Growth opportunities and latent adjacency in Probiotics Market

The probiotics market is estimated to grow at USD 49.4 billion in 2018 and is projected to grow at a CAGR of 7.0% from 2018, to reach a value of USD 69.3 billion by 2023. The demand for probiotics in fortified foods is projected to remain high due to the increasing awareness about their benefits, and willingness of consumers to purchase premium products incorporated with probiotics. The global demand for probiotics is increasing significantly due to the growing awareness among customers about their direct relation to digestive health benefits, the rise in demand for nutritious food, and increase in demand for quality animal-based products.
Probiotics are found as a supplement form or are used as components in food & beverages.

Complexities in integrating probiotics in functional foods challenging the market growth

The development and commercial aspects of functional food products are rather complex, expensive, and uncertain. The factors behind the success of functional food product development are consumer demand, technological conditions, and legislative regulatory background. However, consumers’ knowledge of the health effects of specific ingredients can affect the acceptance of specific functional foods. The common functional ingredients, such as minerals, fiber, and vitamins are preferred over new and improved products, such as foods enriched with probiotics, prebiotics, flavonoids, carotenoids, and conjugated linolenic acid.

The researcher has to work in-depth to overcome all the challenges related to the selection and development of the strain and related production processes. Probiotic strains are prone to changes in pH and temperature. The strains must sustain while integrating with functional food stuffs. The basic requirement for probiotics is that products should contain sufficient numbers of microorganisms up to the expiry date. Thus, it must contain specific strains and maintain certain numbers of live cells to produce health benefits in the host. Different countries have decided on the minimum number of viable cells required in the product for it to be beneficial. The preservation of these probiotic microorganisms presents a challenge, as they are affected by the exposure to temperature, oxygen, and light.

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Food & beverage segment is projected to be the largest segment in theglobal market during the forecast period.

The food & beverage segment dominated the probiotics market, on the basis of application, during the forecast due to the rising popularity of probiotic functional foods & beverages among consumers. Awareness, faith in their efficacy, and safety are some of the factors driving the market of probiotics. The food & beverages segment is the largest revenue-earning market across regions. Consumers are now taking a proactive approach towards preventing chronic conditions. China and Japan are the two largest markets in the Asia Pacific, and the Japanese market is projected to reach its maturity level during the forecast period.

The animal probiotics segment is projected to account for the fastest growth during the forecast period.

The animals segment is projected to record the fastest growth during the forecast. The ban on synthetic antimicrobial growth promoters (AGP’s) in Europe is a factor driving the this market. The motive behind the ban was to curb the practice of using antibiotics, antimicrobials, and other drugs for promoting the growth of livestock and increasing the production of meat, milk, and other products.

Key Market Players

Key players identified in this market include Danone (France), Yakult Honsha (Japan), Nestlé (Switzerland), DowDuPont (US), and Chr. Hansen (Denmark). Key players in this market are focusing on increasing their presence through mergers & acquisitions and new product developments, specific to consumer tastes in these regions. These companies have a strong presence in Europe and the Asia Pacific. They also have manufacturing facilities along with strong distribution networks across these regions.

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