Spray Drying Equipment Market : Business Opportunities and Global Industry Analysis

 The global spray drying equipment market size is estimated to be valued at USD 4.5 billion in 2020. It is projected to reach USD 6.0 billion by 2025, recording a CAGR of 5.7% during the forecast period. The market has a promising growth potential due to several factors, including the rising consumption of processed and RTE food products and technological innovation in the field of spray drying equipment.

Key players in this market include GEA Group AG (Germany), SPX Flow (US), Shandong Tianli Drying Technology & Equipment (China), European Spraydry Technologies (UK), Buchi Labortechnik AG (Switzerland), and Labplant (UK), Advanced Drying Systems (India), Freund Vector Corporation (US), Dedert Corporation (US), Carrier Vibrating Equipment Inc. (US), and Yamato Scientific America (US), Tetra Pak International SA (Switzerland), G Larsson Starch Technology AB (Sweden), Hemraj Enterprise (India), and Acmefil Engineering Systems Pvt. Ltd. (India).

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GEA Group develops and produces process technology and equipment for various industries such as food, pharmaceuticals, and chemicals. Engineering solutions offered by GEA range from single pieces of equipment to complete plants. The spray dryers offered by GEA cater to several food & beverage applications such as sugar and sweeteners for breakfast cereals, paste from a variety of fruits, berries & vegetables, beverage extraction & concentration, mixing of flavors & aromas, soy protein, food colors, cocoa mixture, amino acids, carbohydrates, starch, malt, low-calorie sweeteners, which include sorbitol and xylitol. The company undertook various expansions and partnerships for growth in the spray drying market. For instance, the company has partnered with Danone (Netherlands), which is a leading manufacturer of baby formula. The company uses spray dryers, which can guarantee reliable, high-quality, and consistent powders. For this, GEA configured and installed 5 MVR evaporators, along with 2 MSD spray dryers to provide an ideal solution for manufacturing a varied nutritional formula product portfolio. This has helped the company in acquiring new clients in the European region, as well as understanding the real-time need of customers.

In April 2016, GEA launched the MM-100 spray dryer, which is an addition to its Mobile minor spray dryer range. The timely modifications in design, according to consumer preference, have made the product a significant success, particularly in the pharmaceuticals industry.
The modifications made in the design of the existing products increase the product applicability, and hence, is increasingly preferred by the existing clients.

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SPX FLOW is one of the leading global suppliers of highly specialized engineering solutions and equipment. It has operations in more than 35 countries and sales in over 150 countries across the globe. The company particularly serves the food, beverage, oil & gas, power generation (nuclear and conventional), chemical processing, compressed air, pharmaceutical, and mining markets globally. The product portfolio of this company includes pumps, valves, mixers, spray dryers, filters, air dryers, hydraulic tools, homogenizers, separators, and heat exchangers, along with related aftermarket parts and services. The company offers engineering equipment under 15 categories, such as analyzers, clarifiers, dispersion equipment, dehydration equipment, dryers, evaporators, fittings, filtration equipment, heat exchangers, mixers, pumps, separators, strainers, systems, and valves. Spray dryers are offered under the dryers category and serve the global dairy, food, beverage, industrial, healthcare, pharmaceutical, starch, and ethanol industries.

In December 2017, SPX Flow partnered with dairy ingredient plants in Galicia, Spain. The company would set up new spray drying equipment plants for the production of infant formula and sports & clinical nutritional products. This would help the company in increasing its geographical footprint, as well as widening the applicability of its products.

Mushroom Cultivation Market: An Exclusive Study on Upcoming Trends and Growth Opportunities

 The mushroom cultivation market is estimated to account for a value of USD 16.7 billion in 2020 and is projected to grow at a CAGR of 4.0% from 2020, to reach a value of USD 20.4 billion by 2025. The global mushroom cultivation market is projected to witness significant growth due to factors such as the multiple health benefits of mushrooms, increasing per capita mushroom consumption, cost-effective production and rising demand for vegan and natural food in the diet and increasing health conscious population across the globe are some of the major factors fueling the demand for mushroom cultivation.

