Global Probiotic Drinks Market - Analysis of Growth, Trends Progress and Challenges (2018 - 2023)
The probiotic drinks market recorded a revenue of USD 31.44 billion in 2014 and is expected to register a CAGR of 7.9%, during the forecast period (2018-2023). The market is competitive and driven by an increase in the trend of functional food & beverages and the growing consumer demand for all natural ingredients. As a major market development, the key Indian player, Yakult, has considered exporting its probiotic drinks to neighboring countries, such as Sri Lanka and Nepal, in coming years. The food and beverage giant, PepsiCo, acquired KeVita, a sparkling probiotic drink brand, in 2016, showing its strategic move in the healthy beverages segment.
Growth in Functional Beverages is expected to drive the Growth in Probiotic Market
The functional beverages market is the fastest-growing in the food & beverage sector. The market is expected to register a growth rate of 7.3%, during the forecast period. The growth of functional beverages is proposed to drive the probiotic drinks market, which is likely to have a high impact on the market for the 2-3 years. Further, the impact is projected to be medium during the forecast period, as the functional beverages market stabilizes.
The functionality of probiotic strains aids in effective digestion and prevents bacterial contamination, yeast infection and urinary tract infection. Probiotics are part of functional foods and beverages and help to improve the gut functionality. Consumers have become more interested in consuming probiotics as a way to boost their gut health is driving the in sales of beverages with functional ingredients and is proposed to drive the probiotic drinks market, which is likely to have a high impact on the market during the forecast period. Since 2016, there has been a rise of 31.2% in the sales of refrigerated probiotic drinks and juices. Further, the impact is projected to be medium during the forecast period, as the functional beverages market stabilizes.
Probiotics have become important in maintaining a healthful gut and stronger immunity. The probiotic drinks market has been segmented by type (dairy and fruit-based), distributional channel (online stores, super markets, health stores, others) and region (North America, South America, Europe, the Middle East & Africa and Asia-Pacific).
Traditionally, dairy drinks were fermented and used as yogurt, kefir, etc. Due to the growing awareness of their efficiency, these products were commercialized and brought to the forefront. The dairy drinks segment occupied the highest share in the market, owing to wide acceptance and adoptability. However, fruit-based drinks are expected to drive the market over the forecast period, due to the high nutrient profile of the fruits. However, the lactose-intolerant population and the high-fat content in dairy drinks are restraining the probiotic drinks market.
Growing awareness of the probiotic health benefits and high spending power on natural products are driving the market in the Asian countries. Asia-Pacific is the fastest growing market for probiotic drinks. In addition, fermented foods are the traditional foods consumed in Japan, China and others. All the factors, along with product innovations are expected to drive the market for probiotic drinks in this region. Europe and North America also hold a major market for probiotic products and ingredients. In Europe, consumers have a positive attitude towards probiotic products. Germany dominates the probiotic products market followed by U.K. and France. The most common probiotics used in the United States are lactobacillus and bifidobacterium.Major PLAYERS: AMUL, BIO-K PLUS INTERNATIONAL, BRIGHT DAIRY, CARGILL INC, FONTERRA CO-OP GROUP LTD., GOODBELLY, GROUPE DANONE SA, GRUPO LALA, KEVITA, INC. , LIFEWAY, NESTLÉ, ROYAL DSM NV, and YAKULT, amongst others.
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