New York, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The global Bovine Lactoferrin Market size is slated to expand at ~ 11% CAGR between 2023 and 2033. The market is poised to garner a revenue of USD 940 Million by the end of 2033, up from a revenue of ~USD 450 Million in the year 2022. The growing prevalence of various viral diseases such as the influenza virus, along with the proliferating need for antiviral remedies and dietary supplements, is estimated to fuel the global bovine lactoferrin market throughout the forecast period.
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As per the Centers for Disease Control and Prevention, in the United States, 1,899 (0.2%) of 1,081,671 samples tested positive for influenza viruses (713 (7.5%) for influenza A and 1,186 (7.5%) for influenza B) in 2021. Moreover, in the same time frame, 61.4% of influenza-positive samples were influenza A, with 38.6% being influenza B. Furthermore, as a result of COVID-19, there is a growing popularity of lactoferrin doses for COVID patients owing to its numerous biological functions, including its immunity booster tendencies and antiviral and antibacterial effects, which are further expected to augment the market growth.
Global Bovine Lactoferrin Market: Key Takeaways
- Market in North America to propel the highest growth
- Iron Absorption segment to garner the highest growth
- Market in Asia Pacific to grow at the highest rate
Growing Prevalence of Hepatitis C to Boost Market Growth
As an iron-binding protein, lactoferrin aids in treating hepatitis C, diarrhea, and intestinal ulcers. It has been found that ingestion of bovine lactoferrin (bLF) has anti-inflammatory, anti-infective, and anti-cancer effects. Moreover, bLF serves as an antioxidant against the wide variety of bacterial and viral infections, which have been increasing over time. All such advantages and the rising number of cases of hepatitis C give a notable hike to the demand for bovine lactoferrin among the general population and are expected to escalate its market growth in the forecasted period. As per World Health Organization data, nearly 58 million people across the globe are suffering from chronic hepatitis C virus infection, with almost 1.5 million new cases of infection occurring per year. In addition, there are 3.2 million children and adolescents who have chronic hepatitis C infection. Presently, there are no drugs available for the cure of this disease, but it is observed that antiviral medicines may cure over 95% of patients with hepatitis C infection.
Global Bovine Lactoferrin Market: Regional Overview
The global bovine lactoferrin market is further segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Health Awareness and Growing Demand for Dietary Supplements to Drive Growth in the North America Region
The bovine lactoferrin market in the North American region is estimated to garner the largest revenue by the end of 2033. The growth of the market can be attributed to the speedily rising consumption trend of dietary supplements by the populace for getting enough essential nutrients and improving health, skin conditions, and the immune system, together with the surging awareness regarding fitness and health among individuals in the region. It was found that almost 75% of adults in the United States were consuming dietary supplements up until 2019, which is expected to keep increasing with the passing years. Moreover, every year, some 58 million individuals experience acne in the United States, making it the most common skin condition among the general population. Furthermore, the presence of strong pharmaceutical industries and giant manufacturers of bovine lactoferrin market in the region is also expected to propel regional market growth in the provided time frame.
Rising Demand for Baby Formula to Drive Growth in the Asia Pacific Region
The bovine lactoferrin market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2033. The dynamically growing population in the Asia Pacific region also comprises an increasing number of babies, along with the rising demand for nutrient-rich supplements and milk as infant food as a result of the decreasing breastfeeding ratio owing to the surging ratio of working women in the region. As per statistics, with over four births every second of every day worldwide, over 50% of all births take place in Asia, with ~25 million births in India and nearly 16 million births in China every year. Furthermore, followed by the rising demand for infant formula, the demand for dietary supplements in the region is also gaining momentum and is further attributed to the regional market's growth. It was found that the Asia region was next to the United States in dietary supplement usage, with ~45% of Asians claiming that they have been consuming dietary supplements.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Bovine Lactoferrin, Segmentation by Function
- Immune Cell Stimulation
- Iron Absorption
- Antibacterial
- Others
The iron absorption segment is anticipated to hold the largest revenue by the end of 2033. The growth of the segment can be attributed to the growing use of bovine lactoferrin supplements, which function as nutraceuticals or functional foods, as well as the growing awareness about the outstanding advantages of lactoferrin for pregnant women and anemic children, given the rising prevalence of anemia worldwide. According to World Health Organization (WHO) statistics, anemia has been affecting about 40% of pregnant women globally, along with 42% of children aged less than 5 years. Furthermore, growing concern about the increasing incidences of neonatal infection globally, which according to the World Health Organization annually causes nearly 550, 000 neonatal deaths as a result of neonatal infections, is expected to drive segment growth in the coming years.
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Global Bovine Lactoferrin, Segmentation by Product Type
- Freeze dried & milled
- Spray Dried Powder
The freeze-dried & milled segment is anticipated to hold the largest revenue by the end of 2033. The factors applicable to the growth of the segment during the forecast period are the rising awareness of bovine lactoferrin benefits for better oral health, rapid loss of visceral fat in obese adults, and combating various skin issues along with its growing demand. As per 2022 statistics, it was observed that oral diseases affect ~3.5 billion people. Tablets containing bovine lactoferrin are known for reducing odor and improving oral hygiene in adults. Moreover, as per a study, over 40% of Americans were found to be clinically obese. Additionally, the growing recognition of lactoferrin as an iron-binding protein that has higher iron-binding potential and is rich in antioxidant properties with an extensive shelf life is also projected to rapidly escalate the segment growth in the forecasted years.
Global Bovine Lactoferrin, Segmentation by Application
- Dietary Supplements
- Pharmaceuticals
- Infant Formula
- Food
- Others
A few of the well-known market leaders in the global bovine lactoferrin market that are profiled by Research Nester are Bega Cheese Limited, Fonterra Co-operative Group Limited, Glanbia plc, Jarrow Formulas, Inc., MILEI GmbH, Beston Global Food Company Ltd., Morinaga Co., Ltd., Noumi Limited, Saputo Inc., NutriScience Innovations, LLC, and other key market players.
Recent Development in the Global Bovine Lactoferrin Market
- Bega Cheese Limited an Australian cheese company acquired Lion Dairy & Drinks with a net acquisition worth of USD 534 million.
- Natrol and Jarrow Formulas, two leading vitamin and supplement companies, officially merged to form Vytalogy Wellness (Vytalogy). The company hopes to set the standard for modern wellness in the vitamin, mineral, and supplement categories.
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