The higher per capita mushroom consumption and adoption of modern mushroom cultivation techniques in the Asia Pacific region is projected to drive the growth of the mushroom cultivation market

According to the China Business Research Institute, the country was the largest edible mushroom producer at a global level and reached an estimated annual yield of 38.42 million tonnes in 2017. This accounted for about 75% of the total global output. Furthermore, the CCCFNA Edible Mushroom Branch (2018) stated that the export of edible mushrooms was valued at USD 3.8 billion in the same year. According to a research paper, mushroom cultivation is the fifth-largest agricultural sector in the country, valued at USD 24.0 billion. The Asia Pacific is the leading region in the global mushroom production market. The per capita consumption in China, the largest producer of mushrooms in the world, is higher than any other country. The consumption of mushroom in Asian countries such as Japan, India, and others are increasing at a significant rate accredited by increasing production. Increasing vegan population and shifting trend toward nutrition-rich food have led to the market growth of mushrooms in Asian countries.

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Drivers and Restraints:

Market dynamics for mushroom cultivation continue to evolve on the basis key drivers and restraints. The rising demand for organic and healthy food products and owing its multiple health benefits and growing adaption in vegetarian diets among consumers at a global level increases the demand for mushroom cultivation. The key drivers and restraints in mushroom cultivation market are enlisted below.

Key drivers for mushroom cultivation include:

1.Multifunctionality of mushrooms
2.Cost-effectiveness associated with mushroom cultivation

Restraints impeding the market include:

1.Spawn production in developing countries

The total number of edible and medicinal fungi is over 2300 species. Cultivated mushrooms have become popular with over 200 genera of macrofungi and are useful for consumption. Most of them are cultivated on lignocelluloses (plant dry matter) waste materials and contribute to their recycling. The most common mushrooms that are produced and consumed are button mushrooms (Agaricus bisporus), shiitake mushrooms (Lentinula spp.), and oyster mushrooms (Pleurotus spp). The major mushroom types are enlisted below:

Top mushroom types of mushroom cultivation:

1.Button mushroom
2.Oyster mushroom
3.Shiitake mushroom
4.Paddy straw mushroom

Mushroom cultivation serves as a profitable business, as it can be grown indoors and provides income throughout the year since it can be grown in any season. As the cost of mushroom cultivation is low, and it requires less labor and promotes sustainable options, since it uses agriculture wastes as a substrate for growth, several companies are opting for mushroom cultivation. The leading players in mushroom cultivation market are listed below.

Top 10 players in mushroom cultivation include:

1.Monaghan Mushrooms
2.Walsh Mushrooms Group
3.Mycelia
4.South Mill Mushrooms Sales
5.Smithy Mushrooms Ltd.
6.Mushroom S.A.S
7.Hirano Mushroom LLC
8.Societa Agricola Italspawn di Valentino e Massimo Sartor
9.Fujishukin Co.Ltd.
Gourmet Mushrooms Inc.

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Top 5 Start-ups in mushroom cultivation include:

1.Rheinische Pilz Zentrale GmbH
2.Fresh Mushroom Europe
3.Commercial Mushroom Producers
4.Societa Agricola Porretta
5.Lambert Spawn

Dairy Alternatives Market: Competitive Landscape, Regional Outlook and Driving Factors

 According to MarketsandMarkets, the dairy alternatives market is estimated to be valued at USD 22.6 billion in 2020 and is projected to reach USD 40.6 billion by 2026, recording a CAGR of 10.3% in terms of value. Globally, the health benefits of dairy alternatives have led to their large-scale adoption in numerous applications. Factors such as changing lifestyles, growing health awareness, increasing instances of lactose allergies are further driving the global market. The Asia Pacific region will dominate the market due to the agricultural production base for plant-based sources.

Market Dynamics

Drivers: Growth in consumer preference for a vegan diet

Several consumers perceive a vegan diet to be healthy and prefer consuming dairy alternatives such as soy milk, almond milk, rice milk, and other plant-based milk as a substitute. Vegan diet followers and adopters of a healthy diet are the primary consumers of dairy alternatives that have propelled the market growth. The rise in awareness among consumers about the benefits offered by a vegan diet is one of the major factors propelling the demand for dairy alternatives across the world. A substantial increase in the vegan population has been seen in many major economies, such as the US and the UK.

