According to report by TMR, the global probiotics market was estimated to value at US$6,762.2 mn in the year 2018 and is projected to expand with a CAGR of 8.3% during the estimated period to attain valuation of US$12,753.4 mn by the end of forecast period. Based on the packaging type, the containers segment is dominating the global market probiotics and expected to account for the 24.7% of shares in the overall market in 2018. However, the bottle segment is expected to expand with a CAGR of 8.7% over the forecast period. Based on region, North America is dominating the global probiotics market followed by Europe. Both the regions are likely to account for share of 79.9% in the overall market collectively by the end of 2026.
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Probiotics are live micro-organisms, when administered in adequate amount confer a health benefit on the host”, is the standard definition provided by the Food and Agriculture Association (FAO) of the United Nations. These friendly and live bacteria, when administered to and/or consumed by humans in the non-food form, are referred to as ‘probiotic supplements’, which are generally available either in the form of tablets, capsules, powder, liquid, chewables, and others.
Proliferation of e-Commerce Business to Offer Lucrative Opportunities
Despite these factors, high initial investment coupled with higher investment in the expansion of market is limiting growth of the probiotics market. Nonetheless, many manufacturers and retailers are focusing on the improvement of online distribution options through their websites and other widespread e-Commerce websites. Through this, consumers are inclining towards purchasing such products online owing to the available discounts on these products offered by e-retailers. These factors are creating lucrative opportunities for key players operating in the market.
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Growing Awareness about Consumption of Probiotics to Fuel Growth of Market
Consumption of antibiotics is growing due to growing per capita income and on the back of increasing healthcare expenditure. The growing disposable income of the low and mid-earning population mainly in under-developed and developing countries is boosting antibiotic consumption in these countries. Additionally, the rising awareness about the benefits of probiotics to overcome the side-effects caused due to consumption of anti-biotic is fuelling growth of the global probiotics market. Excessive application of antibiotics which results in imbalance of microbiota, and reduces the bacterial diversity. In order to repair this imbalance, consumption of probiotics is growing which in turn is propelling growth of the global probiotics market.
Additionally, the consumption of antibiotics has witnessed higher especially in BRICS countries from last some years; some antibiotics are available and prescribed over the counter in these countries. Some of the probiotic supplement manufacturers have adopted a target-oriented approach in these countries. These factors are collectively supporting to rise in the demand for probiotic supplements globally.