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The bovine lactoferrin market size was valued USD 654.0 million in 2022 and is projected to grow USD 659.0 million in 2023 to USD 849.3 million by 2030, exhibiting a CAGR of 3.7% during 2023-2030. Asia Pacific dominated the global market with a share of 56.63% in 2022.
Lactoferrin is an iron-binding protein found in human, bovine, camel, and goat milk. It is an ingredient that helps in the treatment of stomach and intestinal ulcers, diarrhea, and hepatitis C. It is also used as an antioxidant against several bacterial and viral infections. According to a 2023 study published by the National Center for Biotechnology Information (NCBI), it was reported that liposomal lactoferrin possesses effective anti-viral properties for the treatment of COVID-19 and can modulate the immune response either by enhancing the expression of B cells or by regulating T cells.
The increasing demand for lactoferrin among the general population has resulted in a few market players focusing on the expansion of their production capacities. For instance, in June 2021, Beston Global Food Company Ltd. announced the expansion of the production capacity of 95.0% pure lactoferrin at the Jervois dairy factory in Australia. In the current scenario, the company has the capability to produce up to 25 MT of lactoferrin per year.
Furthermore, according to 2020 annual report, Noumi Limited reported their increasing focus towards maximizing the production capacity in their Shepparton plants. Such capacity expansion initiatives by key players are expected to help fulfil the supply-demand gap and will subsequently boost the market growth during the forecast period.
In July 2023, China’s State Administration for Market Regulation (SAMR) announced the updated measures for registering infant and young children milk powder recipes, which will come into effect from October 1st, 2023. The updated version prohibited using any compounds of raw materials in a disguised form and all sources of milk protein should come from a single species. These regulations offer a strict regulatory environment for the players operating in the market.
Since then, the market has been volatile in terms of prices due to the frequent changes in regulatory policies.
Decline in Selling Prices of Lactoferrin amid COVID-19 Pandemic Had a Negative Impact on Global Market
The COVID-19 outbreak had a negative impact on the market globally. Capacity expansion by the major players led to a decline in the average selling price of these products.
This resulted in the significant decline in the market size during the pandemic. However, the volume for bovine lactoferrin increased at a significant percentage in 2021 as compared to the 2020. This was mainly due to greater availability of these products by the domestic and international players in the market. Certain application segments witnessed a growth in the demand and adoption of this protein. This was due to the increasing awareness among the population about the clinical efficiency of the ingredient in boosting immunity.
However, post-pandemic, the dependency over lactoferrin for infant formula has recorded a decline. Owing to this, the market would record a slow growth during the forecast period.
Preferential Shift Toward Domestic Products from International Brands
Strong initiatives by the Chinese government to encourage the Chinese population for the adoption of domestic products is shifting the common population from the international brands. The upgradation of product ingredients by domestic players in their infant formulas according to updated GB standards, which necessitates choline as an ingredient in the product, is expected to strengthen their market positions.
Along with this, the applications of these products have increased significantly in the last few years. Till the year 2015, infant formula was considered as the main application. However, currently, the focus is shifting toward applications such as dietary supplements, food, pharmaceutical, and others. The growing popularity of naturally derived supplements over chemical molecules among the general population has increased the adoption of dietary supplements with added lactoferrin in developed as well as emerging countries.
This has subsequently resulted in the increasing focus of market players toward these sectors in order to gain profit. Furthermore, clinical trials to study the effects of this ingredient in the pharmaceutical industry have increased by 20 to 30 folds to study its pharmaceutical application.
Such an increased application across various sectors is resulting in the higher consumption of these products and is set to propel the market growth during 2023-2030 period.
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Introduction of Cost-effective Manufacturing Processes to Drive Market Growth
Currently, a few technology-oriented companies are emphasizing on introducing cost-effective ways of product manufacturing.
In addition, several researchers are focusing on establishing the efficacy of bovine lactoferrin for targeted drug delivery in cancer treatment.
In addition to these factors, an increasing number of working women in the emerging countries of Asia Pacific and Europe region is resulting in the decreasing rate of breast feeding and this leads to higher demand for infant formula. Furthermore, the proven benefits of lactoferrin are surging its demand and adoption in the manufacturing of infant formula, driving the bovine lactoferrin market growth.
The increasing number of clinical trials being conducted to explore new indications and the introduction of cost-effective techniques by manufacturers are expected to boost the product adoption during the forecast period.
High Cost of Lactoferrin and Lactoferrin Added Products to Limit Product Adoption
Despite the growing demand for advanced nutritional and infant formula products globally, certain factors are restricting the growth of the market. Among them is the high cost of products containing bovine lactoferrin as an ingredient. Different segments, such as food, nutritional supplements, infant formula, and similar others, require different purity levels of the protein, ranging from 90.0% to 98.0% purity. The higher the purity required, the costlier it becomes to manufacture, subsequently resulting in its higher prices.
Furthermore, as the purity increases, the prices are estimated to increase 2 to 4 times. For instance, the price per kg. of lactoferrin for dietary supplements (requiring 96.0% purity) is comparatively higher than other food applications (requiring 90.0% purity). Thus, the fluctuation in prices and comparatively higher prices of final products are some of the major factors limiting its adoption rate globally.
In addition to these factors, rising government initiatives for promoting breastfeeding are also hindering the market growth.
The major reason for the promotion of breastfeeding is the lactoferrin content in human milk, which ranges from 7 g/L in colostrum to 1 g/L in mature milk. The concentration of lactoferrin in cow’s milk is significantly lower ranging from 0.1 g/L to 0.4 g/L. The significant difference in this valuable protein content is leading to the shift of working women toward breastfeeding.
