Pune, India, Nov. 07, 2022 (GLOBE NEWSWIRE) -- The global bovine lactoferrin market size was valued at USD 574.6 million in 2021. The market is projected to grow from USD 666.6 million in 2022 to USD 1,850.3 million by 2029, exhibiting a CAGR of 15.7% during the forecast period.
Key Industry Development:
June 2021 - According to a report from Beston Global Food Company Ltd., the Jervois dairy facility in Australia increased its ability to produce up to 25 metric tonnes of 95.0% pure lactoferrin annually.
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 15.7% |
| 2029 Value Projection | USD 1,850.3 Million |
| Base Year | 2021 |
| Market Size in 2021 | USD 574.6 Million |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 178 |
Report Coverage:
We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes on delivering precise material. Our scholars have applied a data triangulation method which further assists us to offer trustworthy estimations and test the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.
Drivers and Restraints:
Market Expansion will be Fueled by Introduction of Cost-effective Manufacturing Methods
A small number of technology-focused businesses are currently focusing on creating a more affordable method of making these goods.
Additionally, a number of researchers are concentrating on proving this ingredient's effectiveness for targeted drug delivery in the treatment of cancer.
Because of this and the rising number of working women in the developing nations of Asia, the Pacific, and Europe, the rate of breastfeeding is declining, which raises the demand for infant formula. The need for and acceptance of lactoferrin during the manufacture of infant formula is driving the market expansion, along with the benefits of lactoferrin in infant formula that have been demonstrated.
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Segments:
Certain Distinct Advantages of Freeze-dried Products Over Spray-dried Products Led to Market Dominance
By product, the market is segregated into freeze-dried and spray-dried. The freeze-dried segment held a lion’s share of the market during 2021. Some of the major factors attributed for the segmental dominance are high grade quality of the end product, anti-oxidant activity, and comparatively higher iron-binding capacity.
Increasing Demand for Infant Formula was Responsible for the Segmental Dominance in 2021
Based on application, the market is segmented into infant formula, pharmaceuticals, dietary supplements, food, and others. The infant formula segment accounted for the highest bovine lactoferrin market share in 2021. Clinical benefits of these products such as increasing immunity and digestion among infants are propelling the adoption rate of bovine lactoferrin in infant formula and contributed in the segmental growth.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
| Market Segmentation | By Product
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By Application
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By Geography
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Regional Insights:
In 2021, the Asia Pacific market had a value of USD 334.3 million. The rising demand for infant formula and dietary supplements among the region's general populace is mostly to blame for the regional domination.
The region with the highest CAGR during the forecast period is expected to be Europe. One of the main drivers of the bovine lactoferrin market growth in this region is the rise in consumption of dietary supplements, nutrient-dense foods and drinks, and other products that include bovine lactoferrin. North America, on the other hand, made a considerable contribution to the market in 2021. This region is positioned to benefit from a profitable growth potential as more domestic firms concentrate on increasing lactoferrin production capacity and dietary supplement consumption among Americans.
Competitive Landscape:
Important Business-related Announcements by Key Players to Influence Market Dynamics
Fundamental companies in the market often make crucial announcements regarding some business moves, which, in turn, affect the market either positively or negatively. Players acquire companies, launch new products, engage in partnership deals, sign contracts with government organizations, and so on.
List of Key Players Mentioned in the Report:
- 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)
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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
- Technological Advancements
- Regulatory Scenario – For Key Countries
- Pricing Analysis
- Impact of COVID-19 on the Global Bovine Lactoferrin Market
- Overview of Lactoferrin Description, Claim, Content on Packages
- Global Bovine Lactoferrin Market Analysis, Insights and Forecast, 2018-2029
- 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
- North America Bovine Lactoferrin Market Analysis, Insights and Forecast, 2018-2029
- 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 Country
- U.S.
- Canada
- Europe Bovine Lactoferrin Market Analysis, Insights and Forecast, 2018-2029
- 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 Country/ Sub-region
- UK
- Germany
- France
- Italy
- Spain
- Scandinavia
- Rest of Europe
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