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2 PROBIOTICS MARKET BY PRODUCTS (Functional foods, Dietary supplements, Specialty nutrients, Animal feed), APPLICATIONS (Regular, Therapeutic, Preventive health care) & INGREDIENTS (Lactobacilli, Bifidobacteria, Yeast) Global Trends & Forecasts to 2019 MarketsandMarkets cccccfa

3 MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world. MarketsandMarkets also provides multi-client reports, company profiles, databases, and custom research services. MarketsandMarkets covers fourteen industry verticals, including aerospace & defence, advanced materials, automotives and transportation, banking and financial services, biotechnology, chemicals, consumer goods, energy and power, food and beverages, industrial automation, medical devices, pharmaceuticals, semiconductor and electronics, and telecommunications and IT. Copyright 2014 MarketsandMarkets All Rights Reserved. This document contains highly confidential information and is the sole property of MarketsandMarkets. No part of it may be circulated, copied, quoted, or otherwise reproduced without the approval of MarketsandMarkets. MarketsandMarkets 2

4 1 INTRODUCTION 1.1 REPORT DESCRIPTION This report analyzes the probiotics market by geography, applications, products, and ingredients. In terms of geography, the report is segmented into Asia-Pacific, Europe, North America, and Rest of the World (ROW). The probiotic product segment included in this report is based on popular variants, that is, functional food & beverages, dietary supplements, specialty nutrients, and animal feed. The applications covered in this report are food (human) and feed (animal) applications. In various applications, the purpose of using probiotics may be different and depends on an intended health benefit and the functional characteristics of the ingredient. The market has been estimated from demand side. This report breaks the market into smaller product segments. In order to provide a deeper understanding of the competitive landscape, the report profiles the top 10 companies in the probiotics market and provides more than 70 market tables, categorized into geographic regions, products, ingredients, and applications. 1.2 MARKETS COVERED This research report categorizes the global probiotics market for products and ingredients on the basis of application, products, ingredients, and geography; forecasting the revenues and analyzing the trends in each of the following submarkets: On the basis of Application: Food (Human) Feed (Animal) On the basis of Product: Functional F&B Dietary Supplements Specialty Nutrients MarketsandMarkets 3

5 Animal Feed On the basis of Ingredient: Bacteria Yeast On the basis of Geography: North America Europe Asia-Pacific ROW FIGURE 1 PROBIOTICS MARKET SEGMENTATION PROBIOTICS MARKET By Application By Product By Ingredient By Ingredient Food (Human) Functional F&B Bacteria North America Feed (Animal) Dietary Yeast Europe Supplements Asia-Pacific (APAC) Specialty Nutrients Rest of the World Animal Feed (ROW) Source: MarketsandMarkets Analysis MarketsandMarkets 4

6 1.3 STAKEHOLDERS Probiotics culture and ingredient manufacturers Probiotics culture and ingredient suppliers and distributors Prebiotic ingredient manufacturers, suppliers, and distributors End consumers such as functional food & beverage manufacturers, dietary & specialty supplements, and animal feed manufacturers Commercial research and development (R&D) institutions and biotechnology 1.4 RESEARCH METHODOLOGY The research study comprises of extensive secondary sources such as directories and databases that include food magazines, food technology books, company newsletters, Hoovers, Bloomberg, Factiva, and several others to identify and collect information useful for this extensive technical, market-oriented, and commercial study of the global market. The primary sources were mainly experts from the core and related industries, preferred suppliers, manufacturers, administrators, industry experts, technology developers, alliances, and organizations that are related to all the segments of this industry s value chain. All the primary sources were interviewed to obtain and verify critical qualitative and quantitative information as well as to assess future prospects. The probiotics market includes all the products that are obtained by integrating live microorganisms (probiotic ingredients) with foodstuffs or food ingredients. Administering these microorganisms in food protects the immune system of the host and prevents the occurrence of specific diseases. This report considers those products as being probiotic in nature that have probiotic ingredients or live microorganisms at the time of ingestion and are proved to stay alive inside the gastrointestinal tract to balance the intestinal microbiota. Moreover, the products that are said to be probiotic have empirical evidence to substantiate the health benefits propounded by the probiotic ingredient suppliers and end-probiotic product manufacturers. These products are also referred to as functional or fortified products due to MarketsandMarkets 5

