Global probiotics market is forecast to reach US$20 billion by 2010. Increasing consumer awareness, rising healthcare costs, specific health benefits, and consumer interest towards preventive healthcare are the major factors propelling market growth. Although the market witnessed significant growth in the recent past, it is still nascent.
San Jose, California (PRWEB), February 25, 2008 -- Probiotics are considered to be the vital healthcare concept of the 21st century. As people become increasingly health conscious, preventive medicine in the form of probiotic foods is gaining popularity, as stated by Global Industry Analysts, Inc. Probiotics are widely known and put to extensive use by Asians and Europeans. However, this trend is catching up with the world populace. Europe represents the largest as well as the fastest-growing market, with revenues estimated to reach US$5.7 billion in 2007. United States represents the second largest market with sales forecast to reach US$4.6 billion by 2010. Within Europe, Germany represents the largest market, while United Kingdom represents the fastest, increasing at a CAGR of around 14%.
Probiotics market is witnessing extensive scientific research work as new probiotic strains and new applications are under development. Apart from gastrointestinal problems, new target areas for probiotics include inflammatory diseases, allergy prevention, cholesterol reduction and prevention of colon cancer. The issue of genetically modified cultures threatens the market. To counter this problem, many marketers are promoting their products to be free from genetically modified organisms (GMOs). Some supplement companies in order to increase their market share are making health claims that are misleading and lack scientific evidence. This may influence the market negatively, as consumer confidence in probiotics products gets tampered and it requires high marketing efforts to get them back to the market. Notwithstanding these challenges, the market seems to be headed for an intense competition and rapid expansion. Global giants as well as innovative companies are putting great efforts and applying their experiences learnt from markets such as Europe and Asia, where these food supplements are already in wide acceptance, to the emerging markets such as the U.S.
The competitiveness in the probiotics industry among the existing market participants can be termed as high. Very few suppliers operate in the market and the majority of these suppliers do not possess enough bargaining power, as the products they supply are comparatively lower in value. Marketing is expected to play an important role in determining the competitive advantage of producers, as most producers are likely to encounter problems while trying to convince the consumers regarding the USP of their probiotic products. Leading global market participants include BioGaia Biologics AB, Chr. Hansen A/S, ConAgra Functional Foods, Danisco, Groupe Danone, Institut Rosell, Lifeway Foods, Inc., Natren, Inc., Nestle S.A., Seven Seas Ltd., Stonyfield Farm, and Yakult Honsha Co. Ltd.
The report titled "Probiotics: A Global Strategic Business Report" published by Global Industry Analysts, Inc., includes detailed analyses and coverage of the US, Canada, Japan, Europe (France, Germany, Italy, United Kingdom, Spain, Russia, and Rest of Europe), Asia-Pacific, Middle East, and Latin America markets. The report provides incisive insights into key trends, issues, R&D, and regulations in the probiotics market.
For more details about this research report, please visit http://www.strategyr.com/Probiotics_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs more than 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of more than 60,000 smaller research products including company reports, market trend reports and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
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