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Synbiotic Product Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global synbiotic products market was valued at USD 7.6 billion in 2022 and is expected to expand at a CAGR of 10.2% from 2023 to 2030. Synbiotic products are gaining immense popularity due to their potential health benefits. This is due to the combination of probiotics and prebiotics in a single product, which helps in boosting the overall health of the consumer. These products are also known to have a positive effect on the immune system, digestion, and other body functions.
The rising awareness about the health benefits of synbiotic products is driving the growth of the market. Moreover, the growing demand for healthy food and beverage products is further propelling the market. Furthermore, the increasing disposable income of consumers and their willingness to pay for health and wellness products are expected to drive market growth during the forecast period.
The rising demand for organic and natural products is another major factor driving the market. Companies are increasingly focusing on launching organic and natural synbiotic products in the market. For instance, in April 2021, North America-based company NutriFusion launched a new line of organic, non-GMO synbiotic supplements. The company is focusing on providing its customers with natural, organic, and science-based products.
Furthermore, the increasing number of product launches by key players is expected to drive market growth in the coming years. For instance, in August 2021, U.S.-based company Life Extension launched a new line of synbiotic capsules containing probiotic strains and prebiotic fiber. The product is designed to support digestive and immune system health.
Moreover, the growing number of health food stores, supermarkets, and online stores is further providing an impetus to the market. Companies are utilizing these channels to reach a larger customer base and promote their products. Furthermore, discounts and offers on these products are expected to increase the sales of synbiotic products during the forecast period.
Product Insights
The probiotic segment accounted for the largest market share in 2020. Growing awareness among consumers about the health benefits of probiotics, increasing demand for fortified food products, and rising awareness about the importance of gut health are some of the key factors driving the market. According to an article published by Harvard Health Publishing in January 2020, probiotics are living microorganisms that, when administered in adequate amounts, can confer health benefits to the host. Moreover, increasing prevalence of lifestyle diseases and growing demand for functional foods are further propelling the market growth.
The prebiotic segment is expected to expand at the fastest CAGR of 7.2% over the forecast period. Growing demand for prebiotics due to their potential health benefits such as improving the immune system and promoting digestive health are some of the key factors driving the market. Moreover, increasing awareness regarding the importance of prebiotics and their ability to prevent certain diseases are further propelling the demand for prebiotic products. Additionally, rising demand for fortified food products is another factor driving the market.
Distribution Channel Insights
The supermarkets and hypermarkets segment was the largest contributor to the synbiotic products market in 2022, and is expected to continue its dominance over the forecast period. This segment is driven by the increasing consumer preference for purchasing health and wellness products from supermarkets and hypermarkets, as they provide convenience in terms of product selection and purchase. Additionally, supermarkets and hypermarkets are well-equipped with a wide range of synbiotic products, including probiotic supplements and fermented food and beverages, among others.
The online distribution channel is expected to register the highest growth rate over the forecast period. This is primarily due to the increasing penetration of internet, coupled with the growing popularity of online retailing. The increasing number of online retailers in the health and wellness industry is also expected to fuel the growth of the online distribution channel. Additionally, the increasing number of online promotional strategies, such as discounts and offers, are expected to drive the growth of the online distribution channel.
Type Insights
The probiotics segment accounted for the largest revenue share of 58.2% in 2022. Synbiotic products contain prebiotics and probiotics that help to maintain a healthy gut. Probiotics are live bacteria, which help to balance the bacteria in the body and keep the digestive system healthy. The rise in the awareness of the benefits of probiotics among consumers has been a major factor driving the market. For instance, in April 2021, Yakult, a probiotic drink manufacturer, launched a campaign called ‘Live to 100: Probiotics for a Healthier Gut’ in the U.K. to create awareness about the benefits of probiotics among consumers. This campaign was focused on educating consumers on the importance of gut health and how probiotics can help improve overall health and wellbeing.
