According to a recent report by Global Market Insights, Inc., lactoferrin market size is projected to exceed USD 315 million by 2027, in light of below mentioned trends:
Growing health consciousness among people and increasing proclivity towards healthy dietary lifestyle has tremendously increased the demand for efficient nutritional products. This has apparently evoked the adoption of lactoferrin supplements, foods and pharmaceutical products. The growing adoption can aptly be attributed to the benefits of lactoferrin such as iron absorption ability as well as anti-inflammatory, antibacterial, antioxidant and immunity boosting abilities in line with the novel product innovations by various industry conglomerates.
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Quoting an instance, in 2021, FrieslandCampina Ingredients announced the addition of an immune support product Biotis Lactoferrin to its portfolio of Biotis brand. Besides, worldwide outbreak of COVID-19 is expected to fuel the demand for lactoferrin across pharmaceutical sector as it provides in- vitro antiviral efficacy owing to its superior anti-inflammatory and immunomodulatory properties. These factors are providing lucrative growth prospects for the lactoferrin market.
Strategic initiatives by major industry players
Increasing product demand across the globe has urged industry players to develop new and enhanced products to effectively serve the consumer demand. They are also taking up strategic initiatives like mergers, acquisition and capacity expansion to gain a strong market presence. In 2020, Japan based Morinaga Milk Industry Co., Ltd. announced that its subsidiary MILEI GmbH, which holds a large share the production volume of functional ingredient lactoferrin, intends to double its lactoferrin production capacity.
Preference for human milk based lactoferrin products
Availability of large quantities of apolactoferrin in human milk has increased the demand for human milk derived lactoferrin products enormously. These products help in preventing the prevalence of infections in infants who have relatively weaker immune system. This is drawing consumer attention towards infant formula products based on lactoferrin. Lactoferrin’s ability to inhibit formation of biofilm enables the prevention of the growth of bacteria which is favoring the lactoferrin market demand in therapeutic applications.
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Burgeoning demand for sports and functional foods
Growing health consciousness among people and rising prominence of physical fitness and sports activities are some of the prominent factors that are instigating the demand for lactoferrin. This is majorly due to the application of lactoferrin in nutrition products. Availability of these products in single dedicated store along with expert advice from trained professionals in health and nutrition food stores is propelling the lactoferrin market growth to a larger scale.
Personal care and cosmetics sector in Europe
Europe is witnessing a significant surge in the demand for lactoferrin market from past few years owing to the increasing cosmetic and personal care applications. This is majorly due to the growing consumer awareness about the importance of personal hygiene and grooming. In addition, rising exposure of skin to harsh environmental factors such as excessive dust, dirt, grime, sunlight and moisture has urged consumers to use personal care products.
This is complementing the product adoption in the region further. Considering these factors, Europe lactoferrin market had recorded a valuation of over USD 35 million in 2020 and is estimated to register a CAGR of 6.4% through 2027.
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