Probiotics Market Forecast: A Robust Growth Trajectory to US$98.6 Billion by 2030
The global probiotics market is set to experience substantial growth, with market valuation expected to leap from US$52.1 billion in 2022 to a projected US$98.6 billion by 2030. This impressive growth is forecasted at a robust compound annual growth rate (CAGR) of 8.3% between 2023 and 2030, according to a comprehensive report by Fairfield Market Research.
Key Trends Driving Probiotic Market Growth:
- Probiotics for Skin Health: A growing trend in skincare emphasizes holistic approaches to skin health. Consumers are increasingly seeking products that use probiotics to address both internal and external aspects of skin health.
- Probiotics for Sports Nutrition: Athletes are recognizing the importance of intestinal health for overall performance. Probiotics play a crucial role in nutritional absorption, energy production, and immunological function, driving the demand for probiotics in the sports nutrition sector.
- Lactobacilli Dominance: In 2022, the lactobacilli category dominated the market, known for strengthening the immune system and reducing the risk of allergies and infections.
- Probiotic Food and Beverages: The probiotic food and beverages category led the industry in 2022, with probiotics increasingly added to dairy-free alternatives like almond milk yogurt and coconut milk kefir to cater to vegans and those with lactose sensitivity.
- Animal Probiotics: The animal probiotics category is expected to experience rapid growth, particularly in stress-prone situations for animals, such as weaning and transportation, where probiotics can support immunological health and stress management.
Regional Insights:
- Asia Pacific Dominance: Asia Pacific is expected to dominate the probiotics market during the forecast period due to increased prevalence of Western eating habits, leading to digestive problems and higher demand for probiotics.
- North America Growth: North America is expected to be the fastest-growing probiotics market region, with a wide variety of probiotic products available, including supplements, yogurt, kefir, and fermented foods, catering to diverse consumer preferences.
Key Growth Determinants:
- Perceived Health Benefits: Probiotics are increasingly associated with immune system support, aligning with the trend toward holistic and natural health solutions.
- Probiotic Supplements: The ease of incorporating probiotics into daily routines through supplements has made them more accessible to a broader consumer base.
- Pacing R&D: Ongoing research and development efforts are enhancing probiotic formulations, expanding their applications beyond standard foods and supplements.
Challenges:
- Limited Scientific Understanding: The precise mechanisms of action for different probiotic strains remain unclear, leading to challenges in recommending the most suitable probiotics for specific health concerns.
- High R&D Costs: The high costs associated with researching and developing new probiotic strains can hinder innovation and result in higher product prices.
Key Trends and Opportunities:
- Personalized Probiotics: Tailoring probiotics to address specific health issues can increase consumer satisfaction and loyalty.
- Mental Health Applications: The link between gut health and mental health is driving the adoption of probiotic products for stress and anxiety management.
- Plant-Based Probiotics: The rise of plant-based diets is creating opportunities for plant-based probiotics that cater to vegan and vegetarian consumers.
Regulatory Landscape:
- FDA Regulations: In the United States, the Food and Drug Administration (FDA) regulates probiotics as dietary supplements or ingredients in food, impacting labeling and safety regulations.
- EU Health Claims: The European Food Safety Authority (EFSA) assesses health claims for probiotic products in the European Union, requiring scientific data to support authorized claims.
- Health Canada and TGA: Health Canada regulates probiotics in Canada, while the Therapeutic Goods Administration (TGA) governs therapeutic probiotic products in Australia.
Industry Outlook:
The global probiotics market is poised for remarkable growth, driven by increasing consumer awareness of health and wellness, rising demand for personalized solutions, and expanding applications in various sectors, including skincare, sports nutrition, and mental health.
Global Probiotics Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Ingredient Coverage, By Application Coverage, By End Use Coverage, By Geographic Coverage and By Company) https://www.fairfieldmarketresearch.com/report/probiotics-market
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COMTEX_443836317/2840/2023-11-21T21:19:43
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