The global demand for probiotics is increasing significantly due to growing awareness about the health benefits associated with probiotic fortified foods such as yogurt and probiotic supplements.
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The key players that are profiled in the report include Chr. Hansen, Danone, Yakult Honsha, Nestlé, and DuPont. Other players include Morinaga, Lallemand, Probi, Bifodan, BioGaia, Probiotics International, and Nebraska Cultures.
On the basis of source, the probiotics market was led by the bacteria segment in 2016. Lactobacilli are one of the most largely commercially available sources of probiotics. Asia Pacific countries are expected to become major markets, owing to intensive R&D activities carried out by companies such as Yakult Honsha and Danone.
The probiotics market was valued at USD 42.66 Billion in 2016, and is projected to grow at a CAGR of 7.0% from 2017, to reach USD 64.02 Billion by 2022.
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The probiotics market, on the basis of application, is segmented into functional food & beverages, dietary supplements, and animal feed. The functional food & beverages segment is further classified into dairy products, non-dairy beverages, baked goods, fermented meat, and cereals. The food & beverages segment covers the largest market share; this can be attributed to manufacturers coming up with a variety of innovative probiotic products based on consumer tastes & preferences in different regions. Technological advancements have enabled the addition of specific beneficial bacteria to all types of foods, including beverages, cereals, and baked goods.
The probiotics market, on the basis of end user, is segmented into human probiotics and animal probiotics. The human probiotics segment covered the largest market share owing to the routine consumption of probiotics in regular diets and increase in demand for probiotic-based dietary supplements.
Asia Pacific accounted for the largest share of the probiotics markets in 2016, owing to rapid urbanization and rise in consumer interests in health products. Major countries contributing significantly toward the growth of the Asia Pacific region include China, Japan, South Korea, and Australia & New Zealand. The presence of the aging population in these countries is further expected to boost the probiotics market.
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