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Trusted Business Insights presents an updated and Latest Study on Lactoferrin Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Lactoferrin market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Lactoferrin Market
The global lactoferrin market size was estimated at USD 192.6 million in 2020 and is expected to expand at a revenue-based CAGR of 7.0% over the forecast period 2021-2027. The rising awareness amongst consumers regarding health and diet, along with the rising prevalence of skin-related health conditions, is expected to increase the demand. Lactoferrin is believed to have antiviral, antibacterial, anti parasitic, catalytic, and anti-allergic functions and properties, which is anticipated to drive the product demand from pharmaceutical and personal care industries.
According to the American Academy of Dermatology, acne is the most prevalent skin condition in U.S., affecting over 40 to 50 million people in the country every year. The acne treatment market is also subsequently expected to witness strong growth during the forecast period. Various clinical trials have proven the ability of lactoferrin to effectively treat acne and other such skin conditions. Due to its anti-inflammatory properties, lactoferrin gets rid of the main food source for pathogens by neutralizing its contributors.
According to the World Health Organizations (WHO), 50% women and 42% men reported experiencing acne during their twenties, 35% women and 20% men reported experiencing acne during their thirties, 26% women and 12% men reported experiencing acne during their forties, and 15% women and 7% men reported experiencing acne during their fifties. The growing prevalence of acne in developed nations including U.S., Canada, and Germany, along with proven testimonials and research findings for lactoferrin induced acne treatment is expected to drive growth avenues for lactoferrin producers over the forecast period.
The global personal care market is a multibillion dollar industry and is experiencing a shift from the traditional brick and mortar stores to the specialty and online stores. Women consumers of all age groups across the world prefer a cross channel purchase approach, where they visit online portals to understand about the product while purchasing from offline retail outlet. Consumer awareness due to product marketing initiatives taken by brand owners coupled with an inclination toward organic products with minimal side effects and higher efficiency is expected to further bolster demand.
Lactoferrin is extensively applied in reducing dermal immune response and healing wounds by stimulating connective tissue with epidermal cells by regenerating the skin. Its soothing effect on inflammations prevents the formation of larger zits and cysts. Many clinical trials have proven that lactoferrin can also be effectively used in the treatment and prevention of gastrointestinal inflammatory cases. Rising consumer awareness towards gut health coupled with the increasing demand of lactoferrin to prevent irritable bowel movement and bloating along with reduces intestinal inflammation is anticipated to boost the demand of this segment over the forecast period.
Manufacturers are focused on understanding consumer buying patterns to serve the ever changing demand among millennials. Companies have started investing in packaging and upgradation of ingredients depending on whether the point-of-purchase is a specialty store, club warehouse, or online shopping portals. Consumers are naturally inclined toward organic products that have a lower carbon footprint. Research studies and experiments further strengthen the benefits offered by lactoferrin in various applications that are expected to further propel the demand in the forthcoming years.
Function Insights: Lactoferrin Market
In terms of functionality, iron absorption recorded the highest revenue share of 29.2% of the lactoferrin market in 2019 and is expected to maintain its pole position over the forecast period. Iron deficiency usually leads to anemia, which roughly affects over 30% of the global population. Lactoferrin has been a crucial solution for anemia, its high level of bioavailability along with the ability to increase serum ferritin levels by five times allows efficient absorption of iron when compared to other iron sources.
According to the WHO, anemia affects over 1.62 billion people across the globe, with the highest prevalence observed among pre-school age children, accounting 47.4% of the total affected population. Lactoferrin is a new age solution for anemia and is widely recognized to be part of the transferrin family which regulates the levels of free iron in body fluid along with increasing the levels of hemoglobin by enhancing the ability to bind iron.
Antibacterial functionality of lactoferrin follows with revenue generated standing at around USD 41.7 million in 2019. The ability of the product to inhibit bacterial growth and biofilm formation which in turn increases its applicability as an antimicrobial therapeutic agent is anticipated to fuel the growth of the segment in the forthcoming years. Pharmaceutical companies have been increasingly observed to incorporate lactoferrin as an active ingredient in many antimicrobial and anti-bacterial products.
Application Insights: Lactoferrin Market
Infant formula segment held the highest market share of more than 38% in terms of revenue in 2019. The demand is anticipated to grow owing to the increase in the number of clinical studies supporting its infant formula integration of lactoferrin and changing consumer dynamics towards infant supplementary foods. The demand for infant nutrition is majorly driven from the developed economies owing to the significant disposable income, the busy work schedule for working class women, and rising incidences of iron deficiency among infants, which is expected to propel demand from infant nutrition segment.
Personal care product application is anticipated to witness the strongest gains during the forecast period, owing to the emollient nature and inherent properties of lactoferrin that help reduce skin inflammation. It does this by inhibiting the production of cytokine mediators which causes inflammation. Most prolific advantage of lactoferrin includes its potential usage as non-toxic and anti-cancer agent.
Regional Insights: Lactoferrin Market
Asia Pacific emerged as the largest regional segment in 2019. In terms of volume, this region accounted for a market share of nearly 30.96% during the same year and is expected to maintain its position throughout the forecast time period. India, China, and Japan were found to be the biggest regional markets for the product. This significant share of Asia pacific can be attributed to the rising spending capacity of the consumers. The presence of a large consumer base in these countries along with increasing birth rates among the population is anticipated to create growth opportunities. Asia Pacific, unlike most other regions, has a sizable number of medium and small businesses. Moreover, with increasing literacy rate coupled with rising consumer awareness regarding infant nutrition, personal care, and pharmaceutical products along with consumer inclination toward organic products is expected to drive the growth.
North America sized to be the second largest market for lactoferrin in 2019 with a revenue share of 22.7% in 2019. U.S. emerged to be the largest market. Growing incidence of digestive distresses has driven product demand across the country. Furthermore, rise in the numbers of specialty stores, hypermarkets, supermarkets, and incentivized marketing systems adopted by brand owners to expand its sales is projected to bolster the regional product demand in the forthcoming years.
Lactoferrin Market Share Insights: Lactoferrin Market
The market is highly fragmented in nature and is characterized by numerous small and medium sized companies. This is mainly due to the nature of logistical indifference created by dairy producers in different countries. Dairy products are short lived in nature and need to reach the production plant on time, this creates a disparity among the producers and small and medium sized entities taking the advantage by sourcing local dairy on time to meet production schedule.
Factors, such as territorial market size, competition intensity, capacity, labor availability, and development of demand and local logistical infrastructure are predicted to impact the distribution of final products. Most companies are directly involved in retailing through online shopping platforms, hypermarkets, supermarkets, specialty stores, and local convenience stores. Consumer buying behavior has changed over a lot during the past years as a number of varieties, product availability and convenience, and options to select the desired quantity and reduced delivery period, and promotional offers have further instigated consumers to prefer online retail.
This report forecasts volume and revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global lactoferrin market report based on function, application, and region:
Function Outlook (Volume, Tons; Revenue, USD Million, 2016 – 2027)
- Iron Absorption
- Intestinal Flora Protection
- Immune Cell Stimulation
Application Outlook (Volume, Tons; Revenue, USD Million, 2016 – 2027)
- Food & Beverages
- Infant Formula
- Sports & Functional Foods
- Personal Care Products
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