Probiotic Drinks Market Projected to Grow at a CAGR of 8.5% and Garner a Revenue of $13,814.70 Million in the 2021-2028 TimeframeDownload Sample Reports Overview
The global Probiotic Drinks market is estimated to generate a revenue of $13,814.70 million by 2028, increasing from $7,330.20 million in 2020, at a noteworthy CAGR of 8.5%.
Impact Analysis of COVID-19 on the Probiotic Drinks Market
During the prevalence of COVID-19 pandemic, Probiotic Drinks market observed a positive growth owing to its high nutrition level and health benefits on the patient’s body. Probiotic Drinks is rich in antioxidants and nutrients like vitamin C which helps in boosting the person’s immunity. Also, it contains some good bacterial strains which are responsible for relieving people from stress and anxiety. Many researchers have also studied the positive effect of Probiotic Drinks on the patients to cope up from corona virus symptoms. Apart from this, many people have focused their preference towards consuming functional beverages like matcha tea and Probiotic Drinks to boost their immunity. These factors are likely to contribute towards the growth of the market in the pandemic period.
Probiotic Drinks Market Analysis:
Probiotic Drinks is an excellent source of good bacteria like Bifidobacterium, antioxidants, minerals, and vitamins and therefore provides various health benefits such as reducing body weight, increasing metabolism, and helping in skin rejuvenation. Also, it is studied that Probiotic Drinks is helping in managing chronic diseases such as gastrointestinal diseases. Such advantages of Probiotic Drinks have made it a popular beverage among millennial and is expected to drive the market of Probiotic Drinks in the forecast time period. Also, growing cases of lifestyle diseases such as stress, diabetes, and anxiety among young working professionals are anticipated to contribute to the growth of the market in the coming years.
However, lack of awareness among rural population in developing countries about the market presence of Probiotic Drinks and its high benefits on the person’s body and mind is likely to hinder the market growth. Also, high cost of the Probiotic Drinks due to its expensive processing cost is likely to restrain the market growth in the future.
Growing demand for Probiotic Drinks in the market by the consumers to maintain their digestive system health and reduce their weight & stress level has provided various opportunities to the beverage manufacturing companies to launch new Probiotic Drinks products and develop their product portfolio. Such factors are likely to boost the market growth of Probiotic Drinks in the coming years.
Probiotic Drinks Market Segmentation
The Probiotic Drinks market is segmented based on product type, distribution channel, and region.
The global Probiotic Drinks market by product type is segmented into dairy based and plant based. The plant based Probiotic Drinks sub-segment is predicted to be the fastest in the global market and register a revenue of $5,979.30 million during the forecast period. The growth of the sub-segment is majorly driven by shifting preference of consumers towards plant based drinks for better nutrients and mineral contents. Also, many people across the world have become lactose intolerant due to which they are unable to consume milk products in any form. Therefore, they prefer to drink plant based probiotic drinks over dairy based drinks. These factors are anticipated to generate huge revenue in the next few years.
The global Probiotic Drinks market by distribution channel is segmented into offline and online.
Online sub-segment is anticipated to have the fastest market growth and generate a revenue of $1,617.50 million in 2028. The increase in the revenue of the sub-segment owes to large number of working professionals and their preference for online shopping. Many companies provide extra discounts and various offers online to attract their consumers. Also, it saves a lot of time while shopping online. Such factors are anticipated to drive the market in the future.
The Asia-Pacific Probiotic Drinks market accounted $2,228.40 million in 2020 and is projected to register a revenue of $4,420.70 million by 2028. The regional growth is attributed to the presence of well-established beverage industries in the market and their constant effort to develop and launch new products. Also, growing prevalence of lifestyle related health issues such as obesity, gastric issues, mental health issues, and stress level among working professionals due to lack of exercise and workout has shifted the population towards the consumption of Probiotic Drinks. Probiotic Drinks is very useful in improving the digestive health of the person. Such factors are estimated to increase the market growth of Probiotic Drinks in the future.
Key Players in the Probiotic Drinks Market
- Yakult Honsha Co. Ltd.
- Danone S.A.
- Harmless Harvest
- Bio-K Plus International Inc
- Fonterra Co-operative Group
- Nestle SA
- Lifeway Foods, Inc.
- Chobani, LLC
Porter’s Five Forces Analysis for the Probiotic Drinks Market
- Bargaining Power of Suppliers: The number of suppliers in the Probiotic Drinks market is increasing at a rapid pace due to which they have to optimize their product range in order to attract large number of consumers.
Thus, the bargaining power suppliers is moderate.
- Bargaining Power of Buyers: Buyers are high in number. Therefore, they have high choices in choosing the products that best fit their preference.
Thus, the bargaining power of the buyers is high.
- Threat of New Entrants: Since the market is growing rapidly, new companies entering the market have started launching new Probiotic Drinks products to attract the consumers and establish their market presence.
Thus, the threat of the new entrants is high.
- Threat of Substitutes: There are many Probiotic Drinks substitutes available in the market like cinnamon tea which is likely to attract the consumers.
Thus, the threat of substitutes is high.
- Competitive Rivalry in the Market: The competitive rivalry is present among the market players as the Probiotic Drinks market is growing and there is a huge scope for high growth.
Therefore, competitive rivalry in the market is high.