Bovine Lactoferrin Market Size
|2019 - 2029
|Base Year For Estimation
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Bovine Lactoferrin Market Analysis
The Bovine Lactoferrin Market is projected to register a CAGR of 15.7% during the forecast period.
The COVID-19 pandemic had a moderate impact on the bovine lactoferrin market. The increasing count of patient number diagnosed with the SARS-COV-2 virus fueled the economic burden around the globe. This huge patient population was raising the demand for available treatment options during the pandemic. In response to this, a large number of research and development activities were going on for the effectiveness of lactoferrin for the treatment of COVID-19. According to a study published by National Center for Biotechnology Information (NCBI) in October 2021, it was reported that owing to the in vitro antiviral activity of bovine lactoferrin, it can significantly decrease the effect of the virus in mild to moderate COVID-19 patients. Also, according to a research study published by NCBI in February 2021, it was reported that lactoferrin proved to be effective against the growth of multiple common human coronaviruses, including HCoV-OC43, HCoV-NL63, and HCoV-229E. Apart from these studies, several clinical trials have also been conducted to identify the efficacy of bovine lactoferrin for the treatment of COVID-19 patients. For instance, a study published by ClinicalTrial.gov aimed to assess the potential of apolactoferrin to reduce the mortality and morbidity rate in COVID-19 patients. This resulted in a significant rise in the adoption of bovine lactoferrin-based products such as nutraceuticals, infant formulas, and others during the pandemic.
An increasing number of working women around the globe, along with the increasing application of bovine lactoferrin in infant formula, is supporting the growth of the market during the study period. Additionally, rising initiatives of the major players to increase the production capacity of bovine lactoferrin are also anticipated to cater to the growing demand for lactoferrin in the pharmaceutical and nutraceutical industries and foster the growth of the market.
Certain clinical benefits of bovine lactoferrin, including anti-cancer, anti-infective, and anti-inflammatory effects, widen the application area of bovine lactoferrin in a number of industries, including infant formula, pharmaceuticals, and nutraceuticals, among others. For instance, according to an article published by Armor Proteines in September 2022, it was reported that due to the anti-microbial property of bovine lactoferrin, it binds with iron and prevents the growth of pathogenic bacteria in infants.
Also, it was reported that it boosts the activity of leukocytes and helps in the defense mechanism of the body. The above-mentioned factors are some of the sole reasons for the increasing use of bovine lactoferrin in infant formula. For instance, according to Good Health New Zealand, one of their product, Modified Milk Powder with added lactoferrin, provides immune support ad supports good health for infants. Also, Mead Johnson & Company, LLC., one of the leading companies in infant formula, claimed added nutritious value with immune boosting capacity for its Enfamil Enspire infant formula.
Additionally, increasing the production capacity of lactoferrin by the key players is another factor attributing to the higher adoption of lactoferrin among the general population and supporting the growth of the market. For instance, according to a press release by FrieslandCampina DOMO in September 2020, it was reported that they increased their production capacity of lactoferrin by 600% from 10 metric tons to 70 metric tons. This caters to the rising demand for lactoferrin among different industries.
Further, the increasing number of working women worldwide is resulting in a decreasing rate of breastfeeding. For instance, according to an article published by the Office of National Statistics in July 2022, it was reported that the number of working women reached 15.7 million in the United Kingdom in 2022, which is a jump of 2 million in the last ten years. According to data from Organisation for Economic Co-operation and Development (OECD), it was reported that the average percentage of women in the working-age population increased from 61.16% in Q1 2019 to 62.36 in Q3 2022 for the OECD countries. Also, according to an article published by Keeping-Mum in August 2021, it was reported that the breastfeeding rate is significantly low in the United Kingdom. This is alternatively fostering the demand for infant formula and subsequently fueling the application of lactoferrin in the infant formula for added nutritional value.
Thus, owing to the aforementioned factors, the market is anticipated to grow at a lucrative growth rate during the forecast period. However, certain side effects, including allergic reactions and diarrhea, are limiting the adoption rate of lactoferrin and lactoferrin-added products during the study period.
Bovine Lactoferrin Market Trends
The Infant Formula is Projected to Represent a Significant Market Share
By application, the infant formula segment is anticipated to hold a major market share in the bovine lactoferrin market during the forecasted period. Certain clinical benefits, including immunity-boosting capabilities and iron-binding capacity, are surging the adoption of this product in infant formulas. For instance, according to clinical research data titled' Clinical research review: usefulness of bovine lactoferrin in child health,' published by Springer Nature Switzerland AG in August 2022, it was revealed that bovine lactoferrin is effective against respiratory tract infection. Also, it was reported that, by isolating iron, bovine lactoferrin could restrict the growth of several bacteria in the human body. Additionally, owing to its anti-viral activity, it is effective against gastrointestinal tract infections.
Furthermore, increasing focus on domestic brands for infant formula is encouraging local players to focus on introducing highly nutritious valued infant formula in the market and hold a major market share. For instance, according to an article published by Verdict Media Limited in April 2022, it was reported that Junlebao Dairy Group, Inner Mongolia Yili Industrial Group Co., and China Fiehi Ltd. are the largest manufacturers of infant formula in the China Market. Also, according to a press release published by Verdict Media Limited, in July 2022 it was reported that Inner Mongolia Yili Industrial Group Co. opened a manufacturing base of milk, cheese, and infant formula in China in response to the rising demand for dairy-based product and infant formula in the country. These increasing initiatives by the key players for manufacturing infant formula foster the demand and adoption of bovine lactoferrin as an added composition in infant formula.