The prebiotics segment is expected to register the highest CAGR of 8.3% during the forecast period. Prebiotics are non-digestible fibers, which can be found in certain foods such as asparagus, garlic, and onions. The growing awareness about prebiotics among consumers has been a major factor driving the market. For instance, in March 2021, the International Probiotics Association launched a campaign to educate consumers about the benefits of prebiotics. This campaign was focused on increasing awareness about the benefits of prebiotics and how to incorporate them into consumer diets.
Regional Insights
Europe is expected to hold the largest market share in the global synbiotic product market. The presence of a large number of manufacturers of synbiotic products, their widespread distribution networks, and increasing consumer preference for probiotic supplements are some of the key factors driving the growth of the market in Europe. Additionally, the presence of leading companies, such as Nestlé, Danone, and Yakult, is further expected to boost market growth.
The Asia Pacific is expected to witness the fastest growth in terms of both value and volume in the coming years. This region is the largest consumer of dietary supplements, which is further anticipated to drive the growth of the synbiotic product market. Increasing disposable income, favorable government initiatives, and rising health awareness among the population are some of the other factors contributing to the growth of the market in the region.
Financial Projections
In this part of the synbiotic product business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your synbiotic product business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a synbiotic product business comes from direct sales, wholesale, and retail. Other possible sources of profit include subscriptions, third-party stores, and e-commerce.
Projecting Expenses
In this section, all the regular expenses related to keeping the synbiotic product business running will be described. The list of operating expenses includes raw material, packaging, shipping, wages, advertising and marketing, research and development, legal and accounting services, insurance policies, and others.
Key companies & market share insights
Some of the key companies operating in the synbiotic products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In August 2022, Danone launched the new range of probiotic yoghurt drinks in Europe.
– In October 2022, Nestlé launched a new range of probiotic infant formulas in the United States.
– In December 2022, Yakult launched a range of probiotic soft drinks in the Asian market.
Some of the prominent players in the synbiotic products market include:
– Danone
– Nestlé
– Yakult
– Abbott
– General Mills
– Amul
– Yakult Honsha Co. Ltd.
– Fonterra Co-operative Group Ltd.
– Groupe Lactalis
– Chr. Hansen Holding A/S
Global Synbiotic Product Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global synbiotic products market based on product type, application, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Prebiotics
– Probiotics
– Synbiotics
2. Application Outlook (Revenue, USD Million, 2017 – 2030)
– Dietary Supplements
– Functional Foods
– Pharmaceuticals
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Segments of the Synbiotic Products Market?
[A]: The global synbiotic products market is segmented into product type, application, distribution channel, and region. The product type segment is further divided into pharmaceuticals, food & beverages, and dietary supplements. The application segment is further bifurcated into dietary supplements, food & beverages, and animal nutrition. The distribution channel segment is divided into online stores, retail stores, and others.
[Q]: What are the Key Drivers of the Synbiotic Products Market?
[A]: Increasing awareness about the health benefits of synbiotic products, growing number of health-conscious consumers, and rising demand for probiotic and prebiotic products are the key drivers of the synbiotic products market.
[Q]: What are the Current Trends in the Synbiotic Products Market?
[A]: The current trends in the synbiotic products market include the emergence of innovative products, the development of new delivery systems, and the increased focus on research and development activities.
[Q]: Who are the Major Players in the Synbiotic Products Market?
[A]: The major players in the synbiotic products market include Danone, Nestlé, General Mills, Inc., Probi AB, Lallemand Inc., Koninklijke DSM N.V., BioGaia AB, DuPont, Chr. Hansen Holding A/S, and Yakult Pharmaceutical Industry Co., Ltd.
[Q]: Which Region is Expected to Witness the Highest Growth in the Synbiotic Products Market?
[A]: Asia Pacific is expected to witness the highest growth in the synbiotic products market in the coming years, owing to the rising demand for probiotic and prebiotic products and the increasing number of health-conscious consumers in the region.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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