The global lactoferrin market size is expected to reach USD 403.0 million by 2028, according to a new study by Polaris Market Research. The report “Lactoferrin Market Share, Size, Trends, Industry Analysis Report, By Application (Food & Beverages, Infant Formula, Sports & Functional Food, Pharmaceuticals, Personal Care Products); By Function; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Increasing application of lactoferrin in infant formulations, food supplements, non-alcoholic beverages, and dietetic food is expected to be the major force behind the growth of the global industry during the forecast period. The rise in skin problems such as acne, increasing consumption of cosmetics products, and the awareness about the medicinal benefits of such products are expected to further drive the growth of the global industry over the coming years.
Lactoferrin is extensively helpful in infant formulation. Globally breastfeeding has decreased for infants after six months of age. In the U.S., only half of the infants (approximately 55%) are receiving breastfeeding and this will cause a significant nutritional deficiency in infants. Hence there is enormous demand for healthy infant formulations.
Acne is one of the major skin problems that affect nearly 50 million people annually in the U.S. alone. The use of lactoferrin in cosmetic products will improve the condition due to its anti-inflammatory and anti-microbial properties. All these factors augment the growth of this industry.
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Asia Pacific is a major shareholder of the global industry in 2020, and the region is expected to have high growth during the projected timeframe. The increasing knowledge among the consumers for nutritional food supplements and cosmetic products in key emerging economies such as India, China, and Japan has led to the growth of the market. In addition, surging awareness for infant nutrition due to increasing new births will further fuel the market growth.
The emergence of COVID-19 is expected to have a positive effect on the growth of the global industry. The nasal, oral, and topical use of lactoferrin improves airflow into the lungs in COVID-19 patients. The Consumption of cosmetic products has not decreased during the pandemic due to the undisturbed supply of such products through e-commerce platforms.
Industry participants such as APS BioGroup, Bega Cheese Limited, Farbest Brands, Ferrin-Tech LLC, Fonterra Cooperative Group Ltd., FrieslandCampina, Glanbia PLC, Hilmar Cheese Company, Hoogwegt Group B.V., Ingredia SA, InVitria, Metagenics, Inc., Milei GmbH, MP Biomedicals, ND Pharma & Biotech Ltd., Pharming Group NV, ProHealth, Synlait Milk Ltd, Tatura Milk Industries Ltd, Warrnambool Cheese and Butter Company, and Westland Cooperative Dairy Co., Ltd. are some of the key players operating in the global market.
Polaris Market Research has segmented the lactoferrin market report on the basis of function, application, and region:
Lactoferrin, Function Outlook (Revenue - USD Million, 2016 – 2028)
Lactoferrin, Application Outlook (Revenue - USD Million, 2016 – 2028)
Lactoferrin, Regional Outlook (Revenue - USD Million, 2016 – 2028)