based drinks, which comprises liquid probiotics, available in the market.
Based on application, the functional food & beverages segment is projected to grow at the highest CAGR through 2023, making it a key revenue pocket for probiotics market players. Manufacturers are focusing on a variety of probiotic products-based on consumer preference and technological advancements, which has enabled the addition of specific beneficial bacteria to all types of foods, including beverages, cereals, and baked infant foods.
The probiotics market, on the basis of end user, is segmented into human probiotics and animal probiotics. The human probiotics segment acquired the largest market share in 2018, due to the daily consumption of probiotics in regular diets, which has led to functional improvements in the health of consumers.
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The Asia Pacific accounted for the largest market share for probiotics in 2017, due to the rapid urbanization and rise in consumer interests in health products. Major countries contributing significantly toward the growth of the Asia Pacific region include China, Japan, South Korea, and Australia & New Zealand. The increasing aging population in countries such as Japan, Australia, and New Zealand are witnessing a significant demand for probiotic-based dietary supplements, which is further projected to drive the probiotics market.