$11+ Bn Probiotic Supplements Market to Grow at 7.6% CAGR, Globally, by 2028 - High Demand for Protein-Rich Products, Consumption of Functional Food & Beverages and Dietary Supplements | The Insight Partners

NEW YORK, Sept. 29, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Probiotic Supplements Market Size, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Distribution Channel, and Geography", the global probiotic supplements market size is expected to grow from $6.97 Billion in 2021 to $11.52 Billion by 2028; it is estimated to grow at a CAGR of 7.6% from 2022 to 2028.

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Probiotic Supplements Market Report Scope, Segmentations, Regional & Country Scope:

Probiotic Supplements Market: Key Insights

The global probiotic supplements market growth is attributed to increasing consumer focus on preventive health, rising demand for probiotic supplements for women, and increasing awareness of the health benefits of probiotics in infants and kids.

Browse key market insights spread across 157 pages with 57 list of tables & 71 list of figures from the report, "Probiotic Supplements Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Capsules and Tablets, Gummies, Powder, and Others) and Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, Online Retail, and Others)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/probiotic-supplements-market

Global Probiotic Supplements Market: Competitive Landscape and Key Developments

A few of the players operating in the global probiotic supplements market are Bayer AG; Pharmavite LLC; BioGaia AB; Nature's Way Products, LLC; Nestlé S.A.; SFI Health; GNC Holdings, LLC; Nature's Bounty; Church & Dwight Co., Inc.; and NOW Foods. The market players focus on providing high-quality products to fulfill customer demand. They are constantly focusing on strategies such as investments in research and development activities and new product launches.

In March 2021, Bayer AG, under its Talcid brand, launched two probiotics developed with China's Jiangnan University. The company aimed to extend the scope of the action mechanism of its products from upper gastrointestinal problems to overall gut wellbeing. The formula has 400 billion CFU of live Bifidobacterium bifidum CCFM16 as the main probiotic strain.

In June 2022, Pharmavite LLC expanded into the Columbus Region, the US, by investing more than US$ 200 million, creating 225 new jobs. With this investment, Pharmavite built a new 200,000–250,000-square-foot facility in New Albany, joining the growing life science industry in the Columbus region. The facility is likely to undertake R&D, technology, and manufacturing operations. The expansion in the Columbus region would help the company add production capacity and enhance its Midwest and East Coast market service.

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In 2021, North America held the largest share of the probiotic supplements market. The consumption of probiotic supplements is gradually increasing in North America owing to the factors such as rising consumer awareness about digestive health, and probiotic strains and their health benefits. Probiotic supplements are available in the form of capsules and tablets, gummies, powder, etc., which are favorable for all age groups of the population. According to a report by the GI Alliance, published on January 23, 2021, 20 million North Americans are diagnosed with chronic digestive diseases. Digestive diseases, associated with distress and pain, represent one of the most severe health problems in North American countries. The prevalence of digestive diseases leads to a surge in personal treatment expenditures and a reduction in working hours. Probiotic supplements help maintain appropriate microflora in the gut and assist in curing gastrointestinal diseases.

Increasing Consumer Focus on Preventive Health Drives Probiotic Supplements Market:

Over the past few years, awareness regarding health and nutrition has increased significantly. Due to a busy lifestyle and hectic work schedules, people cannot concentrate on their health, fitness, and regular diet. This has led to an increase in the prevalence of various diseases such as obesity, diabetes, high blood pressure, skin problems, and digestive issues. Therefore, people are increasingly focusing on preventive health and preferring dietary supplements. Probiotic supplements support the health of various organs, from mouth to gut, and help suppress the activity of harmful microorganisms. The demand for probiotic-infused dietary supplements has also increased significantly in recent years. According to the Centers for Disease Control and Prevention, 37.2 million people in the US who visited physician offices were primarily diagnosed with digestive system diseases in 2018. This indicates the high awareness among people about their digestive health.

Probiotic Supplements Market: Segmental Overview

Based on product type, the probiotic supplements market is segmented into capsules and tablets, gummies, powder, and others. The capsules and tablets segment held the largest share in the market in 2021, whereas the gummies segment is expected to register the fastest CAGR during the forecast period.  

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Based on distribution channel, the probiotic supplements market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment accounted for the largest market share in 2021. The two-piece design of capsules prevents oil-based substances and liquids from entering them. Tablets allow the packing of maximum nutrients within a confined space. They are made by compressing one or more powdered ingredients to form a hard, solid, smooth-coated pill. All these benefits boost the demand for capsules and tablets. Further, nutritional supplements in the form of capsules and tablets aid in cost convenience, easy dosing, and longer shelf life.

Impact of COVID-19 Pandemic on Probiotic Supplements Market:

The consumption of functional food & beverage products and dietary supplements, and the high demand for protein-rich products have been the key factors fueling the growth of the probiotic supplement market. However, food & beverages, nutraceuticals, and pharmaceuticals industries faced unprecedented challenges after the onset of the COVID-19 pandemic in 2020 due to supply chain constraints caused by nationwide lockdowns, trade bans, and travel restrictions. The supply chain disruptions created a shortage of raw materials, which affected the production and distribution of various products, leading to increased prices.

In 2021, various economies resumed operations as governments announced relaxation in the previously imposed restrictions. Moreover, manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gap and other repercussions. As an enormous number of citizens of many countries were fully vaccinated by 2021, probiotic manufacturers focused on increasing their production to revive their businesses. Further, the demand for probiotics supplements also increased with the increased consumer focus on immunity and wellness during the peak pandemic period.

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