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Restraints: Volatile prices of raw materials

The price of dairy alternative depends on the supply of raw materials, which is why there are price fluctuations. Oat milk and several other dairy alternatives face the problem of raw material unavailability, because of which prices increase. The price volatility stands as one of the biggest limitations for growth in dairy alternative beverage sales. Dairy alternatives are also obtained from natural sources. Changes in climatic conditions might result in shortage of raw materials, which can ultimately lead to volatility in the prices of raw materials. Thus, it hinders the growth of market.

Opportunities: Favorable marketing and correct positioning of dairy alternatives

The dairy alternatives market have huge growth prospects and its sales can be increased by adopting marketing strategies such as diversification and segmentation. The objective is to create more demand among consumers, such as lactose intolerants, trainers, health-conscious consumers, and vegans. Positioning the product at the right place through right sales channel will further contribute to the growing sales of dairy alternative products. Companies operating in this market space, need to accurately position themselves by expanding customer relationships and extending their reach. Appropriate labeling can further accelerate market growth.

Challenges: Limited awareness amongst consumers

Although the dairy alternatives market is growing tremendously, still there is limited awareness regarding the nutritional benefits offered by it, in the market. Some dairy consumers still feel that the nutritional content in dairy alternatives is lower than cow’s milk and contains lower content of essential nutrients. Such misconceptions are more prevalent among consumers in underdeveloped and developing countries due to lack of knowledge about the nutrition provided by dairy alternative products as well as lack of efforts that are put to educate them.

The Asia Pacific is projected to account for the largest market share during the forecast period

The global market is dominated by the Asia Pacific region due to the changing lifestyles of consumers and increase in consumption of clean label products. The dairy alternatives industry in the region is currently undergoing a dramatic transformation in response to rapid urbanization, diet diversification, and liberalization of foreign direct investment in the food sector. Consumers are also more aware about their health and wellness, which is further fueling the demand for dairy alternatives in the region.

The Asia Pacific dairy alternatives market is also driven by large economies such as China, Japan, and Australia. The overall investment in the region has increased substantially over the past few years, especially in China.

Key Market Players:

The Hain Celestial (US), Blue Diamond Growers (US), SunOpta (Canada), Sanitarium Health and Wellbeing Company (Australia), Danone (France), Freedom Foods Group (Australia), Earth’s Own Food Company (Canada), Triballat Noyal (France), Valsoia S.P.A (Italy), Panos Brands (US), Melt Organic (US), Oatly (Sweden), Living Harvest Foods (US), Ripple Foods (US), Kite Hill (US), Califia Farms (US), Hudson River Foods Inc. (US), Daiya Foods Inc. (Canada), Pureharvest (Australia), Yoconut Dairy Free (US), and Yumbutter (US).

By distribution channel, online stores is projected to grow with the highest CAGR in the global market during the forecast period

Based on the distribution channel, online stores will be the fastest-growing segment in the market. Online stores are easily accessible and are cost-effective. Online platforms offering dairy alternative products ease the purchasing process for the consumers. They offer wide variety of alternative dairy products to consumers at discounted prices as compared to traditional retail prices.

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By application, the milk segment is projected to account for the largest share in the dairy alternatives market during the forecast period

By application, the global market is segmented into milk, yogurt, ice creams, cheese, and creamers. Milk segment dominated the market owing to rising health concerns relates to lactose intolerance and hectic lifestyles of the consumers. Plant-based milk products are highly nutritious and are available in various flavors.

Nutraceutical Ingredients Market to Witness Huge Growth by 2025

 The nutraceutical ingredients market is estimated to be valued at USD 162.1 billion in 2020 and is projected to reach USD 227.5 billion by 2025, at a CAGR of 7.0% from 2020 to 2025. The growth of the nutraceutical ingredient market is driven by factors such as rising awareness regarding health & wellness among consumers and increasing demand for fortified food products. Key drivers for the market’s growth include increasing incidences of chronic diseases worldwide and mandates on food fortification by government organizations.

