With 15.7% CAGR, Bovine Lactoferrin Market Size worth USD 1,850.3 Million in 2029
Fortune Business Insights
6 min read
Fortune Business Insights
According to Fortune Business Insights, The Bovine Lactoferrin Market size is anticipated to reach USD 1,850.3 Million by 2029, the market size was USD 574.6 Million in 2021 and is anticipated to rise at a CAGR of 15.7%
Pune, India, Nov. 07, 2022 (GLOBE NEWSWIRE) -- The global bovine lactoferrin market size was valued at USD 574.6 million in 2021. The market is projected to grow from USD 666.6 million in 2022 to USD 1,850.3 million by 2029, exhibiting a CAGR of 15.7% during the forecast period.
Key Industry Development:
June 2021 - According to a report from Beston Global Food Company Ltd., the Jervois dairy facility in Australia increased its ability to produce up to 25 metric tonnes of 95.0% pure lactoferrin annually.
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Drivers and Restraints:
Market Expansion will be Fueled by Introduction of Cost-effective Manufacturing Methods
A small number of technology-focused businesses are currently focusing on creating a more affordable method of making these goods.
Additionally, a number of researchers are concentrating on proving this ingredient's effectiveness for targeted drug delivery in the treatment of cancer.
Because of this and the rising number of working women in the developing nations of Asia, the Pacific, and Europe, the rate of breastfeeding is declining, which raises the demand for infant formula. The need for and acceptance of lactoferrin during the manufacture of infant formula is driving the market expansion, along with the benefits of lactoferrin in infant formula that have been demonstrated.
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Certain Distinct Advantages of Freeze-dried Products Over Spray-dried Products Led to Market Dominance
By product, the market is segregated into freeze-dried and spray-dried. The freeze-dried segment held a lion’s share of the market during 2021. Some of the major factors attributed for the segmental dominance are high grade quality of the end product, anti-oxidant activity, and comparatively higher iron-binding capacity.
Increasing Demand for Infant Formula was Responsible for the Segmental Dominance in 2021 Based on application, the market is segmented into infant formula, pharmaceuticals, dietary supplements, food, and others. The infant formula segment accounted for the highest bovine lactoferrin market share in 2021. Clinical benefits of these products such as increasing immunity and digestion among infants are propelling the adoption rate of bovine lactoferrin in infant formula and contributed in the segmental growth.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
In 2021, the Asia Pacific market had a value of USD 334.3 million. The rising demand for infant formula and dietary supplements among the region's general populace is mostly to blame for the regional domination.
The region with the highest CAGR during the forecast period is expected to be Europe. One of the main drivers of the bovine lactoferrin market growth in this region is the rise in consumption of dietary supplements, nutrient-dense foods and drinks, and other products that include bovine lactoferrin. North America, on the other hand, made a considerable contribution to the market in 2021. This region is positioned to benefit from a profitable growth potential as more domestic firms concentrate on increasing lactoferrin production capacity and dietary supplement consumption among Americans.
Competitive Landscape:
Important Business-related Announcements by Key Players to Influence Market Dynamics
Fundamental companies in the market often make crucial announcements regarding some business moves, which, in turn, affect the market either positively or negatively. Players acquire companies, launch new products, engage in partnership deals, sign contracts with government organizations, and so on.
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