The global bovine lactoferrin market will grow at a CAGR of 12.7% and touch the estimated value of USD14.61 by 2028 as against its previous valuation of USD 0.60bn in 2020.
The
growing demand for dairy products is fueling the growth of the global bovine
lactoferrin market. People are realizing the benefits of milk and its
by-products such as lactoferrin, a protein found in cow’s milk that is touted
to have numerous health benefits. As more people adopt an extensive dairy-based
diet, the demand for dairy products has grown exponentially.
Growing Adoption of Veganism Drives the Bovine Lactoferrin
Market
The
bovine lactoferrin industry has been booming due to the growing prevalence of
lactose-intolerant individuals, which is further paving the way for the
adoption of a vegan diet. Furthermore, the growing concerns regarding food
safety and antibiotics have also led to the increased demand for bovine
lactoferrin.
However,
the high cost of bovine lactoferrin is expected to hinder the growth of the
bovine lactoferrin market.
Nonetheless,
the increasing prevalence of non-communicable diseases (NCD), like heart
ailments and diabetes, is also anticipated to fuel the demand for bovine
lactoferrin in the near future as it is said to boost the immunity for
improving their overall health.
Prevalence of Anaemia Bolsters the Iron Absorption Segment
Anaemia
is also known to be associated with various other factors such as low ferritin
levels, low intake of iron-rich foods, low intake of vitamin B12, low intake of
folate, poor absorption, and poor storage of iron. Therefore, it is essential
to maintain a healthy diet, increase intake of vitamin B12, and folate, and
maintain a healthy lifestyle, which further would increase the demand for the
bovine lactoferrin market in the coming years.
The
increasing demand for dairy by-products is expected to fuel the growth of the
global bovine lactoferrin market over the forecast period and beyond.
Analysts Views
The
growing demand for dairy products and their by-products such as lactoferrin,
which has multiple health benefits, is fueling the growth of this market.
Growing concerns about certain health risks associated with eating dairy
products have also made consumers wary of cow’s milk. However, these challenges
are not diminishing the growth prospects of this market.
Other
advantages include ease of production with less waste as well as long shelf
life that makes these products cost-effective to sell. Indeed, by using bovine
lactoferrin as a key product ingredient, the key companies can also tap into
the global trend of going organic and healthy which is on the rise across the
globe.
Regional Overview
The
Asia Pacific is expected to be the fastest-growing market in the near future.
The growth can be due to the increasing prevalence of infectious diseases in
the ageing population and the increasing adoption of preventive healthcare and
the growing need for functional food will drive the growth opportunities in the
region.
Competitive Landscape
The
report available with ResearchMoz helps market analysts understand the
strengths and weaknesses of the existing players and determine which
competitors pose a major threat to the business. The report also analyzes the
growth potential of the global bovine lactoferrin market in the forecast years.
Most
dairy companies are focused in research and development on lactoferrin because
they want to improve the quality of their products. They want to increase the
amount of lactoferrin in their products, reduce the cost of lactoferrin, or
improve the taste of lactoferrin. Therefore, the global bovine lactoferrin is
highly competitive in nature.
The major players in the
bovine lactoferrin market include-
- InVitria
- Milei
GmbH
- MP
Biomedicals
- Pharming
Group NV
- FrieslandCamina
- Synlait
Milk Ltd.
- Fonterra Cooperative Group Ltd.
- Farbest Brands
- MP Biomedicals
- Tatura Milk Industries Ltd.
- Glanbia plc
- APS BioGroup
- Hilmar Cheese Company
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