Global Probiotics Market is Estimated to Reach $136 Million by 2024, Says Accurize Market Research
Global Probiotics Market report published by Accurize Market Research forecast that the global market is expected to reach $136 Million by 2024; growing at a CAGR of 8.2% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Growing popularity of probiotics in pediatric healthcare to drive the global market
Major factors driving the global probiotics market are growth in global functional food sector, rising health conscious consumers, increasing importance of natural and preventive healthcare therapies, growing popularity of probiotics in pediatric healthcare, and elevated use in weight management. Though, lack of standardized parameters would restrain the market growth. Additionally, product innovation and market expansion would provide market scope in the forecasted period.
Market Segmentation
Strain type, dispensing form, application, end user, and geography are the key bifurcations considered in the global probiotics market. Strain type is categorized as yeast, lactobacillus, spore formers, streptococcus, bifidobacterium, and others. By dispensing form, the segment is sub-segmented into liquid drops, sticks and sachets, capsules, tablets-swallowable, tablets-chewable, and others. Application is further bifurcated as probiotic dietary supplements, probiotic food and beverages, and animal feed probiotics. End user is segmented as human probiotics, and animal probiotics.
North America, Europe, Asia-Pacific and rest of the world (RoW) are the geographical segments of the market. North America is further bifurcated into countries namely; U.S., Canada and Mexico. Europe covers countries like Russia, U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific countries include China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Africa and Middle East.
"Lactobacillus accounted for the largest market share in the strain type segment", says Accurize
Lactobacillus and Bifidobacterium dominated the strain type segment in 2017 with maximum market share. In dispensing form, capsules held the largest market share, while others are anticipated to dominate with fastest CAGR during the forecast period. Probiotic dietary supplement and probiotic food and beverages accounted most of the share in the application segment, in the year 2017. Human probiotics dominated the end user segment whereas; animal probiotics would attain fastest CAGR.
"Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
Asia-Pacific accounted the largest market share of 36% in 2017, due to increasing health-consciousness, and improved access to probiotic supplements. The region is closely followed by Europe with 27.4% market share. Though, in terms of growth, RoW is expected to attain fastest CAGR, driven by government initiatives to increase awareness of healthy eating, and encouraging the consumers for healthier lifestyle.
Top players in the market
Major companies operating in the market Nestlé S.A., Danone, Probiotics International Ltd, E. I. DuPont de Nemours and Company, Chr. Hansen Holdings A/S, Chobani, LLC, BioGaia AB, China-Biotics Inc., Lifeway Foods, Inc., and Ganeden, Inc., among others.
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