July 15, 2024

The Rising Demand For Maintaining Gut Health Is Driving The Probiotics Market

Probiotics play an important role in maintaining gut health and promoting well-being. They help regulate the balance of good and bad bacteria in the gut. Some of the benefits of probiotics include improving digestion, boosting immunity, reducing inflammation, and promoting heart health. They are available as dietary supplements, functional foods and beverages. The growing consumer awareness about the health advantages of probiotics has significantly boosted their demand globally. Lactobacillus and Bifidobacterium are among the most common probiotic bacteria used across various products.

The global Probiotics Market is estimated to be valued at Us$ 63.79 Bn in 2023 and is expected to exhibit a CAGR Of 26% 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 popularity of probiotic-rich functional food and beverages. Manufacturers are innovating new products containing live cultures to attract health-conscious consumers. For instance, Danone’s Activia yogurt contains Bifidobacterium animalis DN-173 010 to promote digestive health. Probiotic drinks by GoodBelly and KeVita provide probiotic supplementation through convenient formats. There is also a rise in customized probiotic supplements and nutraceuticals for specific health conditions like IBS, diarrhea, urinary tract infections etc. Manufacturers are conducting extensive clinical research to launch evidence-based targeted probiotic formulations.

Porter’s Analysis

Threat of new entrants: The probiotics market has high growth potential which will attract new entrants. However, high R&D costs and branding challenges create barriers for new companies.

Bargaining power of buyers: Buyers have moderate bargaining power as there are many established players in the market offering varied probiotic supplements and foods.

Bargaining power of suppliers: Few companies have control over key probiotic strains providing them with higher bargaining power over players.

Threat of new substitutes: Growth of organic and plant-based foods present a threat but probiotics have established health benefits with limited substitutes.

Competitive rivalry: The market has few global players and many regional players resulting in high competition based on new products, better strains and pricing.

Key Takeaways

The Global Probiotics Market Demand is expected to witness high growth at a CAGR of 26% during the forecast period of 2023-2030.

The North American region dominates the probiotics market holding over 35% of the total share in 2023. Increased awareness about gut and digestive health and preference for dietary supplements are driving high demand.

Key players operating in the probiotics market are Google LLC. (the U.S.), Microsoft Corporation (U.S.), DAQRI (U.S.), Mindmaze (Switzerland), Wikitude GmbH (Austria), Medical Realities (U.K.), Atheer (U.S.), Augmedix (U.S.), Oculus V.R. (U.S.), CAE Healthcare (U.S.), and Others. Innovation in strains and delivery formats along with strategic partnerships for new commercial opportunities are some key focus areas.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it