Probiotic ingredient market to experience healthy CAGR, says report
Asia-Pacific leads the market, but US consumption forecast to rise
The global probiotic products market was valued at US$26,125.9m in 2012 and is expected to grow at a healthy CAGR, according to a new report published by MarketsandMarkets. In 2012, Asia-Pacific had the highest share of the global market in terms of market value, followed by Europe and North America.
The report, 'Probiotics Market by Products (Functional Foods, Dietary Supplements, Specialty Nutrients, Animal Feed), Applications (Regular, Therapeutic, Preventive Health Care) & Ingredients (Lactobacilli, Bifidobacteria, Yeast) - Global Trends & Forecasts to 2019', defines and segments the global probiotics market with an analysis and forecasting of the market value of probiotic products and ingredients. The report also identifies the driving and restraining factors for the global market with an analysis of trends, opportunities, winning imperatives and challenges.
Although probiotics have been in existence for many years, the proper appreciation of their benefits is only a recent phenomenon, the report says. More and more research is undertaken to validate their efficacy; so far, such activities have demonstrated their effectiveness in cases of antibiotic associated diarrhea, irritable bowel syndrome, lactose intolerance, oral health, etc. The functional ingredients in probiotic products are said to help in balancing the intestinal micro-biota resulting in enhanced overall health, well-being, and boosting the immune system.
The probiotics market has been one of the prime beneficiaries of the recent fashion for functional foods. Rising levels of health consciousness and ageing baby boomer population are some of the drivers helping the growth of the market. This gathers more importance considering the fact that the probiotic food and beverage segment accounted for more than 84% of the overall probiotics market in 2012.
Probiotic dairy products are expected to command the highest market share among all the probiotic foodstuffs. Europe and Asia-Pacific are the dominating regions for these products. North American consumers are gradually adopting these products and this market is estimated to grow at a higher rate in coming years. The biggest contributors to this market are supplements and speciality nutrients.
Though the market base of probiotic products is lower in the US than in other countries, the market is expected to grow at a promising rate in the same period driven by the large-scale acceptance of probiotic yogurts in spoonable single serve packs and probiotic cultured drinks in a single shot packaging form.
Products that fall under the niche category presently, such as probiotic chocolates, probiotic ice creams, and probiotic baked products, are expected to enjoy a larger market share. Consumers' willingness to pay a premium price for fortified products with proven benefits is a key driver for these segments. However, probiotic cheese and probiotic butter are likely to retain the status of ultra-niche products due to their conventional image as unhealthy dietary products.
