Probiotic Ingredients Market – The Era of ‘Customization’
Product innovation has been a regular feature in the food and beverage industry, as manufacturers continue to approach consumer health woes head-on. Since consumers leading a demanding lifestyle put their health concerns on the back burner, probiotic ingredients have been the on-the-go nutrition boosters. With ‘capsuled health’ taking over the ‘health in the plate’ ideology, probiotic ingredients sales have remained steady in developed countries, with sales in developing countries complementing overall revenues.
Customization, being the new business adage, comes into play as market players look to consolidate. This has unlocked a free space for probiotic ingredients manufacturers to expend their efforts towards the development of ailment-specific products, thereby implementing a strong customer acquisition strategy. However, the probiotic ingredients market is yet to explore its full potential in developing countries. This, when looked through a manufacturer’s lens, could serve as a crucial business opportunity for expansion, if picked up well with a thoughtful marketing campaign
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Sensing the obvious and the latent potential of the probiotic ingredients market, Transparency Market Research (TMR) carried out extensive research by taking a macroscopic as well as a microscopic view of the landscape. The insights presented in the report can help stakeholders in gaining a better understanding of the market.
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Probiotic Ingredients Market: Expanding Applications Present New Opportunities
Probiotic ingredients market, currently valued at nearly US$ 4,200 Mn in 2018, is on a steady course, however, in some pockets, growth has plateaued as novel, and arguably safer, and alternatives have emerged.
Food and beverage manufacturers are being considerate of the fact that, consumer liking is fickle, and only food products with a blend of health and taste will make it to the table. This has been popularizing the use of probiotic ingredients in almost all the F&B segments, encompassing but not confined to infant nutrition, cultured dairy products, bakery & confectionery, breakfast solutions, and snacks & bars. In the recent past, growing adoption in dietary supplements, personal care & cosmetics, and animal feed in probiotic ingredients, has created new opportunities for manufacturers.
‘Preventive’ rather than ‘reactive’ – consumer sentiment that drove probiotic and functional food sales in the developed world – is also becoming increasingly palpable in many developing countries of Asia Pacific. Average consumer spending on health and wellness products has witnessed an increase, especially among some of the fastest growing economies in the region. Stakeholders have responded by broadening their portfolio, and this has been backed by strategic marketing campaigns focusing on ‘more information less sales’. The surge in demand has been felt all across the supply chain, and ingredient suppliers are witnessing a period of bullishness.
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Probiotic Ingredients Manufacturers Benefitting from Convergence of Food and Pharmaceuticals
In recent times, the convergence of ‘food-pharma’ industry has been directed towards enhancing a consumer’s general health condition. Keeping the consumers at the center, in future, the intersection will blur the point of separation between these differing landscapes. The surge in the consumption of probiotic ingredients-infused food and beverages products as ‘one attack to defend health’ is being witnessed among consumers, which has encouraged the food and pharma companies to progress towards developing flavorful products. The availability of probiotic ingredients in multiple forms is likely to offer the ease to the food and beverages manufacturers to blend it to further foster product innovation.
Traditionally, probiotic ingredients in the powdered form have acquired a majority of the market share. However, a dramatic shift towards the ‘health in a pill’ concept and the growth in the consumption of dietary supplements as a ‘preventive measure’ has offered a center stage to capsules. Currently, capsules remain the preferred consumable form of probiotic ingredients. However, the stick pack segment is expected to gain speed with time, and is likely to grow at a significant pace over the course of the forecast period.
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