The global probiotics market is expected to reach $111.21 billion by 2030, with private label manufacturers expected to expand their product lines, according to a new report from Grand View Research.
The market is expected to expand at a compound annual growth rate (CAGR) of 7.5% from 2021 to 2030, with preventative health becoming increasingly popular as a result of the COVID-19 pandemic. The info echoes a recent report from SPINS showing that wellness and health products are on the rise, including from private label brands. The research firm recently released its projections on how the plant-based meat market will grow by 2030.
“Probiotic supplements containing different probiotic strains are available in various forms such as probiotic drops, tablets, and capsules,” Grand View Research said. “Manufacturers of private label and branded products are likely to continue to extend their product lines in the probiotic product categories. The growing product lines and diversification in the same are intended to make manufacturers capable of catering to diverse demand trends across the globe. The same factor is prompting retail channels to increase their production volume in accordance with changing consumer tastes and preferences.”
Grand View Research outlined several key findings from the report. By ingredient, the bacteria segment is expected to dominate the market throughout the forecast period. The segment is driven by the increasing employment of bacteria to maintain urogenital health/ vaginal health.
The animal probiotics segment is expected to register the fastest growth rate of 7.7% by 2030, a result of increased focus on the enhancement of pet health.
The Asia-Pacific region held the largest share in 2021 and is expected to be the fastest-growing regional market over the forecast period. New prebiotic launches, innovations in probiotic delivery systems, and the presence of key players have laid the platform for healthy and strong growth of the region over the forecast period.
Finally, the probiotic industry is subject to intense rivalry among prominent market players during the forecast period as a result of product innovation, mergers & acquisitions, and portfolio expansion.
The full report on probiotics can be found here.