Global Probiotics MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $136.5 Billion by 2024 from $71.9 Billion in 2016, growing at a CAGR of 8.4% from 2016 to 2024. By geography, RoW and North America are expected to grow at a CAGR of 9.9% and 8.5%, respectively, during the forecast period.
"Probiotics Market (Yeast, Lactobacillus, Spore Formers, Streptococcus, Bifidobacterium; Liquid Drops, Sticks And Sachets, Capsules, Tablets-Swallowable, Tablets-Chewable; Probiotic Dietary Supplements, Probiotic Food And Beverages, Animal Feed Probiotics; Human Probiotics, And Animal Probiotics; North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Major factors driving the global probiotics market are growth in global functional food sector, rising health conscious consumers, increasing importance of natural and preventive healthcare therapies, growing popularity of probiotics in pediatric healthcare, and elevated use in weight management. Though, lack of standardized parameters would restrain the market growth. Additionally, product innovation and market expansion would provide market scope in the forecasted period.
Strain type, dispensing form, application, end user, and geography are the key bifurcations considered in the global probiotics market. Strain type is categorized as yeast, lactobacillus, spore formers, streptococcus, bifidobacterium, and others. By dispensing form, the segment is sub-segmented into liquid drops, sticks and sachets, capsules, tablets-swallowable, tablets-chewable, and others. Application is further bifurcated as probiotic dietary supplements, probiotic food and beverages, and animal feed probiotics. End user is segmented as human probiotics, and animal probiotics.
Lactobacillus and Bifidobacterium dominated the strain type segment in 2016 with maximum market share. In dispensing form, capsules held the largest market share, while others are anticipated to dominate with fastest CAGR during the forecast period. Probiotic dietary supplement and probiotic food and beverages accounted most of the share in the application segment, in the year 2016. Human probiotics dominated the end user segment whereas, animal probiotics would attain fastest CAGR.
By geography, the market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific accounted the largest market share of 36% in 2016, due to increasing health-consciousness, and improved access to probiotic supplements. The region is closely followed by Europe with 27.4% market share. Though, in terms of growth, RoW is expected to attain fastest CAGR, driven by government initiatives to increase awareness of healthy eating, and encouraging the consumers for healthier lifestyle.
The major players profiled in this market includes Nestlé S.A., Danone, Probiotics International Ltd, E. I. DuPont de Nemours and Company, Chr. Hansen Holdings A/S, Chobani, LLC, BioGaia AB, China-Biotics Inc., Lifeway Foods, Inc., and Ganeden, Inc., among others.