Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Synbiotic Product market.
Trusted Business Insights presents an updated and Latest Study on Synbiotic Product Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Synbiotic Product market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Synbiotic Product Market
The global synbiotic product market size was valued at USD 699.5 million in 2020 and is expected to witness significant growth over the forecast period 2021-2027. Growing health awareness among urban consumers has led to an increase in the consumption of functional food and beverages, thereby driving the market for synbiotic products.
Moreover, shifting consumer inclination towards nutritional supplements on account of changing lifestyle and eating habits is expected to generate the demand for synbiotic products in the coming years. Increasing fortification of functional foods with prebiotics and probiotic ingredients is anticipated to positively impact the growth of the market.
Synbiotic is a mixture of probiotics as well as prebiotics and is used as food supplements. This food supplement termed as functional food is used for altering, modifying, and restoring the pre-existing intestinal flora. Moreover, synbiotic products facilitate the smooth functioning of the intestinal environment. Probiotics strains such as Bifidobacterium, Lactobacilli, S. boulardii, B. coagulans, and prebiotics, including inulin, FOS, GOS, XOS, and fructans, are the most commonly used fibers, which when used together with probiotics are termed as synbiotic and are able to improve the viability of the probiotics.
Synbiotic products are designed to enhance immunity, cognitive health, energy, and vitality. Functional foods have the ability to improve optimal health by reducing the occurrences of various non-communicable disorders, enhancing nutrient absorption, aiding better digestion, and ensuring the adherence to proper weight management. As a result, the buyers are expected to pay a premium in order to purchase such products.
Companies engaged in nutritional supplements and food and beverage manufacturing have been increasing fortification of their products with probiotics, prebiotics, and synbiotic to enhance nutritional value and provide associated health benefits. For instance, in March 2019, Yakult Korea entered into a collaboration with a Dutch life science company, BioActor to develop a dual-purpose functional drink called MPRO3, a synbiotic product that contains probiotics, prebiotics, and flavobiotics, in the Korean Market.
Product Insights: Synbiotic Product Market
Functional food and beverages lead the synbiotic product market and accounted for a share of 84.1% in 2019. Increasing application of functional food and beverages to enhance immunity, cardio health, and digestive health is expected to open new avenues for synbiotic food and beverages in the coming years. Food manufacturers such as Nestle and Pfizer are partnering with Universities to enhance understanding about how the microbiome affects human health.
For instance, in November 2019, Nestle entered into a partnership with the Center for Microbiome Innovation (CMI) at the University of California San Diego to enhance its understanding of how the microbiome affects human health as well as increase the development of nutritional solutions that promote health and well-being.
The dietary supplements segment is expected to exhibit the fastest CAGR of 8.5% from 2021 to 2027. High consumer awareness, coupled with prevalent marketing, is the major factor driving the demand for synbiotic-based dietary supplements. Moreover, dietary supplements are low in calories, have a longer shelf life as compared to dairy products, and do not require refrigeration. Additionally, they serve as an excellent alternative for those with lactose intolerance, thereby boosting the demand for synbiotic-based dietary supplements in the coming years.
Distribution Channel Insights: Synbiotic Product Market
The offline distribution channel led the market for synbiotic products in 2019 and held a share of 93.3%. High product visibility at the retail and pharmacy stores is the major factor favoring the sales of synbiotic products through an offline channel. Additionally, an increasing number of retailers in countries, such as India, China, and Brazil, will positively influence the segment growth in the coming years. For instance, as of May 2018, Walmart had 21 stores and it plans to open around 50 more stores by the end of 2023 in India.
The online distribution channel is expected to expand at the fastest CAGR of 09.5% from 2021 to 2027. Increasing familiarity and dependence of generation X, millennials, and generation Z parents on the internet and e-commerce are the major factors expected to drive the sales of synbiotic products through the online channel in the coming years.
Several value-added services, such as discounted prices, cash-on-delivery, and paybacks, offered by e-retailers are expected to promote the growth of online channels in the coming years. This channel includes aggregators as well as manufacturer hosted e-commerce sites. Manufacturers have realized the potential of the channel, and thus they host their shopping websites to cater to customer needs in a better way and have a higher profit margin.
The third-party sellers sell products of major manufacturers as well as local producers. They excel by establishing a strong supply chain that expands even beyond geographical borders. Therefore, when customers buy from international players, who might not be available in a certain geography, third-party suppliers form the perfect solution.
Regional Insights: Synbiotic Product Market
Europe emerged as the largest regional market and accounted for a share of 37% in 2019. The region is expected to maintain its lead in the market for synbiotic products throughout the forecast period. Increasing awareness regarding synbiotic products, coupled with high visibility of the products, is the main factor favoring the demand for synbiotic products in the recent past and is expected to continue over the forecast period.
Asia Pacific is expected to expand at a CAGR of 9.5% over the forecast period. Growing habit of eating away from home can affect intestinal health, thus leading to impaired health. Increasing 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 over the forecast period.
Synbiotic Product Market Share Insights: Synbiotic Product Market
The market for synbiotic products has been characterized by high competition due to the presence of a large number of vendors operating at the global level. Industry participants are adopting various strategies, such as mergers & acquisitions and product innovation, to expand their product portfolio. Some of the key players operating in the market are
- Daflorn Ltd.;
- Sabinsa Corporation;
- Yakult S/A;
- Probiotical S.p.A.;
- United Naturals;
- Synbiotics Corporation (Pfizer);
- Synbiotic Health, Inc.;
- NUtech Ventures;
- Asmara (NU3x).
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global synbiotic product market report on the basis of product, distribution channel, and region:
Product Outlook (Revenue, USD Million, 2016 – 2027)
Functional Food & Beverages
- Dietary Supplements
Distribution Channel Outlook (Revenue, USD Million, 2016 – 2027)
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