High consumer awareness about dietary supplements coupled with demand for dairy products is predicted to fuel the demand for prebiotics over the next eight years. The prebiotics market worth USD 3.31 billion in 2015, is anticipated to surpass USD 7.5 billion by 2023, growing at a CAGR of 11.6% over the period of 2016-2023 as per Global Market Insights, Inc. Rising awareness as well as acceptance of the product coupled with regulatory confirmation of its proven benefits are the factors anticipated to drive the industry growth over the coming years.
Prebiotics find applications in daily foods, dairy products, and infant formulations. For instance, inulin helps in the growth of intestinal bacteria as well as mineral absorption. Growing occurrence of cardiovascular ailments, gut related diseases, and diabetes is predicted to create awareness about the beneficial applications of these products resulting in strong market penetration of functional foods and dietary supplements, expected to contribute over USD 60 billion, in terms of revenue, by 2023.
Europe prebiotics market size, by ingredient, (Kilo tons), 2012 - 2023
The inulin prebiotics market expected to dominate the ingredient segment in terms of revenue, will contribute over USD 3.22 billion by 2023 owing to its growing use in baked foods and drinks in coming years. The MOS prebiotics market is anticipated to register a CAGR of 12% over the period of 2016-2023 as a result of its extensive use in animal feed to improve the gut health of swine, bovine, poultry, and aquaculture.
The food & Beverages applications segment worth USD 2.7 billion in 2015, is predicted to surpass USD 6.4 billion by 2023 owing to the heavy demand for low-calorie food and dairy products. The animal feed applications segment worth USD 300 billion is likely to witness a stable growth over the forecast timeframe. The dietary supplements applications segment is predicted to surpass a revenue of USD 63 billion by 2023 owing to the numerous applications of the product in infant formulations, sports supplements, and nutrition.
The Europe prebiotics market worth USD 1.4 billion in 2015, is predicted to surpass USD 3.28 billion by 2023 owing to the growing applications in dietary supplements and dairy products. The Asia Pacific prebiotics market is predicted to witness substantial gains over the forecast timeframe as a result of increasing gross income, population growth, and rising demand for milk items in China, Malaysia, and India. The North American market is anticipated to grow significantly over the period of 2016-2024. The U.S. is predicted to contribute substantially towards the regional growth with growing animal health concerns expected to promote the product demand.
Key market players include Coscura, FrieslandCampina, BENEO, and Roquette. These industry players will try to expand their regional presence and increase their market share through product innovation, investments in R& D activities, and mergers & acquisitions.
Written By : Dhananjay Punekar