USD 0.6526 billion
Report ID:
SQMIG35I2130 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
60
|Figures:
75
Synbiotic Product Market size was valued at USD 0.76 billion in 2022 and is poised to grow from USD 0.82 billion in 2023 to USD 1.52 billion by 2031, growing at a CAGR of 8% in the forecast period (2024-2031).
Synbiotic is a food supplement that contains both probiotics and prebiotics. This functional food supplement is used to change, modify, and restore the pre-existing intestinal flora. Furthermore, synbiotic products help the intestinal environment run smoothly. Probiotic strains such as Bifidobacterium, Lactobacilli, S. boulardii, and Bifidobacterium coagulans, as well as prebiotics such as inulin, FOS, GOS, XOS, and fructans, are the most commonly used fibres that, when combined with probiotics, are known as synbiotics and can improve probiotic viability. Synbiotics product are intended to improve immunity, cognitive health, energy, and vitality. Functional foods have the potential to improve overall health by lowering the occurrence of noncommunicable diseases, increasing nutrient absorption, promoting better digestion, and ensuring proper weight management. As a result, buyers can expect to pay a premium to purchase such products.
Consumption of synbiotic supplements is increasing as per capita spending on healthcare and pharmaceutical services and products rises. Furthermore, manufacturers of synbiotic supplements are focusing on creating products that appeal to mothers and children in order to increase sales. Product differentiation remains a key strategy used by industry leaders to improve brand presence and expand consumer base. Companies that make nutritional supplements and food and beverages are fortifying their products with probiotics, prebiotics, and synbiotics to improve nutritional value and provide associated health benefits.
US Synbiotic Product Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 0.6526 billion
Largest Segment
offline
Fastest Growth
online
Growth Rate
8% CAGR
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symbiotic product market is segmented based on the product, distribution channel and region. Based on product, the market is segmented into Functional Food & Beverages, Dietary Supplements and Others. Based on distribution channel, the Synbiotic Product Market is segmented into online and offline channel. Based on Region Synbiotic Product Market is categorized into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
Synbiotic Product Market Analysis by Product
Based on product, The synbiotic product market was dominated by functional foods and beverages. The growing use of functional foods and beverages to improve immunity, cardiovascular health, and digestive health is expected to open up new markets for synbiotic foods and beverages in the forecasting period. Nestle and Pfizer are collaborating with universities to improve understanding of how the microbiome affects human health.
The dietary supplements segment is expected to grow at the fastest rate during the forecast period. The main factor driving demand for synbiotic-based dietary supplements is high consumer awareness combined with widespread marketing. Furthermore, dietary supplements contain fewer calories, have a longer shelf life than dairy products, and do not require refrigeration. Furthermore, they are an excellent alternative for those who are lactose intolerant, which will increase demand for synbiotic-based dietary supplements in the coming years.
Synbiotic Product Market Analysis by Distribution Channel
Based on the distribution channel, The offline distribution channel dominated the synbiotic product market. High product visibility in retail and pharmacy stores is a major factor favouring offline sales of synbiotic products. Furthermore, an increasing number of retailers in countries such as India, China, and Brazil will boost segment growth in the coming years. The online distribution channel is expected to expand at the fastest CAGR. The growing familiarity and reliance of generation X, millennial, and generation Z parents on the internet and e-commerce is expected to drive synbiotic product sales through the online channel in the forecasting period.
Several value-added services provided by e-retailers, such as discounted prices, cash-on-delivery, and paybacks, are expected to drive the growth of online channels in the coming years. Aggregators and manufacturer-hosted e-commerce sites are included in this channel. Manufacturers have recognised the channel's potential, and as a result, they host their shopping websites to better meet the needs of their customers while maintaining a higher profit margin. Moreover, Third-party sellers sell products from both major manufacturers and local producers. They excel by developing a strong supply chain that extends beyond geographical boundaries. As a result, when customers buy from international players who may not be available in a particular geography, third-party suppliers provide the ideal solution.
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Europe has emerged as the most important regional market. The region is expected to maintain its market lead in forecasting periods. Increasing awareness of synbiotic products, combined with high visibility of the products, has been the primary factor favouring demand for synbiotic products in recent years, and this trend is expected to continue over the forecast period.
Over the forecast period, Asia Pacific is expected to grow. A growing habit of eating away from home can have an impact on intestinal health, resulting in poor health. The growing use of probiotics and prebiotics in the treatment of irritable bowel syndrome and ulcerative colitis is expected to drive the regional market for synbiotic products.
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Synbiotic Product Market Drivers
Rising Trend of Healthy Lifestyle to Bolster Market Growth
Synbiotic Product Market Restraints
Lack of Raw of Materials Leads to Expensive End Products
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symbiotic product market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Synbiotic Product Market Top Player's Company Profiles
Synbiotic Product Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our symbiotic product market analysis, in terms of product, foods and beverages dominates the market this is because of its growing application and in terms of distribution channel, the offline channel held the largest market value but in forecasting period it is expected that online channel will grow more owing to development and introduction of e commerce. Moreover, the rising number of Health conscious consumers and increasing awareness regarding high nutritive value of Synbiotics are driving the market expansion. Whereas, the high price range of synbiotic is poised to create the hurdles for the Synbiotic Market.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 0.76 billion |
Market size value in 2031 | USD 1.52 billion |
Growth Rate | 8% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Synbiotic Product Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Synbiotic Product Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Synbiotic Product Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Synbiotic Product Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35I2130