Probiotics are live microorganisms that provide health benefits when consumed. Probiotics are commonly found in yogurts and other fermented foods. They play an important role in maintaining a healthy gastrointestinal tract and in preventing or treating various diseases by maintaining a healthy balance of microorganisms. The global probiotics market provides products for various end-uses such as dietary supplements, functional food & beverages, animal feed, and others.
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.
The opportunity for probiotics in preventing and treating various diseases represents a major market opportunity. Probiotics have been shown to effectively treat various health conditions such as irritable bowel syndrome, ulcerative colitis, infectious diarrhea, and other gastrointestinal disorders. They also help reduce the risks of certain cancers by maintaining a healthy gut microbiome. With the growing prevalence of diseases worldwide, the demand for probiotic supplements and functional foods is increasing significantly. Probiotics offer a natural treatment alternative for many diseases without severe side effects. The ability of probiotics to provide health benefits by preventing and treating diseases makes them an attractive option, thus driving market growth over the forecast period.
Threat of new entrants: The probiotics market faces moderate threat from new players due to high capital requirements for R&D and relatively established brand loyalty of existing brands.
Bargaining power of buyers: Buyers have high bargaining power due to availability of numerous brands providing similar probiotic supplements. Buyers can easily switch between brands based on price and promotions.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as the raw materials used in probiotics such as bacteria are widely available. However, suppliers of specific probiotic strains may wield some pricing power.
Threat of new substitutes: Threat from substitutes is low as probiotics provide distinct gut and immune health benefits that are difficult to replicate.
Competitive rivalry: Competition in the probiotics market is high among the top brands.
Strengths: Probiotics are effective in maintaining gut anddigestive health. Rising health awareness drives their demand.
Weaknesses: High production costs. Limited understanding of health impacts of different probiotic strains.
Opportunities: Untapped growth potential in developing regions. Novel applications in therapeutics and skin care extending their usage.
Threats: Stringent regulatory norms. Supply chain disruptions during pandemic affecting availability.
The Global Probiotics Market Demand is expected to witness high growth. The market size for 2024 is expected to reach US$ 63.79 billion, indicating a CAGR of 6.4% during the forecast period of 2023 to 2030.
Regional analysis indicates North America dominated the probiotics market in 2023 due to increased health consciousness and high disposable incomes in the region. Asia Pacific is likely to be the fastest growing market owing to rising gut health issues and growing older population in countries such as China and India.
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 companies focus on new product launches, acquisitions and expansions to strengthen their market position.
Source: Coherent Market Insights, Public sources, Desk research
We have leveraged AI tools to mine information and compile it