The probiotics market share will post an incremental growth of USD 31.28 billion, progressing at a CAGR of 10% during the forecast period. The health benefits of probiotics will offer immense growth opportunities to market vendors. The probiotics market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Probiotics Market by Product, End-user, and Geography - Forecast and Analysis 2020-2024” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The probiotics market is segmented by product (functional food, dietary supplements, and animal feed), end-user (human probiotics and animal probiotics), and geography (Europe, APAC, North America, MEA, and South America).
The growth of the probiotics market size in the probiotic functional food and beverage segment will be significant during the forecast period. 36% of the market's growth will originate from Europe during the forecast period. Germany, the UK, and France are the key markets for probiotics in Europe. The probiotics market growth in Europe is attributed to the factors such as the demand for fermented milk and the strong association between the consumption of live bacteria and gut health.
The health benefits of probiotics will directly influence the sales of the probiotics market. In addition, the introduction of new products is one of the major probiotics market trends that will positively impact the market growth. However, factors such as the high price in developing countries will hamper the probiotics market growth.
The market is fragmented due to the presence of several players. Some of the major probiotics market vendors are BioGaia AB, Chr. Hansen Holding AS, Danone SA, DuPont de Nemours Inc., Kerry Group Plc, Lifeway Foods Inc., Nestle SA, PepsiCo Inc., Probi AB, and Yakult Honsha Co. Ltd.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2020-2024.
CAGR of the probiotics market forecast during 2020-2024.
Market-level data on units, average selling prices, and values of the probiotics market share.
Prediction on the upcoming trends, drivers, and factors that challenge the growth of the probiotics market.
Probiotics industry growth across Europe, APAC, North America, MEA, and South America.