According to “The Insight Partners” latest market study, titled “The global Probiotic Ingredients Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Application,” the market is expected to grow from US$ 3,493.42 million in 2021 to US$ 6,060.51 million by 2028; it is expected to grow at a CAGR of 8.2% from 2022 to 2028.
Manufacturers are deploying food and beverage fortification by adding nutritional additives, such as probiotics, fibers, vitamins, and minerals, to their product offerings. The major motive for incorporating additives in the food & beverages industry is to increase the health benefits of food products. Promising health benefits of probiotic-fortified food and participation of international bodies in the R&D approvals of probiotics are a few of the major factors influencing the global probiotic ingredients market. Functional ingredients such as probiotics are highly used in yogurt to improve the quality of intestinal microflora. Such a trend is expected to fuel the market over the forecast years. Probiotic-fortified food includes yogurt, bars, snacks, and infant formula. Probiotic drinks are a type of functional beverage that can help improve gut health by balancing the intestine, thereby raising immunity. For instance, Meluka Australia, a subsidiary of ASX-listed Eve Investment, launched Meluka honey and probiotic tonic, a new product, in April 2020, claiming to be the first of its kind in the market. Thus, such innovation and new product launches increase the demand for probiotic-infused functional food and beverages.
The key players operating in the probiotic ingredients market are ADM; Novozymes A/S; Chr. Hansen Holding A/S; Kerry; Lallemand Inc.; IFF Nutrition & Biosciences; AngelYeast Co., Ltd.; Probiotical S.p.A.; Adisseo; and Probi. These key players of probiotic strains and cultures are adopting product innovation strategies and investing in business expansions to meet the rising demand for probiotics among various end-use industries.
The demand for probiotic-infused dietary supplements has increased significantly in recent years due to the rising number of health-conscious people and the growing prevalence of digestive diseases. For instance, according to the Centre for Disease Control and Prevention, 37.2 million people in the US visited physician offices with digestive system diseases as the primary diagnosis in 2018. Thus, people are getting more aware of digestive health and prefer to consume probiotics. A healthy digestive system has been linked to mental health and immune response improvements. These dietary supplements improve digestion and nutrient absorption. They also protect proteins and lipids from oxidative damage and eliminate infections in the body. These factors are expected to boost the growth of the market.
During the initial phase of the COVID-19 pandemic, the implementation of lockdown restrictions and shutdown of manufacturing units led to a production shortfall, which created a demand and supply gap. These factors hampered the profitability of various small-scale and large-scale probiotic manufacturers. The shutdown of manufacturing plants in leading countries in North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa disrupted the global supply chains, manufacturing activities, delivery schedules, and sales of various essential and nonessential goods. However, in 2021, the economies resumed their operations, which boosted the global marketplace, particularly the probiotic ingredients market.
In 2021, manufacturers were allowed to operate with full capacity and could overcome the demand and supply gap. Consumers are prioritizing their health and actively searching for healthy alternatives and fitness activities to prevent lifestyle-related illnesses. Retail stores, grocery stores, and supermarkets were permitted to operate within a given time limit, aiding the growth of the market.
Read More: https://www.theinsightpartners.com/reports/probiotic-ingredients-market
