Probiotics are live microorganisms that provide health benefits when consumed. Probiotic supplements contain various bacteria that help maintain digestive health and support immune function. As people become increasingly aware of the link between gut health and overall wellness, consumption of probiotic supplements and probiotic-fortified foods and beverages has risen substantially. Probiotics promote balance in intestinal microbial flora and protect against pathogens. They also play a role in nutrient absorption and production of essential vitamins. Growing usage of probiotics is being witnessed in dietary supplements, dairy products like yogurts, juices and cereal.
The global Probiotics Market is estimated to be valued at US$ 63.79 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the probiotics market is the growing demand for vegetarian probiotic supplements. With rising health consciousness and concerns about animal welfare, the demand for plant-based and vegetarian dietary supplements has increased significantly in recent years. Many supplement manufacturers have launched vegetarian probiotic formulations containing beneficial bacterial strains along with plant-derived ingredients and excipients. These are free of animal-derived carriers, coatings and binders. They offer comparable health benefits to traditional probiotic supplements and appeal to flexitarians and individuals following a vegan or vegetarian lifestyle. Such innovations are expected to drive the future growth of the vegetarian and plant-based segment in the global probiotics market during the forecast period.
Porter's Analysis
Threat of new entrants: The probiotics market has moderate threat from new entrants due to high capital requirements and presence of major established players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various product options from different manufacturers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute raw materials.
Threat of new substitutes: Threat from substitutes is low as probiotics have proven health benefits with limited substitutes.
Competitive rivalry: The market is highly competitive with major players focusing on new product launches and expansions.
Key Takeaways
The Global Probiotics Market Demand is expected to witness high growth. The global Probiotics Market is estimated to be valued at US$ 63.79 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030.
Regional analysis comprised: North America dominates the market and is expected to grow at a high rate owing to increased health consciousness. Asia Pacific is expected to grow at the fastest rate over the forecast period with rising disposable incomes in China and India.
Key players related content comprises: Key players operating in the probiotics market are F. Hoffmann-La Roche AG, Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Danaher Corporation, Qiagen N.V., PerkinElmer, Inc., Illumina, Inc. and Merck KGaA. These players are focusing on new product launches and expansions to strengthen their market position.
For more details on the report, Read- https://www.insightprobing.com/probiotics-market-growth-market-size-share-analysis/
Comments
0 comment