US Probiotic Market Size
The estimated market size of the US probiotic market in the next 3-5 years is $8.09 billion to $10.34 billion and is growing at an estimated CAGR of 6.39%.
- According to Mordor Intelligence, the US probiotic market in 2018 was valued at $6.7 billion. The market was projected to grow at a CAGR of 12% in the period of 2017 to 2022.
- The US probiotic market size is projected to reach $8.09 billion in 2021, $8.60 billion in 2022, $9.15 billion in 2023, $9.73 billion in 2024, and $10.34 billion in 2025 (Calculations below).
- The sales of probiotic ingredients, which are also microbial genus (yeast, Bifidobacterium, Lactobacilli, Bacillus, Streptococcus) in 2019, was $426.39 million. The sales have been projected to increase to $480.7 million in 2020, $495 million in 2021, 539.11 in 2022, $584.86 million in 2023, and $638.77 million in 2024.
- The demand for streptococcus is expected to grow at a rate of more than 7.5% up to 2024.
We leveraged several market reports, including Mordon Intelligence, Fortune Business Insights, PR Newswire Market Watch, Business Wire, among others. From these reports, we able to find the US probiotic market size for 2018, which has been projected to grow at a CAGR of 12% in the 2017-2022 period. We also searched through articles like Forbes, Bloomberg, Reuters, and others, but they did not provide us with market size and growth of the industry in the next 3-5 years. Bloomberg, for instance, provided the industry growth rate for 2017 to 2022 period. Further research indicated that this growth is expected to continue from 2023 onward but the statistics are paywalled. Lastly, we sought to triangulate market size and growth as follows.
- According to Mordon Intelligence, the US probiotic market size was $6.7 billion in 2018. The market was projected to grow at a CAGR of 12% in the period of 2017 to 2022, but the 2017-2022 period does not cover the market growth for the next 3-5 years. Therefore, we used global data to calculate the US market size in the five years
- According to Grand View Research, in 2018, the global probiotic market was valued at $48.38 billion.
- Therefore, the market share of the United States in the global market is =($6.7 billion/$48.38 billion)x100=13.85%
- According to Market Watch, the global probiotic market is expected to reach $74.69 billion in 2025. Assuming the US maintains its market share, then the projected market size for US market in 2025 would be =$74.69 billion x 13.85%= $10.34 billion.
- Using the CAGR calculator, we, therefore, determined the growth rate from 2018 to 2025 as 6.39% using $6.7billion as the initial value and $10,34 as the final value.
The market size for 2020 to 2024 is as follows
2019 market size= (($6.7 billion x 6.39%)+$6.7 billion)=$7.13 billion
2020 market size=(($7.13 billion x6.39%)+$7.13 billion)=$7.60 billion
2021 market size=(($7.60 billion x 6.39%)+$7.60 billion)=$8.09 billion
2022 market size=(($8.09 billion x6.39%)+$8.09 billion)=$8.60 billion
2023 market size=(($8.60 billion x6.39%)+$8.60 billion)=$9.15 billion
2024 market size=(($9.15 billion x 6.39%)+$9.15 billion)=$9.73 billion