New Revenue Pockets: Increasing Global Demand for Superior-Quality Feed Products is Driving the Probiotic Ingredients Market
The probiotic ingredients market was valued at USD 268 million in 2018 and is projected to reach USD 402 million by 2023, at a CAGR of 8.5% from 2018 to 2023. The global demand for probiotic ingredients is increasing significantly due to the growing awareness among customers about its direct relation to digestive health benefits, the rising demand for high-nutrient foods, and the increasing demand for quality feed products. Scientists engaged in the bioengineering of probiotic strains are manipulating the genes of the strains to improve the tolerance of the microorganisms against pathogens, thereby aiding in improving the functional properties of conventional strains. Probiotic strains are projected to witness an increasing demand due to their stabilizing effect on the digestive system and its growth promoting potential. It also finds application as an immunity booster and could prove beneficial for reducing stress levels in end users. The Asia Pacific region is projected to hold the largest market due to the natural predisposition among consumers in this region for taking supplements. The ban on the use of antibiotic growth promoters (AGPs) due to its adverse health effects on animals and humans is also driving the demand for probiotics as well as probiotic strains and is projected to present opportunities to the existing and new market entrants. However, stringent international standards, regulations, and high production costs are projected to hinder the market growth in the next few years.
Probiotic ingredients market, on the basis of application, mainly constitutes of four segments – functional foods & beverages, animal nutrition, pharmaceuticals, and others, which include cosmetics and personal care. The demand for probiotic ingredients is driven by the increased focus among consumers on purchasing healthy food. Some of the common functional foods that contain probiotic strains are fresh and fermented milk, yogurt, and cheese. Increasing number of dairy and non-dairy products are witnessing the increased application of probiotic strains in functional foods such as granola bars, frozen yogurt, cereals, and juices.
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The probiotic ingredients market, by source, is segmented into bacteria and yeast. Yeast segment is estimated to be faster growing since it is relatively cheap, stable, and more robust. The bacterial segment is estimated to hold the larger market share as it has more health benefits associated with it. Also, the number of bacterial strains available for application as probiotic strains is more compared to yeast.
The ban on the antibiotic growth promoters in feed, increasing demand for probiotics in developed economies, and the increased awareness among livestock farmers are some of the opportunities in this market. The participation of government bodies such as Probiotics Association of India, Indonesian Society of Scientific Association for Probiotic and Prebiotic, European Scientific League for Probiotics, European Food and Feed Cultures Association, Dairy Research Centre at University of Laval in R&D of probiotics and increasing global demand for superior-quality feed products are some factors that are driving the market for probiotic ingredients.
The major players in the industry are focusing on expanding their business through agreements, product launches, and partnerships in the arena of probiotic strains, to meet the growing consumer demand for them to be applied in functional foods and pharmaceutical end products.
Related Reports:
Probiotic Ingredients Market by Application (Functional Foods & Beverages, Pharmaceuticals, and Animal Nutrition), Source (Bacteria and Yeast), Form (Dry and Liquid), End User (Human and Animal), and Region - Global Forecast to 2023
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