Additionally, recent product launches by key players have been instrumental in the rising adoption of bovine lactoferrin in infant formula. For instance, in a press release by natural ingredients in August 2022, it was reported that Junlebao Dairy Group introduced a new infant formula under the brand name Quan Zhen Ai, which contains lactoferrin in the amount of 660 mg/liter milk. The high lactoferrin content alternatively increases the nutritional value of this infant formula and the adoption rate among the Chinese population.
Thus, the factors mentioned above are surging the growth of this segment in the bovine lactoferrin market during the forecast period.
Asia Pacific is Anticipated to Grow with the Highest Growth Rate During the Study Period
Asia-Pacific region is anticipated to register a significant growth rate during the study period owing to certain factors, including high awareness for nutritional products among the general population, growing demand for infant formula, and the emergence of domestic players with lactoferrin and lactoferrin-based products, among others.
Increasing product diversity by the key domestic players is resulting in the introduction of lactoferrin with advanced production technology. For instance, TurtleTree, a Singapore-based leading biotech company, introduced an advanced manufacturing technology in August 2022 to produce bovine lactoferrin on a large scale using precision fermentation technology. This latest technological advancement resulted in the increasing supply of lactoferrin to cater to this region's rising demand.
Additionally, the increasing adoption of domestic products, including infant formula, among the Chinese population is encouraging domestic players to widen their portfolio. For instance, according to a report published by Nutraingredients in November 2021, it was reported that Chinese consumers prefer domestic infant formula over international products, which enabled the local companies to increase their market share in the infant formula market. In addition, local companies, including Mead Johnson and Heilongjiang Feihe Dairy Co., are offering lactoferrin-based infant formula to compensate for the nutritional value of infant formula. This, in turn, is anticipated to increase the adoption rate of lactoferrin in infant formula and is expected to fuel the market growth in Asia-Pacific.
These factors mentioned above, coupled with an increasing number of working women in this region, are leading to a decline in the breastfeeding rate. For instance, according to data from Organisation for Economic Co-operation and Development (OECD), the percentage of the working-age women population increased from 70.62% in Q1 2019 to 72.76% in Q3 2022 in Japan. This further results in the higher demand and adoption of feeding formula among working parents in this region. This subsequently fostered the adoption rate of added nutritional molecules, including bovine lactoferrin in the composition, and is anticipated to show the highest market growth in Asia-Pacific.
Bovine Lactoferrin Industry Overview
The Bovine Lactoferrin Market is consolidated and consists of a few major players. In terms of market share, the major players are currently dominating the market. Some of the key companies in the market are MILEI GmbH, Bega Cheese Ltd., FrieslandCampina DOMO, Fonterra Co-operative Group, Freedom Foods Group Limited, Synlait Ltd., Glanbia Plc., Ingredia, Farbest Brands, Ferrin-Tech among others.
Bovine Lactoferrin Market Leaders
Bega Cheese Ltd.
Fonterra Co-operative Group
*Disclaimer: Major Players sorted in no particular order
Bovine Lactoferrin Market News
- In March 2023: FrieslandCampina DOMO inaugurated a new lactoferrin production facility in Veghel in the Netherlands, with an aim to cater to the rising demand for lactoferrin.
- June 2021: Beston Global Food Company Ltd completed the expansion of lactoferrin production capacity in Jervois, Australia. The company utilized two lactoferrin extraction columns for the production of 25 tons of lactoferrin every year. This assisted the company in catering to the rising demand for lactoferrin in Australia.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Application of Bovine Lactoferrin in Pharmaceutical Industry
4.2.2 Increasing Adoption of Lactoferrin Added Infant Formula
4.3 Market Restraints
4.3.1 High Cost of Lactoferrin Added Products
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product Type
5.1.1 Freeze Dried
5.1.2 Spray Dried
5.2 By Application
5.2.1 Infant Formula
5.2.4 Other Applications
5.3.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
18.104.22.168 South Africa
22.214.171.124 Rest of Middle East and Africa
5.3.5 South America
126.96.36.199 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 MILEI GmbH
6.1.2 Bega Cheese Ltd.
6.1.3 FrieslandCampina DOMO
6.1.4 Fonterra Co-operative Group
6.1.5 FREEDOM FOODS GROUP LIMITED
6.1.6 Synlait Ltd.
6.1.7 Glanbia Plc.
6.1.9 Farbest Brands
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Frequently Asked Questions
What is the current Bovine Lactoferrin Market size?
The Bovine Lactoferrin Market is projected to register a CAGR of 15.70% during the forecast period (2024-2029)
Who are the key players in Bovine Lactoferrin Market?
MILEI GmbH, Bega Cheese Ltd., FrieslandCampina DOMO, Fonterra Co-operative Group and Ingredia are the major companies operating in the Bovine Lactoferrin Market.
Which is the fastest growing region in Bovine Lactoferrin Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Bovine Lactoferrin Market?
In 2024, the North America accounts for the largest market share in Bovine Lactoferrin Market.
What years does this Bovine Lactoferrin Market cover?
The report covers the Bovine Lactoferrin Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Bovine Lactoferrin Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Bovine Lactoferrin Industry Report
Statistics for the 2024 Bovine Lactoferrin market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Bovine Lactoferrin analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.