The global probiotic products market is set to post a CAGR of nearly 8% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has released a new market research report on the global probiotic products market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the increase in new product launches. New product launches by regional and international players is driving market growth. In order to increase the market share, manufacturers of probiotics are adopting innovative and distributive strategies. Successful new product launches are expected to accelerate the growth of vendors, increase the revenue flow, and expand its consumer base.
As per Technavio, the rise in promotional and marketing initiatives will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global probiotic products market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global probiotic products market: Rise in promotional and marketing initiatives
The outcome of such initiatives has been positive in the case of probiotics, which have been marketed widely by vendors through various campaigns. Manufacturers of other nutritional products, such as probiotic dietary supplement, have been marketing their products on the basis of health benefits to attract health-conscious people. Therefore, the increase in marketing and promotional initiatives will have a positive impact on the market.
“The creation of brand and product awareness is of utmost importance to the probiotics manufactures, as it is a new concept. Marketing and promotion of probiotic products plays a crucial role in creating demand and desire among potential customers. Manufacturers often use innovative ways to introduce their product and spread awareness about the probiotic concept,” says a senior analyst at Technavio for research on packaged foods & meats.
Global probiotic products market: Segmentation analysis
This market research report segments the global probiotic products market by product (probiotic functional food and beverages, probiotic personal care products, probiotic dietary supplements, and probiotic animal care products), end-user (human and animal) and geographical regions (APAC, EMEA, and the Americas).
The probiotic functional food and beverages segment held the largest market share in 2018, accounting for nearly 68% of the market. This product segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of over 37% and the region is expected to dominate the market through 2023.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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