Probiotics Market Projected To Reach $66.04 Billion By 2024

 

The Global Probiotics Market size was valued at US $35.9 Billion in 2016 and is expected to reach US $66.04 Billion by 2024, according to a new report by Grand View Research, Inc.

The growing preference for functional foods to curb health disorders is expected to favor the overall market growth over the forecast period. Probiotics are healthy bacteria which when consumed in adequate amount, benefit the body functions.

Probiotics have beneficial effects on humans as well as animals. They help in treating various gut-related as well as immunity related diseases. They are gaining widespread popularity owing to the raising awareness regarding the relation of nutrition, diet, and health. This trend is expected to complement the market growth.

Increasing health concerns is expected to play an important role in complementing the market over the forecast period. Rising disposable income and increasing standards of living, particularly in the developing regions are expected to benefit the overall market. Increasing probiotics market penetration in dairy and other food and beverages industry is expected to favor the overall demand.

Major market players are focusing more on R&D activities to gain traction as far as innovation in product portfolio is concerned. Companies are approaching probiotics production through a holistic approach with key companies trying to integrate their value chain process. Companies are constantly trying to provide unique product differentiation to gain customer loyalty.

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