Pune, India, Dec. 14, 2021 (GLOBE NEWSWIRE) -- The global bovine lactoferrin market is set to gain traction from its rising applications in pharmaceutical, food & beverage, and dietary supplements. Nowadays, the general population is highly demanding for naturally derived supplements, rather than the ones containing chemical molecules. It is set to propel the demand for bovine lactoferrin across the globe. As per a report by Fortune Business Insights™, titled, “Bovine Lactoferrin Market, 2021-2028,” the market size stood at USD 601.1 million in 2020. It is projected to grow from USD 635.3 million in 2021 to USD 1,461.3 million in 2028 at a CAGR of 12.6% in 2021-2028.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 5.0% |
| 2027 Value Projection | USD 949.0 Million |
| Base Year | 2019 |
| Market Size in 2020 | USD 546.6 Million |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 160 |
| Segments covered | Infant Formula, Pharmaceuticals, Dietary Supplements, Food, and Others |
| Growth Drivers | Various technology oriented companies are currently striving persistently to launch cost-effective methods to produce bovine lactoferrin. |
| several private and governmental agencies are encouraging people to practice breastfeeding, which, in turn, is set to lower the demand for infant formula, thereby restraining the bovine lactoferrin market growth in the near future. | |
| To collect information about the competitive landscape they have conducted interviews with renowned personalities |
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Drivers & Restraints-
Surging Development of Affordable Production Technology to Boost Growth
Various technology oriented companies are currently striving persistently to launch cost-effective methods to produce bovine lactoferrin. Conagen, Inc., for instance, created an affordable process to manufacture this ingredient in April 2020 by utilizing microbial fermentation technology. However, several private and governmental agencies are encouraging people to practice breastfeeding, which, in turn, is set to lower the demand for infant formula, thereby restraining the bovine lactoferrin market growth in the near future.
Regional Insights-
North America Held USD 95.6 Million Revenue in 2020
Geographically, North America held USD 95.6 million in terms of revenue in 2020. This growth is attributable to the rising number of clinical trials conducted by numerous U.S.-based pharmaceutical companies to find novel applications of bovine lactoferrin, especially in the healthcare sector. On the other hand, Europe is likely to show a significant share backed by the surging demand for bovine lactoferrin-infused dietary supplements and infant formula.
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Segment-
Dietary Supplements & Food Segment to Register High CAGR Backed by Awareness of Health
By applications, the market is segregated into infant formula, pharmaceuticals, dietary supplements, food, and others. Out of these, the dietary supplements and food segments are anticipated to showcase significant CAGR in the near future because of the higher awareness about immunity and health among common people. The infant formula segment would remain at the forefront in terms of the bovine lactoferrin market share.
Competitive Landscape-
Key Players Focus on Expansion and Acquisition Strategies to Strengthen Their Positions
The global market houses several reputed companies and is semi-consolidated. Most of them are focusing on acquisition and production capacity expansions to strengthen their positions in this market. A few others are aiming to introduce new products infused with the unique ingredient for a large number of applications. Below are the two latest industry developments:
- June 2021: Beston Global Food added two lactoferrin extraction columns in its Jervois plant, South Australia. It would enable the company to manufacture approximately 5% of the world’s demand for lactoferrin at present.
- January 2021: Bega Cheese Limited acquired Lion Dairy & Drinks, a Kirin-owned food company. The deal is worth USD 334 million and it would allow the company to broaden its portfolio range with yogurt, juice, and milk brands.
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List of Key Players in Bovine Lactoferrin Market:
- MILEI GmbH (Allgäu, Germany)
- FrieslandCampina DOMO (Amersfoort, Netherlands)
- Synlait Ltd. (Canterbury, New Zealand)
- Glanbia Plc. (Kilkenny, Ireland)
- Bega Bionutrients (Melbourne, Australia)
- Saputo Dairy Australia Pty Ltd. (Victoria, Australia)
- Fonterra Co-operative Group (Auckland City, New Zealand)
- FREEDOM FOODS GROUP LIMITED (Caringbah, Australia)
- Beston Global Food Company Ltd (Adelaide, Australia)
- Armor Protéines (Saint-Brice-en-Coglès, France)
- Ingredia (Arras, France)
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