Global Bovine Lactoferrin Market By Product Type (Spray dried powder and Freeze-dried powder) By Function (Immune cell stimulation, Iron absorption, Antibacterial, and Others) By Application (Dietary supplement, Infant nutrition, and Others) Growth, Future Prospects & Competitive Analysis, 2016 – 2030

Key Highlights of the report

How are the major segments performing in the Bovine Lactoferrin Market?

• The freeze-dried powder product type segment accounted for the largest share of the global market in 2022 owing to the higher proportion of antioxidant properties, extended shelf-life, and high iron binding potential.
• In 2022, the infant nutrition application segment was expected to command a large revenue share of the global bovine lactoferrin market. Clinical benefits of these products, such as improved immunity and digestion in infants, are driving the adoption of bovine lactoferrin in infant nutrition formula and contributing to segment growth.
• The iron absorption function segment accounted for most of the bovine lactoferrin market revenue share in 2022. Anemia is caused by iron deficiency, which affects roughly 30% of the world’s population. The segment’s expansion can be attributed to its exceptional benefits for anemic people and pregnant women.

What is the Market Size of Bovine Lactoferrin regarding value?

The global bovine lactoferrin market is anticipated to grow at a substantial CAGR of 16.2% in the upcoming years. The Global Bovine Lactoferrin industry was estimated to be worth USD 621.6 million in 2022 and was expected to be worth USD 1778.09 million by 2028.

Which region dominated the bovine lactoferrin market?

North America is expected to have a significant global bovine lactoferrin market share in 2022, owing to the region’s significantly increasing consumption of dietary supplements, which is backed up by rising fitness and health awareness among individuals. For instance, until 2020, about 75% of American adults consumed dietary supplements. Additionally, the region is home to significant producers of bovine lactoferrin, who have a significant impact on the market. Furthermore, an increase in clinical trials, coupled with increased usage of infant formula as a result of the FDA’s recent approval, and a significant increase in the ratio of specialty shops are some additional factors that are expected to drive market growth further in the region over the projected time frame.

How is US Market Performing in the Bovine Lactoferrin Market?

North America presently leads the global bovine lactoferrin market, with the United States capturing the largest revenue share. The rising prevalence of digestive problems has increased product demand throughout the country. Additionally, a rise in the number of specialty shops, hypermarkets, supermarkets, and incentive-based marketing programs adopted by brand owners to increase their sales are anticipated to support the growth of the bovine lactoferrin market in the ensuing years. Furthermore, the presence of key market players in the country implementing various marketing initiatives and strategies, including branding, to broaden business reach propels the bovine lactoferrin market forward.

How is the economy impacting global bovine lactoferrin growth?

Bovine lactoferrin market participants are expected to sail in rough waters in 2022 and 2023, potentially incurring losses due to a large gap in currency translation, followed by contracting revenues, depleting profit margins, and cost pressure on the supply chain and logistics. Furthermore, the US economy is only expected to grow by 3% in 2023. However, the US FDA recently approved the use of lactoferrin in infant formula.

What is the competitive environment of the bovine lactoferrin market?

The industry’s market is currently semi-consolidated, with key players like MILEI GmbH, Beston Global Food Company Ltd, and Bega Cheese Ltd expected to hold the majority of the market share for bovine lactoferrin by 2023. These players will benefit greatly from their strong brand image and global distribution network over the upcoming years. Currently, most market participants focus on capacity expansion to close the bovine lactoferrin demand-supply gap. For instance, Beston Global Food Company Ltd announced in June 2021 that its Jervois dairy factory in Australia increased its capacity to manufacture up to 25 metric tonnes of 95.0% pure bovine lactoferrin per year. Similarly, FrieslandCampina DOMO announced in September 2020 that it would begin expanding its lactoferrin production capacity in Veghel, Netherlands, to 70 MT by the end of 2022 to keep up with the growing demand for the substance. The company is nearing the completion of its plant, and it is expected to produce the required quantity by 2023.

Executive Summary

What are the key trends in the Bovine Lactoferrin market?

• Growing global demands for dietary supplements: Dietary supplements are additives used to supplement the diet with essential nutrients or to lower the risk of certain health problems. Dietary supplements are a well-balanced mix of vitamins, minerals, amino acids, and enzymes. People are increasingly consuming dietary supplements to meet their nutritional needs as they provide adequate nutrition. Additionally, bovine lactoferrin is a source of crucial nutrients for the human body and is a component of the dietary supplements predicted to fuel market expansion. For example, dietary supplements are used by 40% to 56% of adults in developed countries.

What are all the technical developments in the bovine lactoferrin market?

Introducing a low-cost bovine lactoferrin manufacturing process will drive global market growth. Currently, a few technology-oriented companies are focusing on introducing a more cost-effective method of manufacturing these products. For instance, Conagen Inc developed a lactoferrin manufacturing process that is both efficient and affordable in April 2020 with microbial fermentation technology. Besides, several researchers are working to determine the efficacy of this ingredient in cancer treatment via targeted drug delivery. For example, in April 2021, scientists from the University of Strathclyde presented that gold nanocages containing lactoferrin are extremely promising gene delivery systems for prostate tumor treatment and can be further investigated either alone or in conjunction with other cancer therapies.

Which are the key investments by the bovine lactoferrin market players?

