USD 245 million
Report ID: SQSG30I2027 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 61 | Figures: 75
Lactoferrin Market size was valued at USD 245 million in 2021 and is poised to grow from USD 265.83 million in 2022 to USD 553.94 million by 2030, growing at a CAGR of 8.5% in the forecast period (2023-2030).
Lactoferrin is a protein found in both human and cow's milk that binds to iron. It is an ingredient that helps treat stomach and intestinal ulcers, diarrhea, and hepatitis C. It is also used to fight bacterial and viral infections as an antioxidant. The amount of lactoferrin in human milk, like colostrum, which is the first milk made after a baby is born, is higher than in cow's milk. Due to its clinical benefits, this ingredient can be used in several ways in food, pharmaceutical, and other industries.
US Lactoferrin Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 245 million
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The Global Lactoferrin Market is segmented based on functions, application, and region. Based on functions, the market is segmented into iron absorption and intestinal flora protection. Based on application, the market is segmented into personal care products and infant formula. Based on region, the global Lactoferrin market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Lactoferrin Market Analysis by Function
Iron absorption accounted for more than 29% of sales in 2021 and is predicted to maintain its lead during the projection period. Anemia, caused by iron deficiency, affects around 30% of the world's population. Lactoferrin is a crucial remedy for anemia because of its high bioavailability and capacity to boost blood ferritin levels by five times. According to the WHO, anemia affects 1.62 billion people worldwide, with the highest frequency among school-going children which is more than 47%.
Lactoferrin is a new-age remedy for anemia and a member of the transferrin family, which regulates free iron in bodily fluids and increases hemoglobin by binding iron. Antibacterial functionality was 2021's second-highest revenue sector. The product's capacity to limit bacterial growth and biofilm development will accelerate segment growth in the coming years. Lactoferrin is being used in more antimicrobial and antibacterial goods, which will boost segment growth.
Lactoferrin Market Analysis by Application
In 2021, the market for lactoferrin was led by the segment for infant formula, which made up more than 38.0% of all sales and is expected to grow at a steady pace throughout the analysis period. The demand is expected to grow because there are more clinical studies supporting the addition of lactoferrin to infant formula and consumer attitudes toward infant supplements are changing. Most of the demand for infant nutrition comes from developed economies and this will drive the global lactoferrin market growth.
During the forecast period, the segment for personal care products is expected to have the fastest CAGR. This growth can be attributed to the fact that people are buying more personal care products that are soothing and have properties that help reduce skin inflammation. It does this by stopping the production of inflammatory chemicals called cytokine mediators. The biggest benefit of lactoferrin is that it could be used as a non-toxic and anti-cancer drug.
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Asia-Pacific accounted for the biggest regional market with more than 42.0% of the revenue in the year 2021. India, China, and Japan are driving the growth of the region's markets, which are also growing because more people are living there and they have more money to spend. Also, the market for lactoferrin in the region is likely to grow because more people are getting aware of infant nutrition, personal care, and pharmaceutical products, and more people are interested in buying organic products.
North America was lactoferrin's second-biggest market in 2021. The U.S. became the largest market. Digestive disorders are growing increasingly widespread, thus more individuals are buying this product. The adoption of incentive-based marketing strategies by brand owners to promote sales is also predicted to help the industry grow in the coming years. Key market participants in the region use marketing activities and techniques, such as branding, to expand their companies.
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Lactoferrin Market Driver
Lactoferrin Market Restraint
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The Lactoferrin market is relatively fragmented, with a high level of competition. Few large players, like Hilmar Cheese Company, Pharming Group NV, and Synlait Milk Ltd., now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Lactoferrin Market Top Player’s Company Profiles
Lactoferrin Market Recent Developments
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According to our analysis, Asia Pacific is the largest consumer, followed by North America, which will probably drive the demand for this product in the future and will see tremendous growth during the analysis period. The main driver and propellant of market growth is the diversified use of lactoferrin in various fields apart from infant food.
|Market size value in 2021||USD 245 million|
|Market size value in 2030||USD 265.83 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Lactoferrin Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Lactoferrin Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG30I2027