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This study intends to unfurl the multiple facets of global bovine lactoferrin market. The insights offered in the report aid in market growth examination during the forecast period.
Notable Lactoferring Consumption by Pharma and Personal Care Brands Strengthens Bovine Lactoferrin Market
Increased demand for nutritional foods, and dietary supplements globally are anticipated to be the main factors propelling the growth of the bovine lactoferrin market. Infant food producers now offer nutrient-rich supplements to meet the increased demand for convenient feeding from working mothers throughout the world. The effectiveness of lactoferrin in treating skin conditions, such as acne, as well as its application in pharmaceutical and personal care products for antibacterial, antiviral, and anti-inflammatory purposes has also been shown in multiple clinical investigations. Many industry participants are introducing new products to support the market growth. It strengthens the body's defenses against acute respiratory infections.
Additionally, there is a significant opportunity to expand bovine lactoferrin, and several important industry participants are now creating low-cost and accessible manufacturing procedures. The promotion of breastfeeding, however, is a significant restraint facing the bovine lactoferrin market as it reduces consumer demand for infant formula, which in turn affects the demand for the lactoferrin sector. However, a few market participants are concentrating on the growth of their production capabilities due to rising demand for lactoferrin among the general public. For instance, Beston Global Food Company Ltd. stated in June 2021 that the Jervois dairy factory in Australia would double its production capacity of 95.0% pure lactoferrin.
Bovine Lactoferrin Market: COVID-19 Impact
The COVID-19 outbreak has negatively impacted the global bovine lactoferrin market. The big players' capacity growth caused the average selling price of these products to fall. The average selling price of the product was said to have dropped dramatically from USD 2,800 per kg in 2019 to US$1,500 per kg in 2020, according to influential figures in the bovine lactoferrin business. Due to a decrease in the demand for protein in infant formula, costs also decreased, reaching about US$1,100 in 2021. The market size during the pandemic significantly decreased as a result of this. However, compared to the previous year, the bovine lactoferrin volume during this period grew at a high rate. This is mostly because domestic and foreign market actors make these products more readily available. Because more people are becoming aware of this protein's therapeutic effectiveness in boosting immunity, certain application segments have seen an increase in demand for and adoption of it.
Preference Shift Away from International Branded Goods to Domestic Products Promotes Bovine Lactoferrin Market Growth
The general public has been moving away from multinational brands due to the Chinese government's aggressive efforts to encourage the acceptance of homegrown products. For instance, The a2 Milk Company Limited noted that domestic brands like Heilongjiang Feihe Dairy Co., Ltd., and Shijiazhuang Junlebao Dairy contributed a significant bovine lactoferrin market share in the China Infant Formula industry. Chinese parents favor local brands over foreign ones as reliable producers of dairy products with lactoferrin as an ingredient. Additionally, during the past few years, the applications for these goods have grown dramatically. However, for now, the emphasis is largely on uses in food, dietary supplement, pharmaceutical, and other industries. The acceptance of dietary supplements with added lactoferrin in developed and developing nations has increased due to the general public's rising preference for naturally derived supplements over ingesting artificial compounds. The increased use of these goods due to this application diversity is expected to fuel the expansion of the market.
Bovine Lactoferrin Market Expansion Accelerates with Introduction of Cost-effective Manufacturing Methods
A few technology-focused businesses are currently focusing on creating a more affordable method of making these goods. For instance, Conagen, Inc. created a low-cost method to produce lactoferrin in April 2020 with microbial fermentation technology. Additionally, several researchers are concentrating on proving this ingredient's effectiveness for targeted drug delivery in cancer treatment. For instance, in April 2021, scientists from the University of Strathclyde proposed that lactoferrin-containing gold nano-cages are extremely promising gene delivery systems for the treatment of prostate cancer and can be further investigated, either alone or in combination with other cancer therapies. There is a larger demand for infant formula due to the declining rate of breastfeeding in the developing nations of Asia and Europe due to the growing number of working mothers. This, together with the established advantages of lactoferrin in the newborn formula, is spurring demand for and use of this protein during the production of infant formula and fueling bovine lactoferrin market expansion. Thus, it is anticipated that during the projection period, these products' adoption will increase due to the rising number of clinical trials being done to investigate novel indications and the implementation of cost-effective methodologies by manufacturers.
