The Global Probiotic Supplement Market is anticipated to grow at a CAGR of 4.64% during the forecast period of 2022-27, says MarkNtel Advisors in their recent research report. The market growth would be attributed to the increased prevalence of gastrointestinal diseases, urinal tract infections, irritable bowel syndrome, etc., in countries like the US, China, India, etc. According to the American Gastroenterological Association, more than 40% of people worldwide had Functional Gastrointestinal Disorders (FGID) in 2020, affecting their quality of life & healthcare use. Furthermore, digestive illnesses are one of the most common causes of workplace impairment. The soaring consumer desire to include probiotics in their diet to prevent digestive disease is further accelerating the market of probiotic supplements. Besides, millions of adults in the US take probiotics to treat or prevent gastrointestinal (GI) disorders.
Moreover, the surging incidences of vaginal infection & urinal tract infection among women & growing awareness of the health benefits associated with a supplement are the factors further projected to boost the demand for probiotic supplements in the near future. According to National Health Services, urinal tract infection is the second most common infection in women & nearly 8.1 million women visit doctors each year to consult regarding this problem. Additionally, in 2020, the spread of the COVID-19 virus among the global population & an increase in mortality rates due to rising immunity failures substantially contributed to fueling the demand for probiotic supplements such as immunity boosters, multivitamins, cardiovascular health, etc.
Hence, due to the growing demand for probiotic supplements in 2020, various companies were encouraged to introduce new products. In June 2020, NutriSuits announced the launch of the anti-sugar probiotic supplement brand, Losers’ chews, a chewable vitamin D3 to boost long-term gut health, reduce obesity, and enhance immune responses. Consequently, this trend is expected to continue in the forthcoming years, especially in the regions such as North America, Europe, and Asia-Pacific.
Pharmacies to Dominate the Global Probiotic Supplements Market
Based on the distribution channel, the market bifurcates into Pharmacies, Health & Beauty Specialty Stores, Supermarkets & Hypermarkets, Convenience Stores, and Online Stores. Among them, the Pharmacies distribution channel is expected to dominate the Global Probiotics Supplements market during the forecast period. With the increasing penetration of probiotic supplements in the market and diversified product portfolios, customers rely more on the pharmacist for information regarding allergic risks associated with the product, as probiotic supplements may contain sugar, lactose, etc. Thus, this has led to a rise in the demand for prescribed probiotic sales from pharmacies.
North America to Attain the Highest Market Share in the Global Probiotic Supplements Market
Geographically, North America held the largest market share in the Global Probiotic Supplements market during 2017-2021, driven by the increasing awareness of immune system disorders among residents of countries such as the US & Canada and the presence of health-conscious consumers. However, the rising demand for probiotic supplements in the region led to an increased development by companies for the introduction of new probiotic supplement products.
In addition, the escalating spread of the COVID-19 virus in the first quarter of 2020 resulted in a massive increase in the demand for probiotic supplements to boost immune systems, especially in infants & the elderly. Therefore, the probiotic supplements market is expected to gain momentum during the forecast period.
According to MarkNtel Advisors, the leading players in the Global Probiotic Supplements Market are Kerry Group, DuPont de Nemours, Inc., BioGaia, Probi AB, Bayer Group, Novartis, Vitakem Nutraceuticals Inc., ProbioFerm, Probium, DSM, Dr. Joseph Mercola, Chr. Hansen Holding A/S, Yakult Honsha, Archer Daniel Midland Company, I-Health, Inc., The Procter & Gamble Company.
Key Questions Answered in the Study