DUBLIN--(BUSINESS WIRE)--The "Probiotics Market - Growth, Trends and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The probiotics market is forecasted to reach USD 76.85 billion by 2024, registering a CAGR of 7.5% during the forecast period (2019 - 2024).
The probiotic market is driven by the robust demand for health-based products, among consumers, especially by the younger generations. Probiotics are a part of functional foods and beverages, and are known for improving gut functionality, along with other benefits, including immunity boost and so on. There is no clear demarcation for probiotics-based pharmaceuticals and food products, with variations across different countries. Thus, the complexity in the regulatory, legislative, and technological aspects is serving as a major hurdle for the market growth.
Scope of the Report
The scope of the market includes probiotics, such as functional food and beverage, dietary supplement and animal feed by type. Probiotic dietary supplements are not used for the treatment or cure of any specific disorders, significantly. However, they serve as a mode of delivering certain ingredients in the body to complement the diet. By distribution channel, the market is categorized as supermarkets/ hypermarkets, pharmacies/health stores, convenience stores, and others.
Key Market Trends
Functional Food and Beverage serve the largest probiotic market
The functional food and beverage segment accounted for the highest revenue share in 2017, as it has various applications in the food industry, led by the increasing awareness among consumers and the on-going convenience trend. Functional foods and beverages containing probiotics have gained popularity in the market, recently, as they contain biologically active ingredients that have more metabolic and physiological health benefits than nutritional benefits.
There is an increase in the consumer demand for non-dairy probiotic products as they have low lactose and cholesterol content, and they do not have to be refrigerated. Some of the popular innovations include - juices, non-dairy beverages, including Kombucha, vegetables, cereal-based products, chocolate-based products, processed meat, etc.
Supermarket/Hypermarket segment accounts for maximum revenue share
Functional dairy and fortified juices witnessed an increased demand among the supermarkets/hypermarkets and convenience stores. Supermarkets/hypermarkets offer shoppers a one-stop shopping experience in a wide range of products of different brands, enabling them to make an easy purchase. Supermarkets are considered to be the best platform for the launch of new products, particularly the food and beverage segment. It has been observed that new product launches increase the demand for probiotic in supermarkets/hypermarkets. Continuous growth in demand globally is boosting the purchase of probiotics in this retail mode.
Competitive Landscape
The probiotics market witnessed dominance from the giants, Nestle, Danone, and Yakult. Actimel, Activia, and Yakult are the world's top brands in probiotics. Other prominent players are Lifeway Foods Inc., Bright Dairy (Bright Foods), Biogaia, among others and the most active companies in the probiotics market are Yakult, Lifeway Foods, Biogaia, and CHR Hansen.
Yakult is notably the most active company in the industry. Yakult and Lifeway Foods are expanding their presence over the globe, so as to cater to a larger audience. Thus, expansion is the most preferred strategy among the probiotic market players to strengthen their position in the market.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
3.1 Market Overview
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Functional Food and Beverage
5.1.2 Dietary Supplements
5.1.3 Animal Feed
5.2 By Distribution Channel
5.2.1 Supermarkets/ Hypermarkets
5.2.2 Pharmacies/Health Stores
5.2.3 Convenience Stores
5.2.4 Other Distribution Channels
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Most Active Companies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Nestle SA
6.4.2 Groupe Danone
6.4.3 PepsiCo Inc. - Kevita Inc.
6.4.4 Chr. Hansen
6.4.5 BioGaia
6.4.6 Moringa Milk
6.4.7 Yakult Honsha Co. Ltd
6.4.8 Lifeway Foods Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/od4ebd
