The North America Probiotic Supplements Market is projected to grow at a CAGR of around 5.76% during the forecast period, i.e., 2023-28, says Markntel Advisors in their recent research report. This is attributed to the high purchasing power, adoption of a healthy lifestyle, and increasing awareness of the health benefits of probiotic-based products, the North American region witnessed significant growth in the coming years. In general, probiotics are defined as bacteria or yeast that provide benefits for human health, such as improving immunity & preventing multiple diseases. The increasing consumer knowledge of the health benefits of consuming probiotic supplements, such as digestive health, oral care, immune boosters, etc., has expanded the market for probiotic supplements in North America.
In addition, the rising research grants for developing new probiotic supplements & growing probiotic sports supplements in the region, have contributed immensely to promoting market growth. Furthermore, surging funding & distribution agreements to manufacture new probiotic flavors and skincare products in the North American market are expected to drive the interest of residents, thereby escalating the revenue growth of probiotics supplements in North America in the forthcoming years.
Moreover, the countries such as the US & Canada are the major contributors to the growing demand for probiotic supplements, with the rising demand for probiotic food products to control the spread of the COVID-19 pandemic & improve immunity. Therefore, the soaring demand for a probiotic supplement to increase immune & gut health is expected to escalate the market growth in the forecast years, i.e., 2023-28.
Pharmacies to Hold a Significant Share in the North America Probiotic Supplements Market
Based on the distribution channel, the market is divided into Pharmacies, Health & Beauty Specialty Stores, Supermarkets & Hypermarkets, Convenience Stores, and Online Stores. Among them, Pharmacies held a significant market share during 2018-21. The factors driving the growth are the growing market penetration of probiotic supplements with diverse product portfolios, which is pushing up the cost for prescribed probiotic sales from pharmacies.
In addition, probiotic supplements contain bacteria such as Lactobacillus Rhamnosus, which may cause severe stomach issues to the consumer, who is lactose intolerant. Additionally, an overdose of probiotic supplements may promote the overgrowth of methanogenic bacteria, which can lead to constipation, among other gut diseases. As a result, the demand for probiotic supplements from pharmacies is elevated because drug prescriptions are generally patient-centered & focused on addressing the patient's healthcare needs. Therefore, demand for probiotic supplements from pharmacies is expected to dominate the market during the coming period.
The US to Witness Substantial Growth in the Forecast Period
Geographically, the US captured a notable market for probiotic supplements in the North American region during the historical period, owing to the rising awareness among the residents for consuming functional foods & drinks to help cure immune system disorders naturally. In addition, the burgeoning spread of the COVID-19 virus among US inhabitants during the first quarter of 2020 increased the demand for probiotic supplements in the country to improve the immune systems, especially in infants & elderly people. The benefits have led to the growth in the demand for probiotic supplements in the country, including improved digestion, reduced inflammation and allergies, and stronger immune health.
Furthermore, the rising initiatives taken up by the government & private players to increase innovations in the manufacturing of probiotics supplements to cater to the evolving demand for health supplements are projected to create an opportunity for market growth during 2023-28.
Key Market Competitors
According to MarkNtel Advisors, the leading players in the North America Probiotic Supplements Market are Yakult Honsha Co. Ltd, Nestle S.A, BioGaia AB, Chr. Hansen Holding A/S, Danone S.A, Kirkman Group Inc., American Biologics LLC, Biena Inc., Biotix Care, Deerland Probiotics and Enzymes Inc., and Others.
Key Questions Answered in the Study