Probiotics Market revenues will grow nearly 8.6% from 2021 to 2030, reaching nearly $73.9 billion in 2030
Increasing preference for probiotics dietary supplements has propelled the probiotics market growth. The international bodies' participation in probiotics product R&D, health benefits of probiotics-fortified foods, rise in consumer health consciousness, and technological advancement are all expected to accelerate the growth of the probiotics market.
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Probiotics are live microorganisms, which improve digestion and strengthen immunity. The growth in health concern among people coupled with increase in consumption of functional food has led to the huge demand for probiotics ingredient. Change in lifestyles and rise in consumption of junk food have encouraged people to opt for healthy products, including probiotics in their diet to remain fit and healthy.
The market is expected to continue its prominent growth rate, owing to the growth in awareness about health benefits of probiotics. Probiotics are often taken to treat diarrhea, cramps, and gastritis caused due to intake of antibiotics, which kills good bacteria in addition to the bad bacteria, thus disrupting the balance of bacteria in colon.
Surge in demand for probiotics has led to increased investment in R&D to explore new areas of application of probiotics. However, government regulations in some of the countries such as Europe act as a threat for the growth of the market. There are strict regulations on probiotics health claims in the European Union. Market players need to provide scientifically proven data for the effectiveness of their probiotic products, thereby, many a times, leading to disapproval of health claims of probiotics products.
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Region-wise, Asia-Pacific is the largest and the most lucrative market, growing at the highest CAGR of 9.0% among all regions. North America is the second largest probiotics market. However, stringent regulations on the use of probiotics in products, threatens the growth of the North American market. Every stakeholder in the value chain, from raw material suppliers to distributors and retailers of probiotics, plays an important role to make the final product available to the consumers.
Product launches, partnership, acquisition, mergers & acquisitions, joint ventures, and geographical expansions are the key strategies adopted by players in the market. The key players in the global probiotics market include BioGaia AB, Danone, Chr. Hansen Holding A/S, Yakult Honsha Co. Ltd., Probi AB, Lifeway Foods, Inc., Nestle S.A., Ganeden, Inc., E. I. du Pont de Nemours and Company, and Protexin.
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