The global market for probiotics is to grow to US$31.2 billion in 2014 according to a new market research report, 'Probiotics Market (2009-2014)', published by MarketsandMarkets.
Europe and Asia will be accounting for nearly 42% and 30% of the total revenues respectively.
The global market is expected to record a CAGR of 12.6% from 2009 to 2014, which will mostly be established in the human sector.
Probiotics are live micro-organisms that are similar to the beneficial micro-organisms found in humans and are hence generally regarded as safe (GRAS).
Though they have been in existence for many years, the proper appreciation of their benefits is only a recent phenomenon.
Probiotic dairy products are expected to command the highest market share among all the probiotic foodstuffs, accounting for almost 70% in the year 2009 and reaching a market size of almost $24 billion by the end of 2014.
The biggest markets for these products are Europe and Asia; the US market has slowly but surely opened up to these products in the recent past and is expected to grow at a CAGR of 17% from 2009 to 2014, the biggest contributor being probiotic cultured drinks followed by probiotic yogurts.
Though the market base of probiotic products is comparatively lesser in the US, the market is expected to grow at an astounding rate of almost 14% in the same period driven by the large scale acceptance of - the probiotic yogurts, probiotic cultured drinks and probiotic dietary supplements.
Europe forms the largest market for probiotics with an estimated $13.5 billion by 2014. Its 12.2% CAGR from 2009 to 2014 is driven by consumer demand for health-enhancing probiotic products, such as probiotic yogurts, other probiotic dairy products and probiotic dietary supplements.
Asia is the second largest segment, growing at with an estimated CAGR of 11.2% to reach $9.0 billion by 2014.
Probiotics in animal feed only form a very small part of total global turnover.
Scope of the report
The report discusses the segmentation of the of the probiotics market as follows.
Products: Functional foods and beverages - dairy products, non dairy beverages, breakfast cereal, baked goods, fermented meat products, dry-food probiotics; animal feed probiotics; dietary supplements - food supplements, nutritional supplements and specialty nutrient.
Applications: Human application - regular consumption, probiotic therapy, prevention of diseases and probiotic application for animals.
Ingredients: Bacteria in probiotic foods - lactobacilli, bifidobacteria, bacillus coagulans; yeast and others.