7 the infusion of functional ingredients (probiotic ingredients) with foodstuffs or dietary supplements which impart functional properties beneficial to the digestive health. The report categorizes the probiotics market by products, applications, ingredients, and technology. The analysis considers only those products that were manufactured using probiotics ingredients and that are already available in the market. In the report, wherever we have mentioned functional foods and beverages/dietary supplements/specialty nutrients/dairy products/non-dairy beverages/baked foods, etc., it would include only the probiotic variant of the product. The following illustrative figure shows the market research methodology applied in assembling this report on the probiotics market. FIGURE 2 RESEARCH METHODOLOGY Secondary Research Regional markets with their market shares Market trends Market classification Value chain Key players End-use application Annual reports of key industry players Technological developments Primary Research Market Crackdown Numbers validation Competitive landscape validation Market dynamics validation Top-down approach Bottom-up approach Data triangulation Qualitative and quantitative analysis Market segmentation Market estimates Source: MarketsandMarkets Analysis MarketsandMarkets 6

8 In the extensive secondary research process of this study, several secondary sources such as certified publications, articles from recognized authors, annual reports of companies, gold standard & silver standard websites, directories, and databases were used to identify and collect information useful for this extensive technical and commercial study of the market. Secondary research was mainly used to obtain key information about the industry s value chain, the total pool of key players, market classification & segmentation according to industry trends to the bottom-most level, geographical markets, and key developments in the probiotics market. The size of the probiotics market was derived from the aggregation of market shares of the major players and the forecast is based on an analysis of market trends such as production and consumption. The penetration of micro-markets was established through secondary sources. The geographical split is determined using secondary sources. It is based on various parameters such as number of players in a particular region and the extent of research activity occurring in that geography. Primary research was conducted to validate the data obtained through secondary research for the probiotics market. After the complete market engineering with calculations, primary interviews were conducted to obtain market statistics, with market size estimations, market forecasting, market crackdown, and data triangulation (the methodology for these quantitative data processes is explained in the sections below). The primary sources industry experts such as CEOs, Vice Presidents, Marketing Director, Technology & Innovation Directors, and related key executives from various key companies, organizations in the probiotics industry, and related industries have been interviewed to obtain and verify both qualitative and quantitative aspects of this research study. Extensive primary research was conducted to gather information, verify, and validate the critical numbers arrived at segmentation types, industry trends, key players, the competitive landscape of each technology used in the probiotics market, key market dynamics such as drivers, restraints, opportunities, burning issues, and winning imperatives, and key player strategies. Both, top-down and bottom-up approaches were used extensively for the complete market engineering and market crackdown. Data triangulation methods were used to perform market estimation and market forecasting for the entire segment and subsegment markets listed in MarketsandMarkets 7

9 this report. Extensive qualitative and further quantitative analysis was also done from all the numbers arrived at in the complete market engineering process, to list out key information through the report MARKET SIZE ESTIMATION Both - Top-down and Bottom-up approaches were used to estimate and validate the total size of the global market. These approaches were also used extensively to estimate the size of various dependent submarkets in the overall probiotics market. The research methodology used to estimate the market size includes the following details: The key players in the industry and markets identified through extensive secondary research The industry value chain, market revenues, and volumes determined through primary and secondary research All percentage shares, splits, and breakdowns determined using secondary sources and verified through primary sources All the possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data Research includes a study of the reports, reviews, and newsletters of top market players and also extensive interviews for key opinions from leaders such as CEOs, directors, and marketing executives This data consolidated and added with detailed inputs and analysis from MarketsandMarkets is presented in this report The following figure shows an illustrative representation of the complete market size estimation process implemented in this research study, for an overall market size estimation of the probiotics market, in a consolidated format. MarketsandMarkets 8

10 2 EXECUTIVE SUMMARY 2.1 RISING POPULARITY OF PROBIOTIC FUNCTIONAL FOODS & BEVERAGES DRIVES THE MARKET The probiotics market is currently being driven by the rising popularity of probiotic functional foods and beverages among (F&B) consumers. Age, stress, poor diet, etc. are some of the reasons responsible for digestive ailments, bloating, reduced resistance to infections, etc.; consumption of probiotic enhanced products helps to alleviate these widespread conditions. These products contain live microorganisms (probiotics) that confer positive health effect on the host. Companies such as Yakult Honsha (Japan) and Chr. Hansen (Denmark) have developed patented strains of microorganisms claiming to affect specific health benefits; there has been a proliferation of probiotic ingredient suppliers who develop tailored strains of microorganisms for integrating with a diverse set of products. Awareness, faith on their efficacy, and safety are some of the deciding factors for the success of probiotic products. The market for overall probiotic products was $ billion in 2012 and is expected to grow at a CAGR of % from 2014 to 2019 to reach a size of $ billion by MarketsandMarkets 9

