Economy

Probiotic market set to grow at 11% till 2016: Report

PTI Mumbai | Updated on March 12, 2018 Published on August 22, 2012

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Even though the domestic probiotic market is at a nascent stage now, it is expected to grow at 11 per cent till 2016, mainly on the back of awareness campaigns promoting its benefits.

“The domestic probiotic market, which is comparatively nascent now, valued at $12 million in 2011, is expected to witness a compound annual growth rate (CAGR) of 11 per cent by 2016,” says a Frost & Sullivan report.

“The future of probiotic foods is bright, as Asian consumers perceive these products to be indispensable in nature, specifically for enhancing health and wellness,” the report said.

While there is a need for developing customised probiotic strains for specific applications to promote growth, the report noted that it is imperative that the advantages of consuming probiotic-fortified foods are explicitly communicated to end-users, specifically in nascent regions like India.

In the domestic market, as far as probiotic supplements are concerned, these products are treated like pharmaceutical drugs by consumers, resulting in prescription-based consumption of probiotic supplements by the local populace.

“The current market trend is to use probiotic cultures to address specific conditions like allergy and travellers’ diarrhoea and lower the risk of nosocomial infections in children in the Asia-Pacific region,” the report said.

Consumption of probiotics in yoghurt, beverages, ice-creams, and other food products has been driven solely by the early adopter segment of the population.

“With boosting immunity being its prime USP, the probiotic market is primarily focused on promoting consumption in this population segment, which includes children and young families,” it said.

The country’s large youth population will help boost growth. “When coupled with hectic working lifestyles and shifting food habits from homemade food to readymade processed food, the youth represents a huge market opportunity for health and wellness product manufacturers, especially probiotic manufacturers,” the report said.

To fulfil the rise in demand, different manufacturers must come together and develop strategic relationships to synergise their strengths and thus overcome any individual company’s weaknesses, the report said.

“Such alliances have been successful for some of the largest market participants in APAC, and could be replicated by other companies, too,” it added.

Published on August 22, 2012
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