Nutraceutical Ingredients Market Dynamics

Driver: Increasing incidences of chronic diseases

The burden of chronic diseases is rapidly increasing worldwide. According to the WHO, by 2020, chronic diseases will account for almost three-quarters of all deaths worldwide, and that 71% of deaths due to ischemic heart disease (IHD), 75% of deaths due to stroke, and 70% of deaths due to diabetes will occur in developing countries. The number of people in the developing world with diabetes will increase by more than 2.5-fold, from 84 million in 1995 to 228 million by 2025. On a global basis, 60% of the burden of chronic diseases will occur in developing countries. Globally, there is a significant rise in the population suffering from chronic ailments, such as obesity, diabetes, blood pressure, and cardiovascular diseases. This has led to people becoming more conscious of their eating patterns. The link between diet and health is significant, and people are opting for healthier food. Consumers are also looking for options that provide the right combination of nutrition and taste. Fortified food ingredients cater to this pressing need by providing food formulators with ingredients offering specific functionalities and healthier alternatives. Hence, the entire health and wellness movement strengthens the demand for nutraceutical ingredients.

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Restraints: Higher costs of fortified products dissuading large-scale usage and adoption

Nutraceutical ingredients find a wide variety of applications, such as functional food & beverages, animal nutrition, pharmaceuticals, and personal care products. However, the inclusion of nutraceutical ingredients in food & beverage products, feed products, pharmaceuticals, and personal care products results in an increase in the prices of these end products. This, in turn, leads to lower adoption of such products, thereby stunting market growth. For instance, in comparison to traditional bottled water products, probiotic-infused bottled water products cost more. Despite these probiotic-infused bottled water products offering essential health benefits, such as better digestive and immune health, most consumers still remain unlikely to entirely adopt the product or replace their traditional bottled water consumption entirely. Therefore, the premium pricing of fortified products highly hinders market growth for nutraceutical ingredients during the forecast period.

Opportunities : Product-based and technological innovations in the nutraceutical ingredients industry

Personalized healthcare technologies are being rapidly adopted by various nutraceutical ingredient manufacturers to formulate better suited and customized end products for consumers. Consumer product companies are now increasingly collecting data to enable a proper analysis of purchasing behavior and lifestyle to provide consumers with tailored options in accordance with their purchasing patterns. For instance, in 2013, Tesco announced its intention to use its Clubcard information to be able to track various chronic illnesses that consumers pay heed to, for the provision of tailored solutions to promote healthier eating habits. This information not only aids consumer companies to come up with personalized dietary advice but also establish significant partnerships with different pharmaceutical companies to help personalize over-the-counter supplements. Apart from the study of consumer purchasing patterns, the personalization of nutraceutical products is also amplified by genomics by enabling treatments that are closely linked to an individual’s genetic profile. This provides a huge market opportunity for nutraceutical end-product manufacturers, whereby, linking a diet to a genome not only results in boosting health, but also reduces the chance of developing adverse health conditions, such as cardiovascular diseases, obesity, diabetes, or inflammatory bowel diseases. Such corroborated usage of technology with a dietary design is further expected to present unforeseen market growth opportunities for nutraceutical ingredient manufacturers.

Challenges: Consumer skepticism associated with nutraceutical products

Along with a growing consumer awareness about better dietary choices and increasing health awareness, there also remains an underlying consumer skepticism associated with the adoption of nutraceutical products. Although there are multiple factors, but the two major reasons that are hindering the consumer adoption of nutraceutical products are synthetic sourcing and unsubstantiated health claims. Health claims act as a major marketing and selling points for most nutraceutical ingredient manufacturers; however, when such claims do not result in successful fruition, consumer skepticism toward these products increases. Another factor hindering market growth for nutraceutical products is their formulation or synthetic sourcing. Most consumers do not prefer products that have been genetically modified to impart beneficial product characteristics. These factors act as major deterrents to market growth for various nutraceutical ingredient manufacturers.

