LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global probiotics market is projected to grow to USD 54.95 billion by 2021, at a CAGR of more than 7% over the forecast period.
This research report titled ‘Global Probiotics Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
| Probiotics are microorganisms that, on consumption, exert a positive effect on the health of human beings and animals. The growing awareness regarding the health benefits provided by probiotics is encouraging more consumers to adopt probiotics into their daily lifestyles, thereby driving the growth of the market. |
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Based on the product application, the report categorizes the global probiotics market into the following segments:
- Functional food and beverages
- Dietary supplements
- Animal feed
Functional food and beverages
“The global probiotics market by functional foods and beverages occupied a majority 82% of the market in 2016. The segment is expected to continue its dominance due to the constantly rising demand coupled with the introduction of new products,” says Manjunath Reddy, a lead analyst at Technavio for research on food.
The other factors that the analysts at Technavio expect to fuel market growth include an increase in the demand for functional foods for people above 55 years, growth in the number of health-conscious adults, and rising concern about the health of children. Yogurt, dairy, and fermented products are common foods that contain probiotic bacteria.
Dietary supplements
The probiotic dietary supplements segment is the fastest-growing sector of the market and is projected to showcase a CAGR of over 8% through 2021. The popular products available in this segment include capsules, tablets, and powders. The demand for these products is driven by the high population of infants and the rising requirements of food supplements, special nutrients, and infant formula. Brands such as Chr. Hansen and Provella are focused on expanding their target audience by introducing supplements primarily for women.
Animal feed
“The demand for probiotic animal feeds are driven by the need for good quality animal produce and maintenance of livestock and pet health. Probiotics also enhance milk production in cows and fasten the growth of chickens,” says Manjunath.
Consumption of probiotics such as LAB, Streptococcus, and Bifidobacterium via animal feed provides an animal with useful enzymes and fatty acids or hydrogen peroxide which prevents the growth of harmful chemicals in their digestive system. The swiftly growing aquaculture industry is another key driver of the market segment.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Chr. Hansen
- Danone
- Nestlé
- PROBI
- Yakult
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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