According to a new market research report titled "Probiotics Market by Strain (Bacteria [Bacillus]), by Product Type (Dairy Food [Yogurt, Baked Food]), by Form (Liquid), by Sales Channel (Super Markets, Pharmacies), by 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 2020–2027.
The growth of this market is mainly attributed to the growing consumer awareness regarding the health benefits of probiotic-induced foods, the increasing use of probiotics as an alternative to antibiotics, and the growing research progress on probiotics.
Furthermore, the growing use of probiotics in infant feeding and the growth in e-commerce is expected to create lucrative opportunities for players operating in this market. However, stringent regulations related to probiotics are expected to hinder the development of this market to a notable extent.
The outbreak of the COVID-19 pandemic significantly affected the food & beverage market. The probiotics market is a positive impact due to the benefits offered by probiotics. Probiotics were hailed as an effective supplementary method for tackling the virus. For instance, probiotic products have been selling well in Japan amidst the COVID-19 outbreak. According to Yakult Honsha, year-on-year sales of Yakult probiotic products increased by 11.5% in March and 10.3% in April 2020.
Similarly, Meiji Holdings also announced that the value sales of its dairy products, including yogurt, witnessed positive growth during February and April in 2020, and the year-on-year growth rate registered 7.4% in March 2020. Particularly, functional probiotic yogurt products were selling well. Thus, the positive impacts of the COVID-19 pandemic on the probiotics market are expected to boost its demand in the market.