By type, the probiotic segment is projected to account for the largest share to the nutraceutical ingredients market during the forecast period

The nutraceutical ingredients market, by type, has been segmented into probiotic, proteins and amino acids, phytochemical & plant extracts, fibers & specialty carbohydrates, omega 3 fatty acids, vitamins, prebiotics, carotenoids, minerals and others. The probiotic segment is projected to be the largest segment during the forecast period. Probiotic ingredients are becoming one of the essential ingredients for various health & nutritional applications as they have positive effects on overall human health. Owing to this, probiotic ingredient is widely used across various applications such as functional food, beverages, dietary supplements, and animal nutritional industries.

By application, the market for dietary supplement is projected to account for the fastest growing in the nutraceutical ingredients market during the forecast period

The global market, by application, has been segmented into food, beverages, personal care, animal nutrition and dietary supplement. The dietary supplement segment is projected to be the fastest-growing, by application, during the forecast period. The segment is growing because dietary supplements offer various health benefits such as improvement in the balance of the gut microflora, improvement of intestinal functions such as bulking and regularity, increased calcium absorption & improvement in bone density, enhancement of immune function, reduction in the release of toxins that can lead to fatty liver and other diseases, reduced risk of cardiovascular diseases, control of blood sugar, possible reduction of risk of obesity & metabolic syndrome, and improvement in abdominal pain, bloating, and constipation.

By form, the dry segment is projected to dominate the nutraceutical ingredients market during the forecast period

On the basis of form, the market is segmented into dry and liquid. A number of nutraceutical ingredients that are used in the dry form are vitamins, amino acids, prebiotic & probiotic premixes, proteins, and some minerals such as zinc and folic acid. These ingredients are extracted in dry form from several sources. For instance, vitamin C is extracted from acerola plant, protein powder, and fiber and amino acid from the hemp plant. The dry form preserves the flavor & color of food & beverage products and also provides benefits in terms of easy handling and storage, which is difficult with liquid ingredients. The dry form of nutraceuticals is available either in a tablet or capsule form in dietary supplements.

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Asia Pacific is projected to be the fastest growing market for the forecast period

The Asia Pacific nutraceutical ingredients market is completely driven by India, which accounted for nearly 31.5% of the market share in 2019. Factors such as changing lifestyles, changing dietary patterns, and growing awareness about nutrition are expected to drive the demand for nutraceutical ingredients in the country even more. Apart from this, rising hospitalization costs is forcing consumers to consume supplements and other nutrients such vitamins and minerals, in order to maintain their health. Consumers in the country are now willing to spend an additional amount for fortified products, which has increasingly helped manufacturers of nutraceutical ingredients to find a substantial market opportunity.

Pet Food Ingredients Market to Witness Huge Growth by 2025

 The global pet food ingredients market size is estimated to be USD 38.6 billion in 2020 and is projected to reach USD 53.2 billion by 2025, at a CAGR of 6.6% during the forecast period. The market has a promising growth potential due to several factors, including the increase in adoption of pets globally and rising demand for nutrition food for pets.

The pet food ingredients market has promising growth potential due to several factors, including the improving pet health, increasing consumer awareness, and rising demand for health supplement animal products. The rapidly increasing adoption of pets in North America has increased the demand for pet food ingredients products.

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The meat & meat products segment is estimated to account for the largest share of during the forecast period, since enzymes are intensively consumed by poultry for better digestion, and have a high feed conversion rate and nutrient uptake, as compared to other livestock types. Poultry in the Asia Pacific region is witnessing the highest demand, as consumers in countries such as Thailand and Indonesia are including white meat instead of red meat in their diets. Additionally, factors such as poultry population growth, which has doubled in the last two decades, according to the Food and Agriculture Organization of the United Nations (FAO), support this high growth rate for the poultry segment.

The dominance of the animal based pet food ingredients is majorly attributed to its efficiency in providing protein to the diet. Animal-based ingredients are further segmented into meat & meat products, fats, proteins & amino acids, and others, which include flavoring agents and antioxidants. A majority of animal-based ingredients include meat & meat by-products, which provide essential protein, fatty acids, iron, and vitamins. Meat increases the palatability of the pet food, and hence, improves digestion of pets.

