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DALLAS — MarketsandMarkets on Friday projected the global probiotics market would reach $23.9 billion by 2017.
"[The] probiotics market has been one of the prime beneficiaries of the recent fad over functional foods," MarketsandMarkets reported. "Rising levels of health consciousness and aging baby boomer population are a few of the drivers helping in the growth of the market.
Probiotic dairy products are expected to command the highest market share among all the probiotic foodstuffs accounting for almost 80% in the year 2011. The biggest markets for these products are Europe and Asia-Pacific. The North American market has gradually opened up to these products in the recent past and is expected to grow at a CAGR of 7.0% from 2012 to 2017, the biggest contributor being supplements and specialty nutrients.
Though the market base of probiotic products is comparatively lesser in the U.S. in comparison to countries across the globe, the market is expected to grow at a promising rate of almost 6.8% in the same period driven by the large scale acceptance of the probiotic yogurts in spoonable single serve packs and probiotic cultured drinks in single shot packaging form and probiotic dietary supplements.
Products that fall under the niche category presently, such as probiotic chocolates, probiotic ice creams and probiotic baked products are expected to enjoy a larger market share. Consumers' willingness to pay the premium price for fortified products with proven benefits is a key driver for these segments. However, probiotic cheese, probiotic butter, etc. are fated to the status of ultra-niche products due to their conventional image as unhealthy dietary products.