Global Lactoferrin Market Gaining Momentum—Projected to Reach USD 393.12 Million by 2027

Published | 21 May 2020

A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting revealed that the global lactoferrin market was worth USD 225.22 million in 2020 and is further projected to reach USD 393.12 million by 2027, at a CAGR of 7.9% during the forecast period (2021-2027). The market is driven by factors, such as growing health awareness among the population, an increasing number of skin diseases, and growing cases of anemia, among others.

Growing cases of anemia among infants and children are expected to drive the growth of the global lactoferrin market.

Anemia is one of the most prevalent diseases among infants and young children. According to World Health Organization (WHO)approximately 10-20% of preschool children in developed countries, and an estimated 30-80% in developing countries are anemic at 1 year of age. Pregnant women are also affected by anemia. Women suffering from anemia are 30-45% less likely to give birth to a healthy child as compared to women not suffering from anemia. When anemic women give birth to a child, their infants have less than one-half of normal iron reserves. More than 50% of the children below the age of 5 years are anemic in India. Many African countries also have more than 50% of children below the age of 5 years suffering from anemia. Also, many European countries have more than 25% of children below age of 5 years suffering from it.

Lactoferrin is gaining traction as a next-generation anemia medication that substitutes ferrous sulfate. It has excellent iron-binding properties, high bioavailability, antibacterial properties, and it also boosts the immune system. All these factors have contributed towards its growing applications in infant formulations. Moreover, major players in the global lactoferrin market are investing in R&D to come up with new products and solutions for curing anemia in infants. Increasing use of lactoferrin in infant products has been driving the growth of the global lactoferrin market and is expected to maintain the same during the forecast period.

The increasing number of skin diseases is projected to contribute to the growth of the global lactoferrin market.

Acne, a type of skin disease is estimated to affect 9.4% of the global population, which makes it the 8^th most prevalent disease in the world. Acne is one of the most prevalent skin diseases in the United States, affecting up to 50 million people per year. Between the ages of 12 and 24, nearly 85% of people suffer from mild acne. Acne can strike at any age, and it can last well into one's 30s or 40s. Acne affects 15% of women, and the number of adults suffering from it is rising by the day. Lactoferrin, combined with Vitamin E and Zinc, is used to treat acne since it has antibacterial, anti-inflammatory, and antimicrobial effects.

Side-effects of high doses of lactoferrin are likely to impede the market growth of the global lactoferrin market.

In normal doses, lactoferrin has no side effects; although it can cause complications when used in high doses. Diarrhea, skin rashes, loss of appetite, fatigue, chills, and constipation are some of the side effects of consuming high doses of lactoferrin. Though there are no long-term side effects of lactoferrin, pregnant women are advised to consult their doctors before consuming it. These limitations are likely to act as restraints for the global lactoferrin market and impede the market growth.

Infant formulation accounted for the largest share in the global lactoferrin market in 2020

With a large population of children and infants suffering from anemia, lactoferrin is being used in infant formulations. As per WHO data, around 42% of the children below the age of 5 years and 40% of pregnant women suffer from anemia around the globe. Although ferrous sulfate is used for curing anemia, lactoferrin is seen as a new-age solution for curing anemia. It has high bioavailability, excellent iron-binding properties, and several other benefits. Moreover, since it is extracted from milk, it is completely natural. All these factors have contributed towards increasing the use of lactoferrin in infant formulation, thus affecting the global lactoferrin positively. These factors are also expected to drive the growth of the global lactoferrin market during the forecast period.

Global Lactoferrin Market: Regional insights

The global lactoferrin market is segmented into five regions: North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific held the largest market share in the global lactoferrin market in 2020. The high occurrence rate of anemia among infants and children below the age of 5 years, and in women (pregnant and non-pregnant) is one of the major factors for the large market share of the Asia-Pacific in the global lactoferrin market. According to WHO, anemia affects more than 65 percent of preschool students, 48 percent of pregnant mothers, and 45 percent of non-pregnant women in South-East Asia. Other factors contributing to Asia-significant Pacific's large market share in the global lactoferrin market includes a high prevalence of skin diseases, a growing market for personal care goods, and pharmaceuticals in the region.

COVID-19 Impact on Global Lactoferrin Market

COVID-19 has affected almost all the industries and markets around the globe, with majority of the markets witnessing restricted growth. Global lactoferrin market has also experienced restricted growth due to the impact of COVID-19. Around 90% of all ongoing clinical trials were either cancelled or put on hold indefinitely. Moreover, industries were forced to shut down the production or operate at low capacity. Also, supply chain and distribution channels were severely affected due to lockdown. All of these factors contributed to the global lactoferrin market's low growth due to COVID-19's impact. Nevertheless, after the reopening of industries around the world in 2021, the market is expected to flourish.

The Leading Players operating in the Market are Metagenics, Inc., Westland Cooperative Dairy Co., Ltd, Morinaga Milk Industry Co., Ltd, Synlait Milk Ltd., Ingredia SA, Bega Bionutrients, MP Biomedicals, Tatura Milk Industries Ltd, Glanbia PLC, APS BioGroup, and other are the key players operating in global lactoferrin market.

Key market players are entering into collaborations and engaging in mergers & acquisitions to capture a greater market share. Furthermore, the market participants are focused on improving their product quality to attain a competitive edge over other players.

In February 2021Jatcorp (formerly known as Jatenergy) announced that from March it will be manufacturing its lactoferrin-based products in-house. Jatcorp is an Australian company, which has seen a huge surge in the demand for its lactoferrin products from Asia, especially China.

In Sept 2020: FrieslandCampina Ingredients announced that it will expand its lactoferrin production capacity in Veghel, Netherlands by 60MT/year in 2022. The total lactoferrin production capacity of the company will be 70MT/year. The company will also become the largest lactoferrin producer in the world after the completion of the expansion project.

Don’t miss the business opportunity of the global lactoferrin market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global lactoferrin market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent trends in global lactoferrin market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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