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The North America region is estimated to account for the largest share in global pet food ingredients market in terms of value. The market in the region is driven by the presence of a large pet population (USDA 2016) and their growth rate. The rising demand for nutritive food for pets and improved pet care among families is expected to drive the market for pet food ingredients market in the region.

Prepared Food Equipment Market By Technology Advancements & Business Outlook

  The global prepared food equipment market size is estimated to account for a value of USD 10.4 billion in 2020 and is projected to grow at a CAGR of 6.4% from 2020, to reach a value of USD 15.1 billion by 2026. The rise in disposable income of the population, changes in consumption patterns, and manufacturers' investment in developing innovative products on production efficiency, processing time, and quality of food products are expected to fuel the demand for prepared food equipment.

COVID-19 impact on Prepared Food Equipment market

With the lockdown imposed by governments due to the COVID-19 pandemic, restaurants, food outlets, and catering businesses were shut down, which has affected the equipment manufacturers' sales. Although the food consumption was more as people were at home, the food equipment market got affected worldwide due to the COVID-19 pandemic. It has impacted the meat products market due to the negative publicity by social media on the health risks associated with animal-based products' consumption. Simultaneously, the bakery and convenience food products market witnessed good growth as they are readily available and tasty to eat.

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Prepared Food Equipment Market Dynamics

Driver: Rise in income to drive the demand for prepared & convenience foods
The rise in disposable income due to growth in the economy, especially in emerging countries such as India and China, has led to an increase in demand for prepared & convenience foods. With the rising demand for convenience and ready-to-eat (RTE) food, customers are also concerned about the nutritional and health benefits of such food items before consumption. This is achieved by automating or integrating the overall processes, which help maintain food quality and nutritional value.

Restraints: Increase in demand for minimally processed, healthier organic food products
The rise in the aging population in developed countries has led to an increase in health concerns. There is a high preference for fresh and minimally processed food products without synthetic chemical preservatives. This adversely affects the demand for prepared food equipment as prepared foods are processed with preservatives and other flavoring agents to increase the shelf life and enhance palatability.

Opportunities: Demand for advanced machinery with high productivity and efficiency
Food manufacturers continue to look for advanced machinery and delivery solutions to meet safety standards and increase productivity to meet consumer demand changes. Key players such as GEA Group (Germany), Alfa Laval (Sweden), and Marel (Iceland) in food manufacturing are mostly focused on increasing the level of automation in food processing operations to increase the predictability of preventative maintenance, lead time of processing, and connectivity.

Challenges: Infrastructural challenges in developing countries
The saturated markets of developed economies such as the US, the UK, Germany, and France compel manufacturers of prepared food equipment to search for untapped markets and expand their consumer base. This requires substantial investments in many aspects of business expansion, especially with regard to the establishment of new facilities in developing countries. Setting up large equipment requires larger lands and high manpower, which makes it difficult for manufacturers to set up plants in developing countries due to the lower availability of labor and land.

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Key Market Players

Key players in this market include GEA Group (Germany), Alfa Laval (Sweden), JBT Corporation (US), SPX FLOW (US), Bühler (Switzerland), Tetra Laval (Switzerland), Dover Corporation (US), Robert Bosch (Germany), Krones (Germany), Middleby Corporation (US), Marel (Iceland), IMA Group (Italy), Multivac (Germany), Ali Group (Italy). These major players in this market focus on increasing their presence through expansions, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America, Asia Pacific, and Europe. They also have manufacturing facilities, along with strong distribution networks across these regions.

Probiotics Market to See Massive Growth by 2026

 The global probiotics market is estimated to be valued at USD 61.1 billion in 2021 and is projected to reach USD 91.1 billion by 2026, at a CAGR of 8.3% during the forecast period. The global demand for probiotics is increasing significantly due to health benefits associated with probiotic-fortified foods, multifunctionality of probiotics, and the increasing use of probiotics in foods due to the rising consumer awareness related to healthy diets. The demand for probiotics in fortified foods is projected to remain high due to the increasing awareness about their benefits, and willingness of consumers to purchase premium products incorporated with probiotics.