Manufacturers focus on understanding consumer purchasing patterns to meet ever-changing demands. The clinical and operational advantages of the freeze-drying technique have compelled market participants to adopt the lactoferrin manufacturing technique. Bovine lactoferrin is also in high demand due to its benefits, which include minimal effects on protein denaturation, improved quality & purity of the finished product, and better stability. Experiments and research studies reinforce the benefits of bovine lactoferrin in various applications, which are expected to drive its demand in the coming years. Massive investments in product research and development related to its impacts on human health will bode well for the overall market’s growth in the coming years.

Some major players in the bovine lactoferrin market are Glanbia Plc, Bega Cheese Ltd, Beston Global Food Company Ltd, Fonterra Co-Operative Group Ltd, Jarrow Formulas Inc, Inner Mongolia Yili Industrial Group Co. Ltd, La Prosperite Fermiere Societe Cooperative Agricole (Ingredia Nutritional), Morinaga & Co. Ltd, Nutriscience Innovations LLC, Oskia Skincare Ltd, Noumi Ltd (Freedom Foods Pty Ltd), Royal Friesland Campina N.V., Synlait Milk Ltd, Savencia Sa (Armor Proteins), Saputo Inc (Saputo Dairy Australia Pty Ltd), Tatua Co-Operative Dairy Company Ltd, and US Clinicals.

What are the Major Driving Factors for the Bovine Lactoferrin Market?

Increased demand for dietary supplements globally and rising demand for nutritional foods are expected to drive the growth of the bovine lactoferrin market. Rapidly expanding demand for convenient feeding has prompted infant food manufacturers to provide nutrient-rich supplements to meet the growing number of working mothers worldwide. Numerous clinical studies have also shown how effective lactoferrin is at treating skin conditions like acne and how it can be used in pharmaceutical and personal care products for antibacterial, antiviral, and anti-inflammatory properties. Many market participants are introducing new products to boost the bovine lactoferrin demand. It strengthens the body’s immune system to combat acute respiratory infections. Moreover, many major players actively develop cost-effective and affordable manufacturing techniques, indicating a profitable bovine lactoferrin market expansion opportunity.

What are the Major Risks for the Bovine Lactoferrin Market?

Despite the rising demand for lactoferrin in personal hygiene products, infant formulas, and dietary supplements, the high cost of products containing bovine lactoferrin is expected to limit global market growth. The purity factor determines the higher price density. The higher the proportion of purity, the higher the price, which can range from two to five times. As a result, this significant factor is expected to impede the expansion of the bovine lactoferrin market for the forecast period.

Which is the key application in the bovine lactoferrin market?

The infant nutrition application segment is expected to dominate the global bovine lactoferrin market in the upcoming years. The growing number of clinical studies promoting infant formula integration with bovine lactoferrin and shifting consumer attitudes toward supplemental infant foods are expected to increase demand for infant nutrition. The developed economies account for most of the demand for infant nutrition due to their high disposable income levels, demanding work schedules, and rising rates of infant iron deficiency. Since lactoferrin can help reduce iron deficiency, many people, particularly children, and pregnant women need iron to combat the anemic problem. According to the WHO, 40% of pregnant women and 42% of children under five worldwide suffer from anemia.

How is the bovine lactoferrin market performing in regions?

The market for bovine lactoferrin is expected to grow at the fastest rate in the Asia-Pacific region over the projected period. The market’s expansion can be attributed to the dynamically increasing demand for infant formula owing to the declining breastfeeding ratio, followed by the growing demand for dietary supplements to obtain an increased amount of nutritional benefit among the people in this region. For example, Asia pacific has the highest supplement usage, followed by the United States, as nearly 45% of Asians reported using dietary supplements. Revenue growth in the region, led by China, India, and Japan, can be attributed to increased population and consumer purchasing power.

What is the regulatory landscape for the bovine lactoferrin market?

The laws governing lactoferrin vary between nations. This scenario causes consternation among industry participants. The market is affected by frequent rule changes, and businesses must adapt to these changes. Lactoferrin needs a formal definition in many countries, making it difficult for industry participants to obtain product approval. However, the global expansion of the infant and sports nutrition sectors, of which bovine lactoferrin is a part, has resulted in significant development. For example, Synlait Ltd received FDA approval in April 2018 to export lactoferrin to the United States for infant and toddler formula use. Thus, regulatory changes regarding the use of protein as an added ingredient in infant formula play a role in the rising demand for these products in global markets.

What are the major players planning for the future of the bovine lactoferrin market?

The bovine lactoferrin market has experienced recent growth primarily driven by ongoing advancements in the product and an increase in the number of variants introduced by major corporations. The growing focus by key players on optimizing lactoferrin manufacturing has resulted in the introduction of new production techniques, which then provide advanced products to the market. Companies operating in the global bovine lactoferrin market are making significant investments in the R&D of new products and technologies, which is anticipated further to fuel the global market expansion in the forecasted period.

Segmentation of Global Bovine Lactoferrin Market-

Global Bovine Lactoferrin Market – By Product Type

• Spray dried powder
• Freeze-dried powder

Global Bovine Lactoferrin Market – By Application

• Dietary supplement
• Infant nutrition
• Others

Global Bovine Lactoferrin Market – By Function

• Iron absorption
• Immune cell stimulation
• Antibacterial
• Others

Global Bovine Lactoferrin Market – By Region

• North America
  • US.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-east Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa