Probiotics are expected to be a US$ 96,046.8 million market by 2020, according to U.S.-based business intelligence firm Transparency Market Research. The growth of the global probiotics market is driven largely by the changing consumption patterns of consumers, as they now give more thought to following a healthy diet. As a result, the market for human probiotics is larger than that for animal probiotics. Functional foods have shown strong growth in the past few years, leading companies in the global probiotic market to carve out their share from the expanding revenue pie.
Probiotic foods and beverages form the largest segment (by revenue) in the global probiotics market. Here are three trends that will drive more consumers toward probiotic functional beverages and foods:
Female and Pediatric Nutrition Trends Create Exciting Space for Probiotics
Nutrition is now a multibillion dollar business, and a large part of this is taken up by nutrition products formulated especially for children and women. The rising birth rate in several countries worldwide has created ample opportunities for companies in the pediatric nutrition market. More women in the global workforce also has a bearing on the growth of the woman-and-child nutrition market. Probiotics stand to enjoy a sizeable share of this opportunity.
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In developing countries, especially, the demand for probiotics functional foods meant for women and children is reporting an increase. Consumers’ purchasing power is on the rise and lifestyle demands have changed, creating a space where probiotics companies can fit their products in.
Extending Probiotics Applications To Snacking
Currently, products such as yogurt and dietary supplements are probiotic-fortified. However, with several strains of probiotics now being developed, it will only be a matter of time before probiotics are seen in snack bars, nuts coated with yogurt, cheeses, crackers, grahams, and even breakfast items such as oatmeal, bran flakes and corn flakes.
This degree of innovation will be possible with considerable R&D effort that will make probiotic ingredients compatible with processes such as baking, boiling, microwaving, freezing and so on. When this change finally takes root, the global probiotics market will be flooded with a range of products.
The Functional Foods Fad is Here to Stay
The “healthy active adult” consumer segment is expanding rapidly and these consumers are keenly interested in maintaining top health. The development of probiotics products for adults who lead an active and healthy lifestyle is expected to present a massive opportunity that can be monetized.
Formulating products that fit into the fast-paced lifestyle of the active urban adult will unlock several opportunities for growth. According to the World Health Organization, in 2014, about 54% of the global population lived in cities. This number is expected to rise sharply over the next few years. Probiotic functional foods that appeal to the urban populace in both developed and developing countries are areas that market players can target.
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Although there are strong trends that will help the global probiotics market grow, lack of enough awareness among consumers and a relatively low level of standardization in the global probiotics market will restrict growth.