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Market Dynamics

Drivers: Rising health consciousness among consumers

The growing awareness among the population for leading a healthy lifestyle has resulted in an increased interest in natural food products. Such growing awareness about health & nutrition products is driving the market for probiotics. Personal well-being is major factor that is influencing the consumption of natural ingredient products, majorly probiotics. Consumers have realized that adding probiotics to their regular diet offers health benefits such as improved intestinal health, low-calorie intake, increased immunity, and boost calcium absorption, thereby driving the market for probiotics ingredients.

Apart from this, food manufacturers are also focusing more in innovation and nutrient content of their products as health claims have become a major concern for the food industry, coupled with stringent regulation by the EU and the European Food Safety Authority (EFSA).

Restraints: High R&D costs for developing new probiotics strains

Sustainable investments in R&D activities and investments in laboratories, research equipment, and high cost of hiring trained professionals create barriers in the development of the probiotics market. The scientific validation related to the usage of probiotics in their applications becomes a success to this market. Probiotics applications are linked with health benefits, which makes it challenging for manufacturers to get an adequate RoI on high initial investments.

Probiotics strains and products are developed and produced as per the international food regulations. Owing to the high cost of production, the cost of final product is also high. Marketing and distribution of probiotic products also add to the product price, as they require different packaging and distribution channels as compared to common products. The high prices of products act as a restraining factor in the probiotics market.

Opportunities: Increase in demand for probiotics in developed economies

The global probiotics market is growing as the demand for probiotics from developed economies has increased due to the changing consumer attitude towards the consumption of probiotics. Consumers are more aware of the importance of probiotics with regard to maintaining a string immune system and gut health, which has led to the sustained gowth of probiotics components in the market. To attract such potential consumers, these producs are made available across grocery, supermarkets, pharmacies, and health food shops in developed economies, such as the US and Canada. Hence, consumer awareness of health benefits associated with the consumption of probiotics products is major factor, which drives the overall demand for probiotics in developed economies over the given years.

Challenges: Intolerance of probiotics to stomach acid and bile

Probiotics is exposed to harsh conditions prevailing in the stomach and small intestine after they survive the manufacturing process and degradation with time on the shelf. According to the UK food microbiologist, only a few highly resistant bacteria such as lactobacillus and bifidobacteria can survive stomach acid. The other probiotic bacteria are expected to get destroyed by stomach acid. Mostly, the intolerance level to survive the harsh acidity in the stomach is below pH 2.

The researcher has to work in-depth to overcome all the challenges related to the selection and development of the strain and related production processes. Probiotic strains are prone to changes in pH and temperature. The strains must sustain while integrating with functional foodstuffs. The basic requirement for probiotics is that products should contain sufficient numbers of microorganisms up to the expiry date. Hence, probiotics must contain specific strains and maintain certain numbers of live cells to produce health benefits in the host. Different countries have decided on the minimum number of viable cells required in the probiotic product for it to be beneficial. The preservation of these probiotic microorganisms presents a challenge as they are affected by exposure to temperature, oxygen, and light.

The human probiotics segment is projected to account for the largest market share during the forecast period.

The human segment is projected to account for the largest market share during the forecast. The rising trend of consuming functional foods due to the growing preferences for health-benefiting products is driving the market for probiotics in the human segment.

The demand for liquid probiotics from the yogurt and beverage industries is projected to dominate the probiotics market

The demand for liquid probiotics has increased as compared to dry probiotics, due to its application in yogurt, which is the most popular source of probiotics. Other products that use liquid probiotics include kefir water, probiotic juices, and yogurt-based drinks, which are healthy options for daily supplementation. The Asia Pacific region is projected to be a key market for yogurt in the coming years. China stands a huge opportunity for both domestic and international companies to penetrate the yogurt market as the country consumes yogurt on a large scale.

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Key Market Players

Key players identified in this market include Danone (France), Yakult Honsha (Japan), Nestlé (Switzerland), DowDuPont (US), and Chr. Hansen (Denmark). Key players in this market are focusing on increasing their presence through mergers & acquisitions and new product developments, specific to consumer tastes in these regions. These companies have a strong presence in Europe and the Asia Pacific. They also have manufacturing facilities along with strong distribution networks across these regions.