Probiotics Market Growing at a CAGR of 8.3% during 2018-2026
The global probiotics market is a competitive and robust business landscape. The market is increasingly driven by changing consumer preferences and intense rivalries among top players, reports Transparency Market Research (TMR). Prominent players in the global probiotics market are Probi AB, Chr. Hansen Holding A/S, DowDuPont Inc., Nestlé S.A, and BioGaia AB.
Key players in the global probiotics market are focused on improving distribution channels as online sales grow and offer potential to reach new consumers in the market. Additionally, these players are investing in promotions in emerging countries as the awareness about probiotics in these markets is still in its nascent stages. The key players in the global probiotics market are also investing in research and promotions to further the cause of probiotics as a health supplement to appeal to consumers.
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According to a report on the global probiotics market by TMR, the market was valued at US$6,762.2 mn in 2018. TMR predicts that the global probiotics market will expand at 8.3% CAGR during 2018-2026. The market is anticipated to reach US$12,753.4 mn in valuation by 2026 end.
Bottled packaging is expected to remain popular with consumers in the global probiotics market. It is expected to garner 8.7% CAGR growth during 2018-2026 period. The global probiotics market in North America region is also expected to register significant growth. Its appealing and convenient qualities make it a popular offering.
Growing Awareness about Consumption of Probiotics to Fuel Growth of Market
Antibiotics are increasingly used in various medical ailments around the world. Additionally, disposable income is on the rise in emerging countries. Growing awareness regarding side-effects of antibiotics is expected to boost the global probiotics market. Probiotics such as lactobacillus acidophilus are believed to lower cholesterol, and also help with diarrhea and bacterial vaginosis.
On the other hand, increased use of antibiotics can result in imbalance in microbiota and reduces the healthy bacterial activity as well. This is especially significant for small children who have low resistance to ailments like diarrhea. The global probiotic market is expected to chip in to meet the demand for healthy bacteria activity with heavy investments in promotional activity during the forecast period.
Additionally, antibiotics are in high demand in BRICS (Brazil, Russia, India, China and South Africa) countries. As the awareness about antibiotics is still limited in these markets, some antibiotics are easily available over the counter. To counter the influx of antibiotics, probiotics manufacturers have adopted a task-driven approach to chase consumers. Growing advancements in tracking consumer activity online and large penetration of smartphones in the BRICS markets are expected to drive growth of the global probiotics market.
Europe Market Presents a Challenge to Overall Growth
The global probiotics market also faces considerable challenges during the forecast period. The EU has banned the word ‘probiotic’ from promotions. This is a major setback to the global probiotic market during the forecast period. However, the market is expected move towards emerging economies with high capital investments. The rise of e-commerce offers more promotional and distribution opportunities for players in the global probiotics market.