Analysis of Lactoferrin market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global Lactoferrin Market was estimated to be worth US$ 253.36 Mn in the year 2022 and is expected to grow with a steady CAGR of 8% during the forecast period, 2022- 2032. By the end of 2032, the market is predicted to reach a global valuation of US$ 546.77 Mn.
Estimated value of the Lactoferrin Market in 2021
USD 234.5 Mn
Projected value of the Lactoferrin Market in 2022
US$ 253.36 Mn
Projected value of the Lactoferrin Market in 2032
US$ 546.77 Mn
CAGR during the forecast period, 2022-2032
Key Players in the Lactoferrin Market
With consumers becoming increasingly aware of health and diet issues, combined with skin-related illnesses on the rise, demand for skincare products is expected to grow and along with that steady growth in the Lactoferrin Market will be seen too.
Pharmaceutical companies and personal care companies will be driving the demand for lactoferrin, due to its antiviral, antiparasitic, antibacterial, anti-allergic and catalytic properties. Approximately 40 to 50 million Americans suffer from acne each year, according to the American Academy of Dermatology.
Furthermore, the lactoferrin market is anticipated to grow strongly in the outlook period, 2022-2032. Various clinical trials have demonstrated lactoferrin's effectiveness against acne and similar skin conditions.
With a revenue share of more than 28.5% in 2021, the iron absorption segment is expected to maintain its leadership position over the forecast period. A revenue share of more than 41.5% made Asia Pacific the largest regional market in 2021, and it is expected to remain as such throughout the forecast period.
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According to Fact.MR, a market research and competitive intelligence provider, from 2015 to 2021, the global market for Lactoferrin expanded at a CAGR rate of 6.5%. This market is expected to project a global valuation of US$ 253.36 Mn by the end of 2022.
The COVID-19 pandemic has a positive impact on the Lactoferrin market globally. Certain segments of this market witnessed steady growth in the adoption and demand of this protein. This can be attributed to an increasing awareness among the people regarding the efficacy of lactoferrin to boost immunity. During the 2021 pandemic, for example, Jatcorp announced the launch of five more products in China in response to consumer demand for enhanced immunity.
Product awareness bolstered by product marketing initiatives taken by brand owners combined with a preference for organic products with minimal side effects and higher efficiency are expected to boost demand for the products. Lactoferrin's market is expected to grow over the forecast period due to rising consumer awareness about gut health and the increased demand for products that reduce intestinal inflammation and irritable bowel movements.
Lactoferrin is widely used in reducing the dermal immune response and in healing wounds by stimulating connective tissue and epithelial cells. The use of lactoferrin in treating and preventing gastrointestinal inflammation has also been proven in many clinical trials.
Over the forecast period, the market for lactoferrin is anticipated to grow owing to consumers' increasing awareness of gut health combined with an increase in product demand to prevent irritable bowel movement and bloating.
The manufacturing industry is focused on understanding consumer buying patterns to keep up with ever-changing consumer demands. Packaging and improved ingredient quality have become a major concern for companies whether they sell in specialty stores, club warehouses, or online.
Organic products with a lower carbon footprint are naturally attractive to consumers. Research studies and various experiments further strengthen the advantages of lactoferrin in various domains. This is expected to increase demand over the next few years.
The various technology-oriented players in the market are aimed towards exhibiting a cost-effective production procedure. For example, Conagen Inc. developed a cost-effective lactoferrin manufacturing process with the help of microbial fermentation technology in April, 2020.
At the same time, its cost-effectiveness production also helped a lot with cancer treatments and proved as an effective ingredient in forming remedies to fight with cancerous cells. The rising number of clinical trials to explore cost effective manufacturing along with new indications will boost the adoption of lactoferrin during 2022- 2032.
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North America will be the second lucrative region in this market
By 2020, North American lactoferrin sales were second only to Asia. As a result, the United States emerged as the region's largest market. Consumption of digestive products has increased in recent years due to an increased incidence of digestive distresses.
The increase in the number of specialty stores, hypermarkets, and supermarkets, as well as incentivized marketing programs adopted by brands to boost their sales, are also expected to bolster the market growth. A major factor driving the market in the region is the fact that key market players are taking advantage of various marketing strategies and initiatives, including branding, to expand their business reach. Fact.MR expects the North American market to accumulate a market value of 38% in 2022.
41.5% global market share was occupied by the APA region in 2020
With a revenue share of more than 41.5% in 2020, Asia Pacific is poised to remain the largest regional market. This position is expected to be maintained throughout the forecast period. The development of the regional market is largely due to the growing population and rising purchasing power of consumers in India, China, and Japan.
There are more medium-sized and small businesses in Asia Pacific than in most other regions. The Lactoferrin market in the region is expected to benefit from an increase in literacy rate and awareness of infant nutrition, personal care, and pharmaceutical products. Consumer preference for organic products is also driving market growth in the region.
Lactoferrin usage to treat anemia will drive growth
It is expected that iron absorption will maintain its leading position over the forecast period as it accounted for over 28.5% of revenue in 2022. Lactoferrin's bioavailability and ability to increase serum ferritin levels by five times, make Lactoferrin a crucial therapy for anemia.
For Lactoferrin has high bioavailability, it allows for efficient absorption of iron when compared to other iron supplements. Over 1.61 billion people suffer from anemia worldwide, with 47% of affected children under the age of five. According to the WHO, anemia affects more than 1.01 billion people worldwide.
Features like real-time locating and accuracy are driving the market
As of 2022, the antibacterial functionality segment is likely to account for the second-highest revenue share. As an antimicrobial therapeutic agent, the product is expected to drive segment growth in the coming years due to its ability to inhibit bacterial growth and biofilm formation.
The market for antimicrobial and antibacterial products is growing as pharmaceutical companies increasingly incorporate lactoferrin as a key ingredient. According to Fact.MR, sales of lactoferrin for antibacterial functionality is likely to account for 35% of the global market.
The increased demand for clinical trials will increase the revenue in this market
More than 38.5% of the market's revenue in 2021 came from the infant formula segment. During the period of 2022-2032, the segment is expected to expand at a steady CAGR.
Due to the growth in the number of clinical studies supporting the integration of lactoferrin into infant formula as well as changing consumer preferences towards supplementary foods, it is anticipated that demand will increase. Developed countries account for most of the demand for infant nutrition due to their significant disposable incomes, busy work schedules, and the increasing incidences of iron deficiency in infants.
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Small and medium-sized businesses dominate the lactoferrin market, which is highly fragmented. The main cause is the logistical indifference caused by producers of dairy products in different countries. The perishable nature of dairy products creates a disparity between producers and small and medium businesses that are able to take advantage by sourcing local dairy products in good time to meet their production needs.
A number of factors are likely to impact the distribution of final products, including the intensity of competition, the size and development of the local market, and labor availability. Hypermarkets, online shopping platforms, supermarkets, convenience stores and specialty shops are the most common forms of retailing for most companies. The objective of the new players as well as the existing ones is to achieve a higher market share during the forecast period by focusing on their capacity expansion. by the end of 2032, this will lead to a highly fragmented market.
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As of 2021, the market for lactoferrin was valued at US$ 234.5 Mn, according to Fact.MR
As of 2022, the global lactoferrin market is forecast to be valued at US$ 253.36 Mn
From 2015 to 2021, the lactoferrin industry expanded at a CAGR of 6.5%, as per Fact.MR
From 2022 to 2032, lactoferrin sales are expected to surge at a CAGR of 8%
By 2032, demand for lactoferrin is expected to reach US$ 546.77 Mn, according to Fact.MR
North America is anticipated to account for 38% of overall lactoferrin sales through 2022
As per Fact.MR’s report, Asia Pacific is expected to yield a revenue share worth 41.5%
Iron absorption is expected to dominate, accumulating a market share of 28.5% in 2022
Lactoferrin products for antibacterial functionality are expected to account for more than 1/3rd of global revenue
Lactoferrin applications are expected to abound in infant formulae, capturing over 38.5% revenue
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