“Global Bovine Lactoferrin Market to reach a market value of USD 716 Million by 2030 growing at a CAGR of 8.5%”
The Global Bovine Lactoferrin Market size is expected to reach $716 million by 2030, rising at a market growth of 8.5% CAGR during the forecast period. In the year 2022, the market attained a volume of 409.1 Tonnes, experiencing a growth of 9.2% (2019-2022).
Bovine lactoferrin's potential benefits for skin health contribute to its inclusion in premium skincare products. Consumers with higher disposable incomes are likelier to invest in skincare items emphasizing health and anti-aging properties. Consequently, the pharmaceutical segment would generate approximately 11.84% share of the market by 2030. Higher disposable incomes often lead to increased consumer confidence. Consumers with more financial resources may be more willing to explore and try new products, contributing to adopting bovine lactoferrin-containing items.
Maintaining the firmness and elasticity of skin involves collagen. Bovine lactoferrin is a key component of anti-aging skincare formulas that try to minimize the appearance of fine lines and wrinkles, which has been examined for its potential to enhance collagen formation. Skincare products that include bovine lactoferrin may contribute to improved moisture retention in the skin. Thus, because of the inclusion in beauty and skincare products, the market is anticipated to increase significantly. Moreover, Chronic diseases are often associated with compromised immune function. Bovine lactoferrin’s immune-modulating properties make it valuable in products designed to support and modulate the immune system. This is especially important for people with long-term illnesses that may impact their immune systems. Chronic cardiovascular diseases are a global health concern. Hence, increasing prevalence of chronic diseases has been a pivotal factor in driving the growth of the market.
However, High production costs often lead to higher prices for bovine lactoferrin-containing products. This may result in a substantial segment of the consumer population being unable to afford these products, impeding their market penetration and adoption. Companies facing higher production costs may find competing with rivals offering similar products at lower prices challenging. This competitive disadvantage can impact market share and hinder the growth potential of these companies. Therefore, high production costs of bovine lactoferrin significant challenge that hampers the growth of market.
Moreover, The market is witnessing a surge in immune health supplements, functional foods, and beverages that feature bovine lactoferrin as a key ingredient. Consumers are growing increasingly particular about the substances in the products they consume. The demand for clean-label products with transparent and easily understandable ingredient lists influences the market. Thus, the COVID-19 pandemic had a moderate effect on the market.
Based on application, the market is classified into infant formula, dietary supplements, pharmaceutical, and others. In 2022, the infant formula segment witnessed the largest revenue share in the market. Bovine lactoferrin shares structural similarities with human lactoferrin, naturally present in breast milk. This similarity makes bovine lactoferrin an attractive ingredient in infant formula, aiming to replicate some of the health benefits associated with breast milk. Bovine lactoferrin's ability to bind and transport iron is particularly valuable in infant nutrition. Iron is essential for developing the baby's brain and overall growth. Bovine lactoferrin in infant formula supports optimal iron absorption and metabolism.
By product type, the market is bifurcated into freeze-dried and spray-dried. The spray-dried segment covered a considerable revenue share in the market in 2022. The powder form of spray-dried bovine lactoferrin makes it easy to handle during manufacturing. The dry powder is more convenient to transport, store, and incorporate into formulations. This ease of handling streamlines production processes, contributing to the efficiency of manufacturing operations. Spray-dried bovine lactoferrin's improved solubility and stability make it a versatile ingredient in formulations across multiple industries. It can be readily incorporated into diverse products, including nutritional supplements, infant formula, functional foods, and pharmaceuticals, expanding its application possibilities.
On the basis of function, the market is segmented into iron absorption, antibacterial, immune cell stimulation, and others. In 2022, the iron absorption segment dominated the market with maximum revenue share. Bovine lactoferrin is considered a natural iron-binding protein that may facilitate the absorption of dietary iron in the digestive system. As a result, it can be used in products aimed at treating or preventing iron deficiency, a common nutritional concern. Bovine lactoferrin may find applications in sports nutrition products, where iron is essential for oxygen transport and energy metabolism. Bovine lactoferrin can be incorporated into formulations targeting athletes and individuals with increased iron requirements by aiding iron absorption.
Free Valuable Insights: Global Bovine Lactoferrin Market size to reach USD 716 Million by 2030
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region acquired a significant revenue share in the market. There is a growing awareness among consumers in North America about the health benefits of bovine lactoferrin. North America's prevailing wellness and preventive health trends drive the demand for functional and nutritional ingredients, including bovine lactoferrin. The dietary supplements industry in North America is witnessing significant growth, driven by consumers' desire for convenient and targeted nutritional solutions.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 377.4 Million |
| Market size forecast in 2030 | USD 716 Million |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 8.5% from 2023 to 2030 |
| Number of Pages | 347 |
| Number of Table | 710 |
| Quantitative Data | Volume in Tonnes, Revenue in USD Million, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product Type, Application and Function, Region |
| Country scope |
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| Companies Included | Royal FrieslandCampina N.V., Fonterra Co-operative Group Limited, Saputo, Inc., Glanbia PLC, Noumi Limited, Synlait Milk Limited, MILEI GmbH (Morinaga Milk Industry Co., Ltd.), Bega Cheese Limited, Beston Global Food Company Limited, Savencia SA |
By Application (Volume, Tonnes, USD Million, 2019-2030)
By Product Type (Volume, Tonnes, USD Million, 2019-2030)
By Function (Volume, Tonnes, USD Million, 2019-2030)
By Geography (Volume, Tonnes, USD Million, 2019-2030)
This Market size is expected to reach $716 million by 2030.
Increasing disposable incomes are driving the Market in coming years, however, High production costs of bovine lactoferrin restraints the growth of the Market.
Royal FrieslandCampina N.V., Fonterra Co-operative Group Limited, Saputo, Inc., Glanbia PLC, Noumi Limited, Synlait Milk Limited, MILEI GmbH (Morinaga Milk Industry Co., Ltd.), Bega Cheese Limited, Beston Global Food Company Limited, Savencia SA
In the year 2022, the market attained a volume of 409.1 Tonnes, experiencing a growth of 9.2% (2019-2022).
The Freeze-dried segment is leading the Market by Product Type in 2022 there by, achieving a market value of $550.7 Million by 2030.
The Asia Pacific region dominated the Market by Region in 2022 there by, achieving a market value of $283.3 Million by 2030, growing at a CAGR of 8.9 % during the forecast period.
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