by Next generation probiotics help maintain the balance of microorganisms and support digestive and immune health. They contain freeze-dried or live microorganisms that help intestinal microbial balance and offer various health benefits such as improving digestion, boosting immunity and reducing risk of gut infections. The global demand for next generation probiotics is increasing due to rising cases of lifestyle diseases, growing geriatric population and change in dietary patterns of consumers.
The global Next Generation Probiotics Market is estimated to be valued at Us$ 186.93 Mn in 2023 and is expected to exhibit a CAGR Of 5.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
The global Next Generation Probiotics Market is segmented based on application, end user, formulation and region. Application-wise, it is categorized into food supplements, dietary supplements and animal feed. Food supplements held the largest market share in 2023, due to growing consumption of functional foods and beverages containing next generation probiotics. Based on formulation, the market is divided into dry and liquid. Dry formulation segment dominates as products with dry formulations have longer shelf life.
Market key trends:
There is a rising demand for customized and targeted probiotic solutions focusing on specific health conditions. Earlier probiotics aimed at providing general wellness but now consumers are looking for options to address specific issues like IBS, acidity, lactose intolerance etc. This has accelerated innovations in next generation probiotics where manufacturers are coming up with solutions tailored for different medical conditions. Research is also ongoing in enrichment of probiotic strains to enhance their tolerance against processing and gastrointestinal conditions, along with redesigning delivery systems for targeted release in the intestine. These advancements are expected to further expand applications of next generation probiotics.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as research and development requires high capital investments and established brands have strong customer loyalty. However, growing demand for probiotic supplements provides opportunities.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of alternative probiotic supplements. Buyers can easily switch to substitutes based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials like probiotic strains and prebiotics have few manufacturers globally with established supply networks.
Threat of new substitutes: The threat of new substitutes is high as functional foods and beverages with added prebiotics and probiotics are increasingly adopted. Traditional probiotic supplements face competition from new delivery formats.
Competitive rivalry: The competitive rivalry is high among global players to increase market share through new product launches and heavy promotional activities.
Key Takeaways
The Global Next Generation Probiotics Market Demand is expected to witness high growth over the forecast period. Rising awareness about gut and digestive health is driving the adoption of next generation probiotic supplements. The global Next Generation Probiotics Market is estimated to be valued at US$ 186.93 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
North America dominates the market currently due to widespread adoption of probiotic supplements as a preventive healthcare approach. However, the Asia Pacific region is expected to grow at the fastest pace owing to rising health consciousness and increasing disposable incomes in countries like China, Japan, and India.
Key players operating in the next generation probiotics market are Coty UK, Procter & Gamble Prestige Beaut, L’Oreal, LVMH, Givaudan, International Flavors & Fragrances, Estee Lauder Beautiful, Kilian, and Firmenich. These companies are investing in new product launches with innovative delivery systems like gummies and chewable tablets targeting specific health issues.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
