The global bovine lactoferrin market is predicted to expand at a CAGR of 15.8% between 2023 and 2033, from US$ 772.39 Million to US$ 3,349.05 Million. The increasing consumer awareness of health and diet and the growing incidences of skin-related medical issues are expected to stimulate demand. Lactoferrin is thought to have antiviral, antimicrobial, antiparasitic, catalytic, and anti-allergic functions and characteristics, which will influence product sales in the personal hygiene and pharmaceutical industries.
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Currently, several technology-oriented industries are focusing on developing a cost-effective method of manufacturing these products. Several researchers are also working to determine the effectiveness of this ingredient for delivering specific drugs in cancer treatment. This, combined with an increase in the number of working women in the Asia Pacific and Europe region, tends to result in a decrease in the frequency of breastfeeding, causing a greater consumption of infant formula.
Oral bovine lactoferrin, associated with the beneficial properties of lactoferrin in infant formula, is growing significantly and the adaptation of this protein during infant formula manufacturing, cruising the bovine lactoferrin supplement market. In 2021, North America was the second-largest leading region for lactoferrin. The United States has emerged as the region’s biggest market. The increased incidences of digestive issues have enhanced product sales across the nation.
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Key Takeaways from Market Study
- In 2021, the Asia Pacific market is estimated to be valued at US$ 335 Million.
- With a sales revenue of more than 42.5% in 2020, Asia Pacific emerged as the biggest regional market.
- In 2021, the infant formula segment led the lactoferrin market, with a profit share of more than 40%. From 2023 to 2033.
- According to a report from Future Market Insights (FMI), from 2018 to 2022, sales witnessed significant growth, registering a CAGR of 10%.
- Clinical trials to examine the effects of this component in the healthcare industry have increased by a factor of 25 to 30.
“With the growing number of working women in Asia, the Pacific, and Europe, the proportion of breastfeeding is declining, the need for an acknowledgment of lactoferrin in infant formula manufacturing is cruising market growth, as are the benefits of lactoferrin in infant formula that have been illustrated.” says an analyst at Future Market Insights.
Key Market Players
Key players in the Bovine Lactoferrin market are MILEI GmbH (Germany), Bega Cheese Ltd. (Australia), Fonterra Co-operative Group (New Zealand), FrieslandCampina DOMO (Netherlands), Beston Global Food Company Ltd (Australia), SAVENCIA SA (France), Saputo Dairy Australia Pty Ltd. (Australia), FREEDOM FOODS GROUP LIMITED (Australia), Synlait Ltd. (New Zealand), Glanbia Plc. (Ireland), Ingredia (France).
- Beston Global Food Company Ltd. revealed in June 2021 that its Jervois dairy factory in Australia enlarged its capacity to generate up to 25 metric tonnes of 95.0% pure lactoferrin per year.
- Fonterra Co-operative Group declared in June 2021 that it will market its two joint venture firms in China in order to concentrate more on New Zealand milk production and prioritize the Greater China industry.
- Fonterra Co-operative Group Limited announced a sales and advertising contract with Land O’Lakes, Inc. in October 2020, with the intention of expanding its market potential into more U.S. food service platforms.
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Bovine Lactoferrin Market Segments Survey
Bovine Lactoferrin Market by Type:
- Freeze-dried
- Spray-dried
Bovine Lactoferrin Market by Application:
- Infant Formula
- Dietary Supplements
- Pharmaceuticals
- Food
- Other Applications
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Embolization Coils market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Product (Spray-dried and Freeze-dried), By Application (Infant Formula, Pharmaceuticals, Dietary Supplements, Food, and Others) & Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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