The global bovine lactoferrin market growth is set to experience remarkable growth between 2023 and 2033, with projections indicating a robust Compound Annual Growth Rate (CAGR) of 15.8%. Starting at US$ 772.39 million in 2023, this dynamic market is anticipated to soar to an impressive US$ 3,349.05 million by 2033.
The Bovine Lactoferrin Industry refers to the global industry involved in the production, distribution, and sale of bovine lactoferrin, a protein derived from cow’s milk. Bovine lactoferrin is known for its various health benefits and is widely used in the pharmaceutical, food, and nutritional supplement industries.
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Bovine lactoferrin offers several advantages, including its antimicrobial, immune-boosting, and anti-inflammatory properties. It is often used in infant formulas, dietary supplements, functional foods, and personal care products. The market for bovine lactoferrin has been growing steadily due to increasing consumer awareness regarding the health benefits of this protein.
Factors driving the Bovine Lactoferrin Industry include the rising demand for natural and functional food ingredients, growing health-consciousness among consumers, and the expanding nutraceutical industry. Additionally, the increasing prevalence of chronic diseases and the growing elderly population have fueled the demand for products that support immune health.
Geographically, North America and Europe have traditionally been the leading markets for bovine lactoferrin due to the well-established dairy industry and the presence of major players in these regions. However, emerging economies in Asia Pacific, such as China, India, and Japan, are witnessing significant growth in demand for bovine lactoferrin due to changing lifestyles, increasing disposable income, and rising consumer awareness about health and wellness.
Key Takeaways from the Market Study:
- The global Bovine Lactoferrin Industry is expected to grow at a significant CAGR over the forecast period.
- The growth of the market is being driven by increasing awareness of the health benefits of bovine lactoferrin, the growing geriatric population, and the rising prevalence of chronic diseases.
- North America is expected to remain the largest market for bovine lactoferrin over the forecast period, while the Asia Pacific region is expected to be the fastest-growing market.
“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.
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Key Market Players:
- Glanbia Plc.
- Fonterra Co-operative Group
- Freisland Campine DOMO
- Milei GmbH
- Bea Bionutrients
- Beston Global Australia Pty Ltd.
- Saputo Dairy Pty Ltd.
- Synlait Ltd.
- Ingredia
- Savencia SA
- Freedom Food Group Limited
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.
Bovine Lactoferrin Industry Segments Survey:
Bovine Lactoferrin Industry by Type:
- Freeze-dried
- Spray-dried
Bovine Lactoferrin Industry by Application:
- Infant Formula
- Dietary Supplements
- Pharmaceuticals
- Food
- Other Applications
Bovine Lactoferrin Industry by Region:
- North America
- Europe
- East Asia
- South Asia & Pacific
- Latin America
- Middle East and Africa
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