Probiotics Market Is Estimated To Witness High Growth Owing To The Rapid Adoption Of Probiotics For Gut Health Management
Probiotics are live microorganisms that when administered in adequate amounts confer a health benefit on the host. Probiotics products are available in the form of dietary supplements and food & beverages. Probiotics provide various health benefits such as management of gut health, maintenance of immune system, and treatment of various digestive issues. Rising awareness regarding gut health and various therapeutic applications of probiotics is driving the growth of the global probiotics market.
The global Probiotics Market is estimated to be valued at Us$ 63.79 Bn in 2023 and is expected to exhibit a CAGR Of 26.% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rapid adoption of probiotics for gut health management presents a major market opportunity. Probiotics help in maintaining a healthy balance of bacteria in the gut and improve digestion. Growing health consciousness among consumers regarding maintenance of digestive health is boosting the adoption of probiotic supplements and food & beverages. Various clinical studies have proven the effectiveness of probiotics in preventing and treating conditions including irritable bowel syndrome, ulcerative colitis, and Crohn's disease. Increasing prevalence of digestive disorders worldwide owing to sedentary lifestyle and unhealthy diets is fueling the demand for probiotic products for gut health management. Rising awareness about benefits of probiotics in gut health coupled with wide availability of probiotic products through various distribution channels will continue to present lucrative growth opportunities for players in the global probiotics market over the forecast period.
Porter's Analysis
Threat of new entrants: Low. This market requires high R&D investment and clinical trials for new probiotic strains. Regulations also pose barriers.
Bargaining power of buyers: Moderate. Buyers have bargaining power due to availability of substitutes like prebiotics. However, research proves health benefits of probiotics attract buyers.
Bargaining power of suppliers: High. Few players dominate probiotics production globally. Suppliers can influence prices due to rising popularity.
Threat of new substitutes: Moderate. Alternatives like prebiotics are available but lack proven health benefits of probiotics.
Competitive rivalry: High. Intense competition due to many global and local players. Companies compete on strain variety, formulation, marketing and price.
SWOT Analysis
Strength: Probiotics show benefits for gut, immune and mental health. Extensive clinical trials establish efficacy and safety.
Weakness: High production costs. Storage challenges as probiotics are live bacteria. Customer education needed on proper usage.
Opportunity: Rising health awareness boosts demand. Geriatric population prone to gut issues offers scope. Therapeutic areas like uro-gynaecology provide new markets.
Threats: Stringent regulations delay product approvals. Substitute prebiotics pose competition. Economic slowdowns may impact consumer spending.
Key Takeaways
The Global Probiotics Market Demand is expected to witness high growth between 2023-2030 supported by a CAGR of 26%. The global probiotics market is estimated to be valued at US$ 63.79 Bn in 2023 and is expected to exhibit a CAGR of 26% over the forecast period 2023 to 2030.
North America dominates currently due to widespread awareness and structured regulatory approval pathway for new strains. However, Asia Pacific is likely to emerge as the fastest growing market due to rising health expenditures, growing middle class and increasing gut ailments.
Key players operating in the probiotics market are Google LLC. (the U.S.), Microsoft Corporation (U.S.), DAQRI (U.S.), Mindmaze (Switzerland), Wikitude GmbH (Austria), Medical Realities (U.K.), Atheer (U.S.), Augmedix (U.S.), Oculus V.R. (U.S.), CAE Healthcare (U.S.), and Others. Regional players are expanding to other areas through partnerships. Companies are investing heavily in R&D to develop novel strains and delivery systems. They also focus on promotion through health practitioners, online campaigns and social media influencers.
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