Pune, July 29, 2020 (GLOBE NEWSWIRE) -- The global bovine lactoferrin market size is projected to reach USD 949.0 million by the end of 2027. Technological advancements in manufacturing processes will have a positive impact on the growth of the overall market in the coming years. According to a report published by Fortune Business Insights, titled “Bovine Lactoferrin Market Size, Share & COVID-19 Impact Analysis, By Product (Spray-dried, and Freeze-dried), By Application (Infant Formula, Pharmaceuticals, Dietary Supplements, Food, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 546.6 million in 2019 and will exhibit a CAGR of 5% during the forecast period, 2020-2027.
Lactoferrin is an anti-microbial that has the ability to fight severe diseases such as Crohn’s disease. The product is a protein that protects the body from necrotizing enterocolitis and is also used to reduce conditions such as diarrhea. The product is said to boost the fight against intestinal ulcers and critical diseases such as hepatitis C.
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Accounting to its properties, lactoferrin is used to treat viral infections. The substance is found in human milk like colostrum, the first milk produced after the baby is born. Due to several advantages of the product with regard to human health, bovine lactoferrin is being studied on a wider scale across the world. The massive investments in research and development of the product associated with its effects on human health will bode well for the growth of the overall market in the coming years.
Despite Several Barriers, Covid-19 Pandemic to Present Several Growth Opportunities
The recent coronavirus outbreak has created a sense of panic across the world. As the Covid-19 cases continue to rise, governments of several countries across the world are taking strict measures to curb the spread of the disease. Although this has had a negative impact on several businesses, the bovine lactoferrin market is likely to derive growth from this situation.
Recent market studies have indicated that bovine lactoferrin can also be used in the fight against coronavirus; a factor that is pivotal to the growth of the market. As a result, the Covid-19 pandemic will have a positive impact on market growth.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Increasing Number of Product Launches will Contribute to Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the constant innovations associated with bovine lactoferrin, coupled with the increasing number of variants introduced by large scale companies, has had the highest impact on the growth of the market in recent years. The report includes the strategies adopted by these companies, along with their respective products in bovine lactoferrin industry.
In April 2018, Ingredia announced the launch of a new lactoferrin in the global market. The company introduced ‘PROFERRIN’ Lactoferrin, a product that is considered to be the purest form of lactoferrin. This product was intended for use in improving gut health as it exhibits anti-inflammatory properties. Increasing number of such products will bode well for the global bovine lactoferrin market in the long run.
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North America Projected to Emerge Dominant; Increasing Spending on R&D by Major Companies to Aid Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant. The US FDA recently cleared lactoferrin for use in infant formula.
The market in Europe accounted for a significant market share in 2019 owing to rising demand for infant formula in countries such as Germany, France, and the UK. As of 2019, the market in North America was worth USD 77.1 million and this value is projected to increase further in the coming years. The market in Asia Pacific held a dominant share, due to increasing product demand and rising population across the region.
List of the Leading Companies Operating in the Bovine Lactoferrin Market are:
- MILEI GmbH, Leutkirch im Allgäu, Germany
- FrieslandCampina DOMO, Amersfoort, Netherlands
- Synlait Ltd., Canterbury, New Zealand
- Glanbia Plc., Kilkenny, Ireland
- Bega Bionutrients, Melbourne, Australia
- Saputo Dairy Australia Pty Ltd., Victoria, Australia
- Fonterra Co-operative Group, Auckland City, New Zealand
- Armor Protéines, Saint-Brice-en-Coglès, France
- Hilmar Cheese Company, Inc., California, U.S
- Murray Goulburn Co-operative Co. Limited, Victoria, Australia
- Ingredia, Arras, France
Industry Developments:
March 2019 – Hong Kong Jin Gang Trade Holding Limited announced that it has completed the acquisition of Westland Co-operative Dairy Company Limited with an aim to strengthen its market position in New Zealand.
April 2018 – Ingredia announced the launch of a new product in the lactoferrin space. The company introduced PROFERRIN lactoferrin in the global market. This product was intended to be used in improving gut health and to exhibit anti-microbial and anti-inflammatory properties.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of Other Applications Undergoing Trial
- Technological Advancements
- Regulatory Scenario – For Key Countries
- Overview of the China Infant Formula Market
- Global Bovine Lactoferrin Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Freeze-dried
- Spray-dried
- Market Analysis, Insights and Forecast – By Application
- Infant Formula
- Dietary Supplements
- Pharmaceutical
- Food
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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