Bovine Lactoferrin Market Projected to Reach US$ 551.8 Mn by the End of 2026; Increasing Production Capacity to Favor Growth Worldwide, says Fortune Business Insights

The Global Bovine Lactoferrin Market is anticipated to gain momentum from an increasing demand for infant formulae infused with lactoferrin. According to a thought leadership article by Fortune Business Insights, titled “Well Established Antibiotic Properties and Growing Applications of Bovine Lactoferrin Likely to Boost the Growth of the Market by 2026,” the global bovine lactoferrin market was valued at US$ 507.3 Mn in 2018. Fortune Business Insights predicts that the global bovine lactoferrin market is anticipated to reach US$ 551.8 Mn by 2026, exhibiting a CAGR of 1.0% in terms of revenue.

Increasing Demand for Instant Formula to Drive the Global Bovine Lactoferrin Market

The article states that bovine lactoferrin is used the most in the infant formula segment across the globe. Even though the government agencies are undertaking several initiatives to create awareness about breastfeeding amongst women, the rate of breastfeeding is very low. This has led to an increasing demand for infant formulae that include lactoferrin. Also, the global infant formula market has shown significant growth as people have become more aware about the clinical and health benefits of lactoferrin. Some of the budding market players, especially in the pharmaceutical sector, are yet to discover and work on the clinical effectiveness of lactoferrin in a full-fledged manner. This is because of the lack of research and development activities as well as unavailability of products.

Fortune Business Insights’ Key Opinion Leader, Dr. Jagan Billakanti, Senior Bioprocess Scientist has said, “The lactoferrin market for infant formula was largely dependent on China prior to the Chinese GB Standards due to China being the largest consumer of infant formula. This, along with new purity requirements for lactoferrin in infant formula laid down by the Chinese Standards in 2018, led to only a handful of players possessing the capabilities to offer 95% pure lactoferrin for those large quantities. This led to a huge supply-demand gap, and skyrocketing of the prices of lactoferrin in 2018.”

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New Application Segments Have Pushed the Prices of Bovine Lactoferrin

The infant formula industry is exhibiting increasing demand for bovine lactoferrin since the past decade. The rising demand has in turn openednew application segments and avenues for bovine lactoferrin namely, pharmaceuticals, nutraceuticals, and food. Furthermore, in China, there are various reforms in regulatory policies in the infant formula market. It has resulted also increased the prices of bovine lactoferrin in the year 2018. For instance, sources have found that the price of bovine lactoferrin grew exponentially from an estimated US$ 200 per kg. in 2015 to US$ 1,950 per kg in 2018.

With regards to this, Dr. Jagan Billakanti, has further said that, “Currently there are very few companies offering pharmaceutical grade lactoferrin, due to complex process demanded by the highest purity of lactoferrin (98% purity), and price of the final product. As the purity requirement for lactoferrin increases, from 90% pure lactoferrin in food industry, to 98% pure lactoferrin in pharmaceuticals, there is an estimated 2 to 4-fold increase in prices of lactoferrin (per kg.). The major reason for this is the complexity of the process, and stringent control parameters during the process which ultimately lead to significantly higher price of final product.”

Bega Cheese Ltd., Synlait Ltd., and Other Key Market Players Focus on Expansion Strategies to Increase Production

The existing market players are aiming to meet the ever grossing demand for bovine lactoferrin by increasing the production capacity. Bega Cheese Ltd., a dairy company based in Australia, announced that it will expand the Koroit facility located in western Victoria in February 2019. The company bought the facility from its peer Saputo, a Montreal-based Canadian dairy company the previous year. The expansion will cost approximately US$ 34 Mn. It will also aid Bega Cheese Ltd. in doubling the production capacity of lactoferrin.

Synlait Ltd., a dairy processing company based in New Zealand, announced in April 2018, that it has procured a multilayer lactoferrin supply agreement that will allow the company to expand its Dunsandel plant. This investment is expected to cost around $18 million. It will help in doubling the current production capacity of the company’s bovine lactoferrin. Moreover, the global bovine lactoferrin market is semi-consolidated. Here, only the top five players held less than 50% share of the global bovine lactoferrin market in the year 2018. However, new players have slowly started entering in the global bovine lactoferrin market. This is another major factor that is likely to reduce the supply demand gap by reducing the prices of bovine lactoferrin during the forthcoming years.

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