Lactoferrin supplements market size was estimated at $200.76 million in 2020, growing at a CAGR of 7.5% during the forecast period 2021-2026. Lactoferrin is a type of protein found in both human milk and cow milk. Fluids in the nose, eyes, stomach, and respiratory systems contain the versatile protein. It protects against viral and bacterial infections and is one of the best antioxidants available. It is extremely important in the treatment of iron deficiency and severe diarrhoea. It is used in a variety of industries, including pharmaceuticals, food and beverage, cosmetics, and others. Lactoferrin have anti-inflammatory properties at local sites of inflammation, such as the respiratory and gastrointestinal tracts. It is polysaccharides and it can be used for breast fed infants. Lactoferrin supplements are widely used in wound healing and decreasing dermal immune responses by activating connective tissue with epidermal cells and rebuilding the skin. The increasing prevalence of skin related health conditions is the major factor driving the growth of the market. Increasing health and diet awareness among the consumers coupled with changing lifestyle of the people is set to further enhance the overall market development of the Lactoferrin Supplements Market for the period 2021-2026.
Lactoferrin Supplements Market Segment Analysis – By Function
Based on function, the Lactoferrin Supplements market is segmented into Antibacterial, Antioxidant, Iron Absorption, Anti-Inflammatory, Intestinal Flora Protection, and Others. Antibacterial held the largest share in the Lactoferrin Supplements market in 2020. Lactoferrin supplements has antibacterial properties and it reduce bacterial growth. Lactoferrin can decrease bacterial adhesion and biofilm development, which making it a potential antimicrobial treatment agent thereby increasing Lactoferrin Supplements market. However, Antioxidant is estimated to register higher CAGR of 7.9% during the forecast period 2021-2026 owing to Lactoferrin supplement function as antioxidant by binding iron with glycoprotein.
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Lactoferrin Supplements Market Segment Analysis – By Application
On the basis of application market for Lactoferrin Supplements is categorized in Pharmaceuticals, Personal Care Products, Infant Formula, Food and Beverages and Others. Infant Formula held the largest share in the Lactoferrin Supplements market in 2020. Increase in the number of clinical studies supporting the use of Lactoferrin in newborn formula, as well as shifting consumer attitudes towards infant supplementary meals thereby increasing Lactoferrin Supplements market. However, Personal Care Products is estimated to register higher CAGR of 8.1% during the forecast period 2021-2026 owing to rising demand of Lactoferrin Supplements in personal care products owing to it help to reduce skin inflammation.
Lactoferrin Supplements Market Segment Analysis – By Geography
Asia Pacific dominated the Lactoferrin Supplements market with a major share of 37% in 2020. This is attributed to high birth rate in this region coupled with increasing number of working women that leads to rise in demand for infant formula products. Furthermore, growing urbanization, and rising disposable income of the people which are contributing to the growth of the market in this region.
However, North America is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to growing prevalence of acne among the people in this region coupled with rising spending capacity among the people contribute the growth in this region. Increasing consumption of infant formula in this region is also increasing the growth of the market in this region.
Lactoferrin Supplements Market Drivers
Increasing Demand of Lactoferrin Supplements
Increasing demand of Lactoferrin Supplements owing to its antibacterial, antioxidant, anti-inflammatory, and other properties is increasing the growth of the Lactoferrin Supplements Market. Lactoferrin is increasingly used in infant formula products due to its capacity to boost the new-born immune system by enhancing anti-infective and anti-inflammatory properties, as well as increasing iron absorption in the gut of the infant is also practiced to increase the growth of the Lactoferrin Supplements market during the forecast period 2021-2026.
Growing Prevalence of Skin Condition
Growing prevalence of skin condition such as acne and other skin condition is increasing the growth of the Lactoferrin Supplements market. According to the World Health Organization (WHO), 50% of women and 42% of men reported having acne in their twenties, 35% of women and 20% of men in their thirties, 26% of women and 12% of men in their forties, 15% of women and 7% of men in their fifties. Lactoferrin is widely used in wound healing and decreasing dermal immune responses by activating connective tissue with epidermal cells and rebuilding the skin thereby increasing the growth of the Lactoferrin Supplements Market during the forecast period 2021-2026.
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Lactoferrin Supplements Market Challenges
High Price
Major factor that is set to impede the growth of the Lactoferrin Supplements market is high prices of Lactoferrin Supplements. Another factor which hamper the growth of market is overconsumption led to health illness.
Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Lactoferrin Supplements Market. In 2020, the Lactoferrin Supplements Market share is consolidated by the top ten players present in the market. The Lactoferrin Supplements Market, top 10 companies are, Ingredia SA, MP Biomedicals, Westland Cooperative Dairy Co., Ltd., ProHealth, Glanbia PLC, Tatura Milk Industries Ltd., Fonterra Cooperative Group Ltd., APS BioGroup, Farbest Brands and Ferrin-tech LLC.
Development:
In October 2020, MILEI GmbH, Morinaga Milk's German subsidiary, announced to expand its lactoferrin manufacturing capacity. MILEI's present lactoferrin limit will be considerably expanded, and the extension is scheduled to be completed by April 2021.
Key Takeaways
North America dominated the Lactoferrin Supplements Market in 2020 owing to growing adoption of healthy lifestyle in this region. The Lactoferrin Supplements Market scope for different regions will be provided in the final report.
Increasing application of Lactoferrin in various industries is set to aid the market growth of the Lactoferrin Supplements Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Lactoferrin Supplements Market report.
High price of Lactoferrin Supplements is poised to create the hurdles for the Lactoferrin Supplements Market.
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