Promising news for global probiotic dietary supplements market, report shows
SIAL looks at the forecasted market size, key segments, latest strategies and top players according to new data from the Business Research Company
The probiotic dietary supplements market size will grow from $6.4 billion in 2022 to $6.8 billion in 2023, according to a new report by the Business Research Company. This will be at a compound annual growth rate (CAGR) of more than 7%, it says in its Probiotic Dietary Supplements Global Market Report 2023. This market size is then expected to grow to $9.4 billion in 2027 at a CAGR of more than 8%.
The global probiotic dietary supplements market in segments
- By Source: Yeast, Bacteria
- By Form: Capsules, Chewables And Gummies, Powders, Tablets And Softgels, Other Forms
- By Distribution Channel: Business To Business, Business To Consumer
- By Application: Infant Formula, Food Supplement, Specialty Nutrients, Nutritional Supplements
- By End Use: Human Probiotics, Animal Probiotics
The top opportunities in the market segmented by source will arise in the bacteria segment, according to the research. The findings suggest it will gain $2.3 billion of global annual sales by 2027.
The global probiotic dietary supplements market is fairly concentrated, with a few large players. Reckitt Benckiser LLC was the largest competitor, according to the study, with 8.3% share of the probiotic dietary supplements market. The company was followed by Procter & Gamble, International Flavors & Fragrances (IFF), Church & Dwight Co Inc, Koninklijke DSM NV, Chr Hansen Holding A/S, BioGaia AB, PharmaCare Laboratories, Probi AB, and Protexin.
One of the strategies used by these players in the global probiotic dietary supplements market is focusing on delivering tailored health benefits through the launch of new products. An example of this can be seen in the strategy of Reckitt Benckiser Group.
For instance, Reckitt launched a first-of-its-kind microbiome brand ‘Bodi-Ome’ in September 2020. The range offers a line of five probiotic dietary supplements that uses targeted and clinically-proven probiotic strains for supporting digestive and immune health, vaginal health, heart health, and mood.
Another strategy we see being used in the global probiotic dietary supplements market is an increase in innovation in the field of metabolic health through strategic collaborations and partnerships. For instance, in September 2020, P&G partnered with DuPont for developing next-generation probiotics (NGPs), which will initially be used in dietary supplements. Through this partnership, P&G aims at providing innovative probiotic solutions for the well-being of consumers across the world.
The probiotic dietary supplements market report 2023 by the Business Research Company describes and explains the probiotic dietary supplements market and covers 2017 to 2022. This termed the historic period, and 2022 to 2027 termed the forecast period, along with further forecasts for the period from 2027 to 2032. The study covers market sizing information, market trends, strategies, and opportunities for the seven regions and major players of the probiotic dietary supplements market.