Published: Jun, 2019
With reference to the latest market forecast report published by Transparency Market Research, on the probiotic ingredients market, revenue generated from the global probiotic ingredients market has been estimated to be valued at nearly US$ 4,500 Mn in 2019, which is projected to increase at a CAGR just over 6%, to reach a value of nearly US$ 7,400 Mn by 2027.
As probiotic ingredients are gaining high scientific consensus, this is acting as a major driver for the growth of the probiotic ingredients market, because the consumer purchasing patterns are being increasingly influenced by the support of the medical community. Hence, the application of probiotic ingredients has expanded to cover, not only digestive disorders, but also to other indications known in the medicine field.
For the past few years, research and patented products surrounding gut health have seen an upward trend, further propelling the growth of the probiotic ingredients market. Globalization in food culture has also sparked interest from global consumers in the area of probiotic ingredients, since they have been used in the Asian region since a very long time.
Probiotic ingredients promote a healthy balance of gut bacteria, and are linked to a wide range of associated health benefits. Currently, the most popular strains of bacteria in use in probiotic ingredients are lactobacilli and bifidobacteria. 70% of the immune system lies in the digestive tract. Thus, probiotic ingredients can help in maintaining a healthy immune system by increasing lymphocytes - a precursor of immune response.
Development and Approval of New Strains a Time-Consuming Process in the Probiotic Ingredients Market
The approval and clinical trials of new bacterial strains used as probiotic ingredients for human consumption by regulatory bodies is a long process. Hence, the launch of new products with enhanced quality and versatility in the probiotic ingredients market becomes difficult. This is true for regions where probiotic ingredients have become a mature market, and there is the immense need for product revamp.
Limited Availability of Probiotic Ingredient-based Supplements in High Potential Countries
Probiotic supplement suppliers, despite targeting high future potential markets (developing markets), haven’t been able to demonstrate a significant presence as well as penetration in non-metro cities. Such supplements in countries such as India are only available in urban metropolises. A similar condition exists in the probiotic ingredients market is other prominent developing countries. Medical practitioners in countries such as India aren’t exposed to the benefits of probiotic ingredients, despite strong cultural integration with probiotic ingredient-based food products.
The limited knowledge and low awareness of medical practitioners, along with lower penetration of probiotic ingredients across wider non-urban clusters, is limiting the probiotic ingredients industry from unfolding its potential. Despite the growth of consumer purchasing power and per capita healthcare expenditure in these countries, a pool of potential targets has been created for probiotic ingredient manufacturers and suppliers. The rural population is over 60% of the total population in most developing regions, and the lack of demo graph-specific marketing in these regions is hindering the growth of the probiotic ingredients market.
Lower Consumer Awareness amongst Consumers in African
In the African region, products with natural food additives are very less commercialized, and consumer awareness in this region is also very low. This can be attributed to the fact that, the availability of probiotics is also very low. As compared to regions such as North America, Latin America, Europe and Asia, the region experiences lower amount of sales of probiotic ingredient-based products. Also, consumer expenditure on labelled products is very low, and is likely to remain low over the forecast period, as such, hindering the growth of the probiotic ingredients market in this region. The lack of probiotic ingredient penetration in this region, despite the rising prevalence of malnutrition and starvation, is adversely affecting the probiotic ingredients market participants in the region, as such, hindering the growth of the probiotic ingredients market.
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