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Report
United States Probiotics Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 90 Pages I Mordor Intelligence
The United States probiotics market is projected to register a CAGR of 13.5% during the forecast period (2022-2027).
The COVID-19 pandemic has had a greater impact on the shift in consumption patterns of consumers as their health consciousness among them has increased. Consumers in the US started to avoid junk or processed foods and look for health-beneficial and nutritive foods and products. The sales of probiotic products in the US increased by 33% since the pandemic, as the consumers are inclined toward nutrient boosters to improve their immunity. Since then, the demand for probiotic products in the US has increased drastically. As all age groups are vulnerable to the virus, manufacturers are designing probiotic products that can have effective results for every individual.
Over the medium term, increasing health consciousness and the consumers' preference for nutritive foods are expected to drive the market. Probiotics are a driving force within the booming digestive health supplement category, and they are being consumed by people of all age groups. However, the major consumption is observed among the millennials, due to the growing awareness about health and wellness through multi-channel publicity, which has influenced their consumption pattern to a large extent.
The healthcare expenditure pattern in the country is rising with the growing geriatric population, advanced technology, better medical facilities, and a rise in the number of insured people. These factors are, in turn, driving the overall sale of probiotics in the country.However, high R&D costs for developing new probiotic strains, high initial investments, and high prices of the products are expected to slow down the markets growth.
US Probiotics Market Trends
Increased Demand For Probiotic Yogurt
Probiotics are linked to a host of health benefits, from improving skin to weight loss. In addition, yogurt is the first food that comes to consumers' minds as a food product super-rich in probiotics, thereby, catering to the market studied. Protein-rich Greek yogurt boosted with probiotics also contributes to the market studied. Therefore, manufacturers, such as Fage, are producing quality product to supply additional benefits to the consumers. Additionally, the growing trend of veganism has insisted on the demand for dairy-free probiotic yogurts, hence, the key players in the market are launching a wide range of dairy-free probiotic yogurts sourced from almond milk, soy milk, oat milk, and others.
Supermarket/Hypermarket Holds Greatest Share in the Sales of Probiotics
Supermarket and hypermarkets are constantly expanding their product offerings, resulting in fierce competition to differentiate these products on their shelves. As a result, the manufacturers are trying to reposition their products as a premium in-store product, thereby, catering to special consumer needs, targeting a specific group of consumers. Supermarket aisles are blooming with foods and beverages with labels declaring 'probiotics' on them for
consumer demand for favorable bacteria, as they link good digestive and immune
health to probiotics. A strong competition modeled by probiotic food and beverages, such as probiotic drinks, yogurt, and bars, among others in the supermarkets, has intensified the sales of the market studied.
US Probiotics Market Competitor Analysis
The US probiotics market is highly competitive and fragmented with the presence of numerous players. The major players are focusing on expansion, new product launches, mergers and acquisitions, and partnerships, along with new product developments, as strategic approaches to boost their brand presence among consumers. Expenditure on research and development has been increasing as the market has the potential to evolve and emerge with healthier products. Greek yogurt manufacturer Chobani has played a key role in the US probiotic yogurt market recently, as they found out the right approach to satisfy the American consumers' taste with their products at the right time. The key players in the market are Chobani, Yoplait, Oikos, Danone, Now Foods, PepsiCo, and Lifeway Foods Inc., among others.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Probiotic Food
5.1.1.1 Yogurt
5.1.1.2 Bakery and Breakfast Cereals
5.1.1.3 Baby Food and Infant Formula
5.1.1.4 Confectionery
5.1.1.5 Other Types
5.1.2 Probiotic Drinks
5.1.2.1 Fruit-based Probiotic Drinks
5.1.2.2 Dairy-based Probiotic Drinks
5.1.2.3 Other Probiotic Drinks
5.1.3 Dietary Supplements
5.1.4 Others
5.2 By Distribution Channel
5.2.1 Supermarket/Hypermarket
5.2.2 Pharmacies and Drug Stores
5.2.3 Convenience Stores
5.2.4 Online Channels
5.2.5 Other Distribution Channels
6 COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Danone
6.4.2 PepsiCo
6.4.3 TruBiotics
6.4.4 General Mills
6.4.5 Now Foods
6.4.6 Chobani
6.4.7 Lifeway Foods Inc.
6.4.8 BioGaia
6.4.9 Global Healing
6.4.10 Yakult Honsha Co. Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
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