The report “Probiotics Market by Application (Functional Food & Beverages (Dairy Products, Non-dairy Beverages, Infant Formula, Cereals), Dietary Supplements, Feed), Ingredient (Bacteria, Yeast), Form (Dry, Liquid), End User, and Region – Global Forecast to 2023″, customers are increasingly becoming aware of the various factors that influence their digestive health. Immune deficiency and lack of perforin lead to viral infections that can weaken the gut health of consumers. As various digestive health issues continue to persist, manufacturers focus on offering effective solutions in the market, such as probiotics. According to MarketsandMarkets, the probiotics market to be estimated at USD 69.3 billion by 2023, recording a CAGR of 7.0%.
Browse 72 market data Tables and 54 Figures spread through 169 Pages and in-depth TOC on “Probiotics Market – Global Forecast to 2023”
Besides offering effective solutions for the digestive health of consumers, key players are also identifying the use of probiotics in feed, as it improves the microbial stability in the intestinal tract. Advancements in molecular biology and gene sequencing have also widened the scope of application for probiotics in the feed. Manufacturers are identifying the requirements of various livestock to offer products that align with their needs and improve their gut health. These factors are projected to reflect positively on the growth of the probiotics market during the forecast period.
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The Food & Beverage Segment to Retain Its Dominance in the Probiotics Market Throughout 2023
The sedentary lifestyle of consumers has led to increased stress and poor diet, resulting in various digestive issues. Also, poor digestive health leads to low resistance against multiple infections and bloating. These factors have encouraged manufacturers to develop effective solutions, such as probiotics, that cater to various digestive & gut health issues. Due to the growing awareness about the health benefits of probiotics in multiple food products and its increasing popularity among consumers, the food & beverage segment is projected to hold the largest share of the market during the forecast period.
By 2023, the Animal Segment Projected To Record the Fastest Growth in the Probiotics Market
As probiotics offer similar health benefits for animals, key players offer them in various feed products. Also, manufacturers focus on providing probiotics as an effective alternative to synthetic antimicrobial growth promoters (AGPs), which are banned in multiple countries. Rearers prefer opting for probiotics as an alternative to improve the production of milk and meat. Their use in pet food also helps in improving the gut health of pets, due to which probiotics will continue to witness a surge in demand. Owing to these factors, the animal segment in the probiotics market is projected to record the fastest growth across regions during the forecast period.
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Asia Pacific Projected To Be a Leading Region in the Probiotics Market During the Forecast Period
The increasing population of health-conscious consumers and growing preference for dairy products and functional food products have widened the scope of growth for key players in the Asia Pacific. Companies are offering a range of probiotic products that help to strengthen the gut microbiome and improve the digestive health of consumers. Also, leading players such as Yakult Honsha, Chr. Hansen, Danone, and Nestle are operating in the region, which reflects positively on the growth of the probiotics market during the forecast period.
Key players in the probiotics market are focusing on adopting strategies such as partnerships, new product launches, collaborations, and agreements to enhance their brand presence in the market. Some of the leading players identified in this market include DowDuPont (US), Yakult Honsha (Japan), Danone, Chr. Hansen (France), and Nestle (Switzerland).
Overall, the growth of the probiotics market is projected to remain positive during the forecast period. Manufacturers are identifying various health requirements of customers and focusing on offering products that strengthen their gut microbiota and strengthen their immune system to prevent the prevalence of various diseases. They significantly focus on product innovation and developments to sustain their lead in the market over the forecast period.