The ‘Global Bovine Lactoferrin Market Analysis, Share, Price, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global bovine lactoferrin market, assessing the market on the basis of its segments like product, application, and major regions.
The key highlights of the report include:
Market Overview 2018-2028
• Forecast CAGR (2023-2028): 12.1%
The global bovine lactoferrin market is anticipated to register significant growth in the coming years owing to the increasing awareness among customers about the importance of diet and health. The increasing prevalence of skin-related health conditions is likely to boost the market demand. The rise in the demand for dietary supplements and the increasing need for nutritional food, coupled with the rising demand for convenient feeding, is propelling the market growth. The rising demand from pharmaceutical and personal care industries is likely to propel the market due to its antibacterial, antiviral, antiparasitic, anti-allergic, and catalytic functions and properties.
Bovine lactoferrin aids in curing skin ailments such as acne, along with its increasing usage in personal care and pharmaceutical products and anti-inflammatory purposes. The rising demand from these industries is driving the growth of the bovine lactoferrin market across the globe. The increasing focus of manufacturers on understanding buying patterns of consumers to provide them with ever-changing demands is further expected to support the market growth.
Moreover, various enterprises have started investing in packaging and upgradation of ingredients depending on whether the point-of-purchase is a speciality store, club warehouse, or online shopping portal. This is further expected to bolster the market growth of bovine lactoferrin over the forecast period.
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Bovine Lactoferrin Industry Definition and Major Segments
Lactoferrin is a nutrient that is generally discovered in mammalian milk. It is a protein widely found in human milk, and animal milk, among other bodily fluids. Lactoferrin can incorporate higher colostrum, which is basically the first milk made after a baby is born. It connects to iron as well as is transferred through a range of receptors into and between serum, cells, bile, and cerebrospinal fluid. Further, lactoferrin has substantial immunological assets and consists of both antiviral and antibacterial.
On the basis of product, the market is segmented into:
• Freeze Dried and Milled
• Spray Dried Powder
By application, the market is classified into:
• Infant Formula
• Dietary Supplements
Based on region, the market is divided into:
• North America
• Latin America
• Asia Pacific
• Middle East and Africa
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Bovine Lactoferrin Market Trends
Based on the application, the infant formula segment is holding the largest bovine lactoferrin market share on account of the rise in the number of clinical studies supporting infant formula integration with lactoferrin. The shift in consumer dynamics toward infant supplementary foods is driving the growth of the segment in the market. The increasing need for infant nutrition is primarily from developed countries due to an increase in disposable income and busy work schedules, along with the increasing prevalence of iron deficiency among infants.
Geographically, the Asia Pacific region is expected to register significant growth on account of the rising literacy rate and surging consumer awareness about personal care, pharmaceutical, and infant nutrition products. The increasing population and increasing spending capacity of consumers, especially in Japan, India, and China is likely to fuel the market across the region. The region has many small and medium businesses, along with consumer inclination toward organic products, which is expected to aid the market for lactoferrin in the Asia Pacific region.
Meanwhile, North America is anticipated to gain further momentum in the market of bovine lactoferrin during the forecast period on account of an increase in the numbers of hypermarkets, supermarkets, and speciality stores, and incentivised marketing systems adopted by the major market players to increase their sales. The United States is holding a significant share of the market growth of bovine lactoferrin due to the surging prevalence of digestive distresses has further aided product demand across the economy.
Key Market Players
The major players in the global bovine lactoferrin market
• Fonterra Co-Operative Group Limited
• Lee BioSolutions
• Glanbia Plc
• Bega Cheese Limited
• Saputo Inc
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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