Adoption Rate in Bovine Lactoferrin Market Remains Restricted by High Costs
Despite an increasing global demand for infant formula and improved nutritional products, certain constraints limit the bovine lactoferrin market expansion. One of them is the high price of goods with bovine lactoferrin as a component. Protein purity levels ranging from 90.0% to 98.0% are required for several market segments, including food, nutritional supplements, infant formula, and comparable others. The purer it must be, the more expensive it is to produce, which raises the price. Additionally, costs are predicted to climb by 2 to 4 times as purity increases. For instance, the per kg cost of lactoferrin for nutritional supplements (requiring 96.0% purity) is higher than for other food applications (requiring 90.0% purity). As a result, some of the key challenges limiting its adoption rate globally include price instability and the comparably higher pricing of final products. This impedes market expansion, along with expanding government programmes to support breastfeeding.
Freeze Dried Powder Category Dominates Bovine Lactoferrin Market due to its High Antioxidant Quality
The freeze-dried powder category held the largest bovine lactoferrin market share, and it is anticipated that it will continue to rule the market during the forecast period. High-grade final product quality, antioxidant activity, and relatively higher iron-binding capacity are some of the main reasons for segmental domination. For instance, it was reported in a paper published in Elsevier B.V. in April 2022 that the antioxidant activity of freeze-dried bovine lactoferrin is about 6% higher than that of spray-dried and liquid ones. However, it is anticipated that the spray-dried category will expand significantly throughout the projected period. This market is expanding due to special benefits, such as versatile, scalable, and controllable particle engineering methods. In addition, spray drying is suitable for applications in bulk.
Infant Nutrition Category Contributes Sizeable Revenue to Bovine Lactoferrin Market as it Gains Traction as a Breastfeeding Alternative
The infant nutrition category held the largest market share, and it is anticipated that it will continue to rule the bovine lactoferrin market during the forecast period. The clinical advantages of these products, such as improving newborn immunity and digestion, are accelerating the usage of bovine lactoferrin in infant formula and supporting the segment's expansion. This, along with working women's growing preference for infant formula as an alternative to breastfeeding, is spurring demand for and uptake of lactoferrin in infant formula. Additionally, the category for dietary supplements is anticipated to have the greatest CAGR during the projection period. The acceptance of natural healthy ingredients like bovine lactoferrin in dietary supplements is being boosted by rising awareness of healthy living among the general public and adopting a healthy diet in the post-pandemic environment.
Asia Pacific to Dominate Bovine Lactoferrin Market with Rapidly Expanding Dietary Supplements Sector
Over the forecast period, it is anticipated that the Asia Pacific market will account for the largest revenue share. The rising demand for infant formula and dietary supplements among people is mostly responsible for regional domination. This alternatively drives up demand for lactoferrin to be added to infant formula and other nutrient-rich food products for an increased nutritional benefit during the study period. Another important reason for the rising need for infant formula in this area is the decline in the rate of breastfeeding. The bovine lactoferrin market is expanding due to this and the increasing use of these items in infant formula as a nutritional supplement to breast milk.
North America’s bovine lactoferrin market is anticipated to experience stable revenue growth throughout the forecast period due to increased government and other non-profit organization efforts to raise public knowledge of bovine lactoferrin and its nutritional benefits. For instance, a survey conducted by the Centers for Disease Control and Prevention in February 2021 revealed that 57.6% of the U.S. individuals aged 20 and older utilized nutritional supplements, with women using them more frequently than males (63.8% vs. 50.8%).
Global Bovine Lactoferrin Market: Competitive Landscape
In June 2021, Jervois dairy factory in Australia, run by Beston Global Food Company Ltd., reported that it had increased its capacity to manufacture up to 25 metric tonnes of 95.0% pure lactoferrin annually. Similarly, in November 2020, Bega Cheese Limited revealed its intention to negotiate a sale and purchase agreement with Lion Dairy & Drinks to buy all of its shares to boost its brand presence in Australia and broaden its product line.
A few of the players in the bovine lactoferrin market include Bega Cheese Limited, Beston Global Food Company Ltd, Fonterra Co-Operative Group Limited, Glanbia Plc, Inner Mongolia Yili Industrial Group Co., Ltd (Westland Milk), Jarrow Formulas, Inc, La Prosperite Fermiere Societe Cooperative Agricole (Ingredia Nutrional), Morinaga & Co., Ltd (Morinaga Milk Industry), Noumi Limited (Freedom Foods Pty Limited), Nutriscience Innovations, Llc, Oskia Skincare Ltd, Royal Friesland Campina N.V., Savencia Sa (Armor Proteines), Synlait Milk Ltd, Saputo, Inc (Saputo Dairy Australia Pty Ltd.) and Tatua Co-Operative Dairy Company Ltd, and US Clinicals.
Global Bovine Lactoferrin Market is Segmented as Below:
By Product Type
By Application
By Distribution Channel
By Function
By Region
Key Elements Included In The Study: Global Bovine Lactoferrin Market:
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