The unprecedented COVID-19 pandemic has affected the global economy to a great extent. Considering the food industry, one of the most important sectors of the economy, a tremendous impact has been witnessed on the entire process from the field to the consumer. The restrictions in the movement of workers, closure of food production facilities, and changes in consumer demand have put excessive pressure on the food industry.
The report offers actionable and valuable market insights of Lactoferrin. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Lactoferrin Market across various industries and regions.
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The global Lactoferrin Market was estimated to be worth US$ 253.36 Mn in the year 2022 and is expected to grow with a steady CAGR of 8% during the forecast period, 2022- 2032. By the end of 2032, the market is predicted to reach a global valuation of US$ 546.77 Mn.
Key Segments Covered in the Craft Beer Industry Survey
- By Function :
- Immune Cell Stimulation
- Intestinal Flora Protection
- Iron Absorption
- By Application :
- Animal Feed
- Personal Care Products
- Sports & Functional Foods
- Infant Formula
- Food & Beverages
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Key Takeaways from the Market Study
- The global lactoferrin market is expected to reach a market size worth US$ 253.36 Mn at the end of 2022.
- With a revenue share of over 41.5%, Asia Pacific will remain the largest regional market throughout the forecast period.
- Iron absorption market accounted for over 28.5% of the overall revenue.
- Infant formula segment accounts for more than 38.5% of the market’s revenue
- North America to accumulate a market share of 38% in 2022.
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During the forecast period, both new entrants and existing players will focus on increasing their capacity in order to achieve a higher share of the market. The result will be a highly fragmented market by the year 2032.
- The Beston Global Food Company Ltd expanded its lactoferrin production capacity to 25 metric tonnes in 2021 in response to a rising demand for lactoferrin.
- Lactoferrin-based infant nutrition products made by Jatenergy Ltd., an Australian company, have seen an increase in sales. The company reported USD 5.4 million in sales in March 2020.
- To meet the growing demand in the market, Friesland Campina DOMO announced in September 2020 it will increase lactoferrin production in Veghel from 9 tons to 60 tons by 2022.