According to a new market research report titled “Probiotics Market by Strain (Bacteria {Bacillus}), Product Type (Dairy Food {Yogurt, Baked Food}), Form (Liquid), Sales Channel (Super Markets, Pharmacies), End User (Human {Adults, Senior}, Animal), and Geography– Global Forecast to 2027,” published by Meticulous Research®, the probiotics market is expected to reach $75.9 billion by 2027, at a CAGR of 5.6% during the forecast period of 2020 to 2027.

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Probiotics are live microorganisms that are intended to have health benefits when consumed or applied to the body. They can be found in yogurt and other fermented foods, dietary supplements, and beauty products. New areas are predicted to become increasingly attractive outside classic probiotic applications, primarily vaginal and urinary tract disorders, due to the growing interest in treatments without antibiotics. Thus, the growing scientific research related to probiotics and their increasing application across various health areas, such as vaginal health, urinary tract disorders, and mental disorders, is expected to grow the demand for probiotics in the coming years.

In addition, growing consumer awareness regarding the health benefits of probiotic-induced foods, increasing use of probiotics as an alternative to antibiotics, the growing use of probiotics in infant feeding, and e-commerce growth are the major factors expected to create lucrative opportunities for players operating in this market. However, stringent regulations related to probiotics are expected to hinder this market's development to some extent.

The market is segmented based on strain, product type, form, sales channels, end user, and geography. The study also evaluates industry competitors and analyses the market at a country level.

Impact of COVID-19 on the Probiotics Market

The probiotics market is experiencing a positive impact mainly due to the key role of probiotics in the immune health system. The benefits of probiotics were hailed as an effective supplementary method for tackling the virus. For instance, probiotic products have been selling well in Japan under the COVID-19 outbreak. According to Yakult Honsha, year-on-year sales results of Yakult branded probiotic products increased by 11.5% in March and 10.3% in April 2020. Also, Probi and Danone SA shoot for growth in probiotic markets amid COVID-19 disruptions.

Meanwhile, Meiji Holdings also announced that its dairy products' value sales, including yogurt, have witnessed positive growth in February and April 2020. Particularly, functional probiotic yogurt products are selling well. Thus, the positive impact of COVID-19 on the probiotics market is expected to boost its demand in the market.

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Key Findings in the Global Probiotics Market Study:

Based on strain, the overall probiotics market is mainly segmented into bacteria and yeast strains. The yeast strains segment is expected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is mainly attributed to the ban on the usage of antibiotics in animal feed in several European and North American countries; increasing product innovations in the form of chocolates, biscuits, & others; increasing demand for yeast strain-based medicines due to proven positive results for reducing the risk of chronic diseases, such as diarrhea & bowel diseases related to antibiotic use; and rising demand for fermented food in daily diet.

Based on product type, the overall probiotics market is mainly segmented into functional food & beverages, medical & dietary supplements, and animal feed. In 2020, the functional food & beverages segment accounted for the largest share of the overall probiotics market. This large share can be primarily attributed to the growing consumer interest in functional food, particularly probiotics that can support digestive health; rising health and wellness trends; and the growing application of probiotics in yogurt. However, the medical & dietary supplements segment is expected to grow at the highest CAGR during the forecast period.

Based on form, the overall probiotics market is mainly divided into liquid and dry forms. The dry form segment is expected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is mainly due to its longer shelf life. Besides, some of the advantages offered by solid probiotics include better handling & transport, ease of use, inexpensive nature, and the ability to avoid costly formulation mistakes & maintain the stability of the ingredient functionality until utilized. However, in 2020, the liquid form segment accounted for the largest share of the probiotics market.

Based on sales channel, the overall probiotics market is segmented into offline and online. In 2020, the offline segment accounted for the largest share of the overall probiotics market. The large share of this segment is mainly attributed to the increasing per capita disposable income, rising healthy eating habits, and growing urban population. Besides, a rise in the number of pharmacies and the growing probiotics supplements industry in the U.S. and worldwide offers significant opportunities for offline sales of probiotics. However, the online sales segment is expected to grow with the fastest CAGR during the forecast period.

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Based on end user, the overall probiotics market is segmented into humans and animals. The animal’s segment is expected to grow with the fastest CAGR during the forecast period. The animal probiotics sector has witnessed significant growth due to the growing pressure regarding reducing antibiotics in feed. Further, the growing awareness among pet owners, cattle farmers, and hobbyists regarding the advantages of probiotics for animal health offer significant opportunities for players operating in the animal probiotics market. However, in 2020, the human segment commanded the largest share of the market.

Geographically, Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The fast growth of this region in the global probiotics market is primarily attributed to the increased consumer awareness about digestive health & immunity and overall wellness; growing diabetic and overweight people in Asia-Pacific; and rising innovations in probiotics formulations.

Some of the key players operating in the global probiotics market are Probi AB (Sweden), BioGaia AB (Sweden), Nestlé S.A. (Switzerland), Chr. Hasen Holding A/S (Denmark), Danone S.A. (France), Yakult Honsha Co., Ltd. (Japan), Lallemand Inc. (Canada), Lifeway Foods Inc. (U.S.), Dupont de Nemours, Inc. (U.S.), Kerry Group plc (Ireland), Archer Daniels Midland Co. (U.S.), Deerland Probiotics & Enzymes Inc. (U.S.), KeVita, Inc. (a part of PepsiCo Inc.) (U.S.), Evolve BioSystems (U.S.), Cell Biotech Co., Ltd. (Korea), and Probiotical S.p.A. (Italy) among others.

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