Certain Distinct Advantages Favored the Dominance of the Freeze-dried Segment
By product, the market for bovine lactoferrin is segregated into freeze dried and spray dried.
The freeze-dried segment held a lion’s share of the market in 2022. Some of the major factors driving the segmental dominance are the high grade quality of the end product, antioxidant activity, and comparatively higher iron-binding capacity.
On the other hand, the spray-dried segment is expected to grow at a significant CAGR during the forecast period. Certain specific advantages, including flexible, scalable, and controllable approaches for particle engineering are contributing to the growth of this segment. Apart from that, spray drying is appropriate for bulk application.
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Increasing Demand for Infant Formula Supported the Segmental Dominance in 2022
Based on application, the market for bovine lactoferrin is segmented into infant formula, pharmaceuticals, dietary supplements, food, and others.
The infant formula segment accounted for the highest market share in 2022. The clinical benefits of lactoferrin-based products such as increasing immunity and improved digestion among infants are propelling the adoption rate of lactoferrin in infant formula and contributed to the segmental growth. This coupled with increasing demand for infant formula among the working women as an alternative for breast feeding is also increasing the demand and adoption of lactoferrin in the infant formula.
The dietary supplements segment is expected to register a significant CAGR during the forecast period. The growing concern for healthy living among the general population along with the adoption of healthy diet in the post-pandemic situation is augmenting the adoption of natural healthy ingredients such as lactoferrin in dietary supplements. This is further anticipated to grow the segment with a significant CAGR during the forecast period.
The pharmaceutical segment is also expected to witness a significant CAGR during the forecast period. Certain key features such as anti-viral and anti-bacterial effects, anti-inflammatory effects, immune stimulating effects, and anticancer effects are some of the primary reasons for integrating these ingredients into the production of pharmaceutical drugs. These key factors are fueling the growth of this segment during the forecast period.
Based on geography, the market for bovine lactoferrin has been studied across Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Asia Pacific Bovine Lactoferrin Market Size, 2019-2030 (USD Million)
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The market size in Asia Pacific stood at USD 370.4 million in 2022. The regional dominance is mainly attributed to the increasing demand for infant formula and dietary supplements among the general population of this region. This is surging the demand for lactoferrin to be integrated into infant formula and other nutritious food products for added nutritional value during the study period. The decrease in the breast feeding rate is another key factor for the growing demand for infant formula in this region. This, along with rising adoption of these products in the infant formula as a complementary nutritional product to breast milk is altogether fueling the market growth.
The Europe market is anticipated to grow at the highest CAGR during the forecast period. Increasing health awareness, along with rising consumption of nutritional foods and beverages, and dietary supplements containing bovine lactoferrin are some of the major factors for the significant growth of the market in this region.
On the other hand, North America accounted for a significant share in the market in 2022. The increasing number of domestic players focusing toward the production capacity expansion of lactoferrin along with increased consumption of dietary supplements among the U.S. population is poised to offer lucrative growth opportunities in this region.
Latin America and the Middle East & Africa markets are expected to grow at a significant CAGR during the forecast period. This can be attributed to the increasing initiatives by governments and other non-profit organizations for the awareness of bovine lactoferrin usage and its nutritious value. In addition, the lower rate of breast feeding in these regions is also fostering the adoption of infant formula with added lactoferrin among the general population.
Industry Players Focus on Expansion of Lactoferrin Production Capacity to Increase Global Market Share
The current market is semi-consolidated with industry players, such as MILEI GmbH and Bega Cheese Ltd., having accounted for the major share of the global market in 2022. The strong brand image, along with the wide distribution network globally, is offering immense growth opportunities for these players during the study period.
At present, a majority of the players operating in the market are focusing on their capacity expansion with an aim to fulfil the demand-supply gap of bovine lactoferrin during the study period. This is expected to increase their global bovine lactoferrin market share during the forecast period. Among key players, MILEI GmbH, Synlait Ltd., and FrieslandCampina DOMO are some of the players who expanded the production capacity of this protein and are anticipated to produce more than double of its previous production volume in the upcoming years to position themselves as the market leaders.
In addition, advancements in technology infrastructure and acquisitions & mergers with the key players operating in the milk industry are contributing to the growth of the leading players, such as Fonterra Co-operative Group Limited and others, in the market during the study period.
The expansion is further augmented by recent introduction of lactoferrin-based products by the key players such as Beston Global Food Company Ltd., which is fueling the adoption rate of these products among the general population. Certain inorganic growth strategies to comply with the recent GB standards are anticipated to strengthen the brand position of other market players during the study period.
Other key players in the market are SAVENCIA SA, Saputo Dairy Australia Pty Ltd., Noumi Limited, Glanbia PLC., and Ingredia.
An Infographic Representation of Bovine Lactoferrin Market
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The global bovine lactoferrin market report provides a detailed analysis and market segmentation on the basis of product and application and focuses on key aspects such as company profiles, SWOT analysis, and applications. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market in recent years.
Value (USD Million)
CAGR of 3.7% from 2023-2030
Fortune Business Insights says that the global market stood at USD 654.0 million in 2022 and is projected to reach USD 849.3 million by 2030.
In 2021, Asia Pacific stood at USD 334.3 million.
The market will exhibit steady growth at a CAGR of 3.7% during the forecast period (2023-2030).
Based on application, the infant formula segment held the leading market share in 2022.
The increasing demand for infant formula with added lactoferrin and the introduction of cost-effective manufacturing processes by industry players.
MILEI GmbH, SAVENCIA SA, Synlait Ltd., Glanbia Plc., Ingredia, and Bega Cheese Ltd. are the top players in the market.
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