05 March 2021
Visiongain has published a new report on Synbiotics Market Report to 2031: Forecasts by Form (Powdered, Liquid), By Application (Food & Beverages, Pharmaceutical, Dairy, and Others), By Distribution Channel (Online Channel and Offline Channel (Organized Retail (Supermarkets & Hypermarkets, Convenience Stores, Departmental stores and Others) Unorganized Retail)), PLUS Profiles of Leading Synbiotics Companies and Regional and Leading National Market Analysis, PLUS COVID-19 Recovery Scenarios.
The global Synbiotics market was valued at US$ xx billion in 2020 and is projected to reach a market value of US$ xx billion by 2031. Growth in health and wellness among the consumers is a major factor resulting in the rise in the demand for synbiotics. Further rising demand for functional foods is also a major factor triggering the overall market growth.
COVID-19 Impact on Sports Nutrition Ingredients Market
The coronavirus pandemic has impacted the overall supply chain of the food ingredients and material supplies thus affecting the supply of synbiotics. Demand for food is inelastic, however, a decline in the demand for animal based proteins owing to the factor that animals are a host of proteins has resulted in the fall in the demand for synbiotics. Further closures of restaurants and also less grocery shopping are affecting the overall supply of the products which in turn is expected to impact the demand for synbiotics.
Growing health and wellness among the consumers
Growing health awareness among consumers is a major factor driving the demand for synbiotics. Synbiotics play an important role in the alleviation of lactose intolerance, the prevention of osteoporosis, and reducing the risk of carcinogenic and cardiovascular disorders. Manufacturers across the food & beverage sector have been inclined towards food fortification with synbiotics, to provide nutritional enrichment and associated health benefits.
Rising demand for functional food
There is a rising demand for functional food that has resulted in the increasing demand for functional ingredients that offers health benefits without sensory quality or compromising the overall quality of food products. The further rise in the demand for functional food is also due to the increasing cost of healthcare services.
Growing Food & Beverage Industry in the developing economies
The growing food & beverage industry in the Middle East & Africa region is expected to generate a new opportunity for the market during the forecast period. The Food & Beverage industry in Saudi Arabia is one of the largest markets in the Middle East & Africa and was values at US$ 45 billion in 2020. Further, Saudi Arabia food & beverage industry accounted for 10% of the gross domestic product in 2018, thereby highlighting the overall importance of the industry. In addition to this, a larger number young population base in the Middle East & Africa region is also triggering the market growth.
Nee product innovations among different manufacturers are also generating new opportunities for the market. For instance, in 2019, Synbiotic health signed a commercial agreement with NUtech ventures which is non-profit technology commercialization that grants the company with exclusive rights across the globe for formulating high-quality synergistic symbiotic products.
Some of the major players operating in the global symbiotic market are Pfizer Pharmaceuticals, Yakult Pharmaceuticals, Groupe Danone, Behn Mayer & Company Private Limited, Skystone Feed Cooperative Limited, Sabinsa Corporation, Daflorn MLM5 Limited, Chr. Hansen among others. New product developments, product launches, mergers & acquisition among others are the major factor driving the market growth. For instance, in 2020, Asmara which is a Singapore brand owned by the food & beverage consultancy company NU3x launched six functional powders that will help to boost digestion, immunity among others.
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