The global probiotics market is expected to reach USD 52.34 billion by 2022, according to a new report by Grand View Research, Inc. Increasing health awareness, particularly gut health, is expected to remain a key driving factor for global probiotics market over the forecast period.
High growth markets such as Asia Pacific are presumed to witness rapid growth in the near future owing to multiple factors. Some of these factors include growing health concerns and rising awareness regarding the benefits related to probiotics consumption. Unorganized standardization and low awareness in several regions are key hindrances that are anticipated to negatively impact the global market over the forecast period.
Probiotic food & beverages dominated the global applications market in the recent past and accounted for more than three-fourth of total revenue in 2013. Among this application segment, dairy products dominated the global market and are expected to witness a CAGR of 7.2% over the forecast period.
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Further key findings from the report suggest:
- Global probiotics market was valued at USD 32.05 billion in 2013 and is expected to reach USD 52.34 billion by 2022, growing at a CAGR of 7.3% from 2014 to 2020.
- Human probiotics was the leading end-use segment with demand share exceeding 90% in 2013. Increasing gut health concerns in the recent past coupled with growing overall health awareness is presumed to positively shape the global probiotics market over the forecast period.
- Asia Pacific was the leading regional market with demand share estimated over 40% in 2013. Growing population, increasing market penetration and increasing availability of probiotic products particularly in China, India, Japan and South Korea are few factors expected to positively impact the regional market. The region is also expected to witness the highest growth of 7.7% from 2015 to 2022.
- Probiotics market is moderately fragmented and is characterized by frequent mergers, acquisitions and alliances. Prominent industry participants operating in the global market include Arla Foods Inc., BioGaia AB, Chr. Hansen Holding A/S, Danone, Danisco A/s, General Mills Inc., I-Health Inc., Lallemand Inc., Lifeway Foods Inc., Nestle S.A., Probi AB and Yakult Honsha Co. Ltd. The industry rivalry is expected to be high for the next five years.
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