Global
Probiotic Market: Overview
The
global probiotic market is expected to be primarily driven by the
rising awareness among consumers regarding gut health enhancement.
Growing consumption of functional food products and increasing
efficiency of probiotic bacteria is further expected to bode well for
the global probiotic market’s growth. The demand for probiotic is
expected to intensify over the next couple of years owing to the
burgeoning awareness among consumers regarding the health benefits
associated with probiotic consumption and the ban on the consumption
of antibiotics across several nations. The rising demand for
probiotic from emerging nations is expected to further provide
lucrative growth opportunities to manufacturers of probiotic in the
near future.
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The
global market for probiotic is also fueled by the growing efficiency
of probiotic bacteria and the inclination of consumers towards their
digestive health. Incessant efforts are being made by companies and
healthcare organizations to enhance the consumer base of probiotics
across the globe. The health benefits that probiotics provide the
consumer with are helping in the treatment of diseases related to the
vagina, urinary tract, and skin and conditions such as infectious
diarrhea, irritable bowel syndrome, and inflammatory bowel disease.
However, companies need to combat the dearth of standardization in
the global probiotic market.
The
global probiotic market is expected to expand at a CAGR of 7.40% from
2014 to 2020. The market was worth US$62.6 bn in 2014 and is
projected to touch a valuation of US$96 bn by 2020.
Food
and Beverages to Emerge as Key Application
In
terms of application, the global
probiotic market is segmented into animal feed, food and
beverages, and dietary supplements. Among these, food and beverages
led the market in 2013 and is expected to retain a dominant position
until 2020. The food and beverages segment is expected to exhibit a
CAGR of 7.20% between 2014 and 2020. The growth of this segment can
be attributed to the growing inclination of consumers towards healthy
food and beverage products and the shift in lifestyle. The
consumption of dietary supplements as a part of functional foods to
improve the health consumers is likely to rise over the forthcoming
years. This particular trend is expected to continue over the
forecast period. Growing disposable income of consumers and rising
living standards, basically in developing economies are also likely
to fuel the consumption of probiotic in food and beverages.
Among
the two end-use segments, human probiotics and animal probiotics, the
human probiotics segment led the market and is expected to retain the
lead in the near future.
Asia
Pacific to Surge Ahead of other Regions in terms of Consumption
Region-wise,
the global probiotic market is classified into Asia Pacific, North
America, Europe, and the Rest of the World. In 2013, Asia Pacific led
the market and is estimated to maintain a dominant position until
2020 rising at a CAGR of 7.10%. The primary reason behind the
extensive growth of this market is the mounting demand for probiotics
in countries such as India, China, Japan, and Australia. Europe is
also considered to be one of the leading markets of probiotics with
France and Germany emerging as key consumer countries in the region.
Although at present North America holds a minute share in the global
probiotic market, it is projected that in future the region will
exhibit promising growth.
The prime companies in the global probiotic market are Chr. Hansen, Yakult Honsha Co., Nestle S.A., Mother Dairy, General Mills Inc., Lifeway Foods Inc., Groupe Danone S.A., and BioGaia AB among others.
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