DUBLIN--(BUSINESS WIRE)--The "Probiotic Supplements Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type and Distribution Channel" report has been added to ResearchAndMarkets.com's offering.
The probiotic supplements market is expected to grow from US$ 6,970.10 million in 2021 to US$ 11,529.10 million by 2028. It is estimated to grow at a CAGR of 7.6% from 2022 to 2028.
Probiotic supplements are live microorganisms available in the form of powders, tablets, capsules, etc.; these supplements are consumed to restore or improve gut flora. Health has become a top priority for consumers across the world, leading to a boom in demand for functional supplements.
Consumers are willing to pay more for products that offer enhanced health benefits. There has been a massive demand for plant-based and non-GMO (containing no genetically modified organisms/components) probiotic supplements. In addition, the growing trend of plant-based and non-GMO products is rapidly evolving worldwide, which has compelled probiotic supplement manufacturers to develop plant-based supplements. Veganism has gained significant momentum in recent years. Consumers are highly inclined toward plant-based products as they perceive them to be healthier than conventional products. Thus, due to the flourishing trend of veganism, the manufacturers of dietary supplements such as probiotic supplements are launching plant-based products.
The probiotic supplements market, based on distribution channel, is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment held the largest market share in 2021, whereas the online retail segment is expected to register the fastest CAGR from 2022 to 2028. Online retail is one of the fastest-growing distribution channels due to the convenience associated with shopping and product delivery.
Online retail stores offer a wide variety of products with heavy discounts. Further, consumers can conveniently buy required products from remote locations. Online retailers are likely to increase their sales and profits faster than retail shops, as selling online offers the advantage of being available 247. Moreover, shopping platforms offer descriptive product information and user reviews, which helps buyers compare products and make wise purchasing decisions.
In 2021, North America held the largest share of the probiotic supplements market. The consumption of probiotic supplements is gradually increasing in North America owing to the factors such as rising consumer awareness about digestive health, and probiotic strains and their health benefits. Probiotic supplements are available in the form of capsules and tablets, gummies, powder, etc., which are favorable for all age groups of the population.
According to a report by the GI Alliance, published on January 23, 2021, 20 million North Americans are diagnosed with chronic digestive diseases. Digestive diseases, associated with distress and pain, represent one of the most severe health problems in North American countries. The prevalence of digestive diseases leads to a surge in personal treatment expenditures and a reduction in working hours. Probiotic supplements help maintain appropriate microflora in the gut and assist in curing gastrointestinal diseases.
Market Dynamics
Market Drivers
- Increasing Consumer Focus on Preventive Health
- Rising Demand for Probiotic Supplements for Women's Health
- Increasing Awareness of Health Benefits of Probiotics for Infants and Kids
Market Restraints
- Complexities and Variations in Regulations Worldwide
Market Opportunities
- Rising Strategic Development Initiatives Worldwide
Future Trends
- Growing Preference for Gummy Formats of Probiotic Supplements
- Rising Trend of Consuming Non-GMO and Vegan Probiotic Supplements
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Global Probiotic Supplements Market Landscape
5. Probiotic Supplements Market - Key Market Dynamics
6. Probiotic Supplements - Global Market Analysis
7. Probiotic Supplements Market Analysis - By Product Type
8. Probiotic Supplements Market Analysis - By Distribution Channel
9. Probiotic Supplements Market - Geographic Analysis
10. Impact of COVID-19 Pandemic on Probiotic Supplement Market
11. Industry Landscape
12. Company Profiles
Companies Mentioned
- Bayer AG
- Pharmavite LLC
- BioGaia AB
- Nature's Way Products, LLC
- Nestle SA
- SFI Health
- GNC Holdings, LLC
- Nature's Bounty
- Church & Dwight Co., Inc.
- NOW Foods
For more information about this report visit https://www.researchandmarkets.com/r/jdq7q0