11 FIGURE 3 PROBIOTIC PRODUCT MARKET SHARE, BY GEOGRAPHY, 2014 North America Europe Asia-Pacific ROW Source: MarketsandMarkets Analysis AWARENESS OF PROBIOTIC YOGHURT IN ASIA- PACIFIC MAKES IT THE LARGEST MARKET High awareness of probiotics yoghurt and fermented milk in Asia-Pacific makes it the largest market for probiotics. Europe is the second-largest market for probiotics. The probiotics market is growing rapidly in the U.S. as well; the general affinity of the U.S. population towards probiotic dietary supplements and the concept of preventive health care are expected to drive the market in future; the sales of probiotic yogurts are already on the rise. The overall probiotic yogurt market is expected to reach a market size of $ billion by 2019 growing at a CAGR of % from 2014 to The market size of probiotic dietary supplements is expected to be about $ billion by 2019 growing at a CAGR of % MarketsandMarkets 10

12 FIGURE 4 PROBIOTICS INGREDIENT SHARE, BY SUB-TYPE, 2013 % % % % % % % % % % Bacteria e Estimated; p Projected Source: MarketsandMarkets Analysis By ingredient, the probiotic bacteria dominated the market share with %. Lactobacilli dominated bacterial probiotic ingredient with a share of % in Following lactobacilli, bifidobacteria was the second-largest sub-type of bacterial probiotic ingredient with a share of % in MarketsandMarkets 11

13 FIGURE 5 PROBIOTIC LACTOBACILLI MARKET SHARE, BY REGION & SPECIE, 2013 % % % % % % % % % % % Region % Share (2013) % % % % % Specie N A Source: MarketsandMarkets Analysis Asia-Pacific dominated the probiotic lactobacilli market with % of the global share, followed by Europe with a share of about % in Lactobacillus acidophilus dominated the lactobacilli market with a share of %. Lactobacillus rhamnosus accounted for a share of % in MarketsandMarkets 12

14 3 ADDRESSABLE MARKET 3.1 FUNCTIONAL FOOD & BEVERAGE FIGURE 6 PROBIOTICS IN FUNCTIONAL FOOD & BEVERAGE, ($BILLION) 2014-e 2019-p Functional Food & Beverage Probiotic Market e- Estimated; p-projected Source: MarketsandMarkets Analysis The growing health awareness amongst the people is fuelling the functional food & beverage market. The probiotics functional food provides nutrition and several health benefits. In today s busy schedule and rising health awareness, people are shifting more towards functional food & beverage to meet the required nutrition for their body. The total functional food & beverage market is projected to generate $ billion by 2019 of which the probiotic functional food & beverage market is projected to generate $ billion by MarketsandMarkets 13

15 4 MARKET OVERVIEW FIGURE 7 ANALYSIS OF PROBIOTICS CONSUMERS Consumer awareness about the benefits of probiotics Difference between the buying behavior of consumers in developed and developing nations BOOMING PROBIOTIC MARKET Aging baby boomer population are primary potential consumers Weak immune system of children born from cesarean operations Women as traditional F&B buyers Source: MarketsandMarkets Analysis MarketsandMarkets 14

16 4.1 PORTER S FIVE FORCES ANALYSIS F&B SAFEST PROBIOTICS APPLICATION SEGMENT FIGURE 8 FUNCTIONAL DAIRY F&B PROBIOTICS MARKET, BY PRODUCT, 2012 Source: MarketsandMarkets Analysis In the probiotic dairy products market, due to their regular use and knowledge of health benefits of live bacteria in these products, probiotic yoghurt and probiotic cultured drinks have had a consistent growth rate since the time of their introduction in the European and Asian markets. Together, these markets are expected to contribute around % of the overall market size in Hence, awareness and ready acceptability of probiotic yoghurt and the opportunity of receiving extra benefits from their traditional dietary products have been driving the market, and are estimated to continue to do so till However, due to the negative health image associated, probiotic butter and probiotic cheese are niche products with limited MarketsandMarkets 15

17 market potential. On the other hand, probiotic ice cream is a growing niche market which is primarily driven by the demand for indulgence products with therapeutic benefits by health conscious consumers. MarketsandMarkets 16

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