Global Bovine Lactoferrin Market Size, Share & Trends Analysis Report By Application (Infant Formula, Dietary Supplements, Pharmaceutical, and Others), By Product Type (Freeze-dried and Spray-dried), By Function, By Regional Outlook and Forecast, 2023 - 2

Global Bovine Lactoferrin Market Size, Share & Trends Analysis Report By Application (Infant Formula, Dietary Supplements, Pharmaceutical, and Others), By Product Type (Freeze-dried and Spray-dried), By Function, By Regional Outlook and Forecast, 2023 - 2030

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.

By Application Analysis

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 Analysis

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.

By Function Analysis

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.

By Regional Analysis

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.

Recent Strategies Deployed in the Market

• Nov-2023: Royal FrieslandCampina N.V., a food and beverage manufacturer, has launched the Nutri Whey ProHeat. The product is a whey protein that remains stable when exposed to heat and is intended for use in the medical nutrition market. Furthermore, the product has excellent taste and texture, including a smooth consistency and a neutral flavor from top-notch Dutch whey.
• Apr-2023: Savencia SA, a food and beverage manufacturer, has acquired Sucesores de Alfredo Williner,a dairy product manufacturer based in Argentina. Through this acquisition, Savencia aims to strengthen its footprint in Argentina and broaden its offerings by providing a diverse range of dairy products through its expanded distribution network.
• Mar-2023: Royal FrieslandCampina N.V., a food and beverage manufacturer, has expanded its footprints with the establishment of a manufacturing facility in the Netherlands. In this new facility, the company will manufacture lactoferrin, which is a highly nutritious protein. Moreover, this facility will allow the company to increase the production of lactoferrin.
• Sep-2022: Fonterra Co-operative Group Limited has expanded its nutrition product range by introducing Nutiani. This new line will include items like lipids, probiotics, and lactoferrin, with a focus on catering to both the medical and everyday nutrition sectors.
• Aug-2022: Bega Cheese Limited, a food and beverage manufacturer, has unveiled Inferrin, a form of microencapsulated lactoferrin. Inferrin introduces new advantages and potential applications for lactoferrin-based products, spanning from foods to dietary supplements.

List of Key Companies Profiled

• 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

Global Bovine Lactoferrin Market Report Segmentation

By Application (Volume, Tonnes, USD Million, 2019-2030)

• Infant Formula
• Dietary Supplements
• Pharmaceutical
• Others

By Product Type (Volume, Tonnes, USD Million, 2019-2030)

• Freeze-dried
• Spray-dried.

By Function (Volume, Tonnes, USD Million, 2019-2030)

• Iron Absorption
• Antibacterial
• Immune Cell Stimulation
• Others

By Geography (Volume, Tonnes, USD Million, 2019-2030)

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA