The Asia Pacific Lactoferrin Market would witness market growth of 8.63% CAGR during the forecast period (2021-2027).
Lactoferrin has anti-inflammatory effects that may be effective in the pathophysiology of cases regarding COVID-19. The demand for immunity boosters is propelled by the unavailability of a vaccine or cure for the novel coronavirus in 2020. Preventive steps for the COVID-19 infection have achieved massive traction around the globe, leading to higher demand for products based on lactoferrin in 2020.
The demand for lactoferrin-based infant formula products suffered massive demand, particularly in the APAC region after the COVID-19 outbreak. This demand was further boosted by the increase in the adoption of such products because of their anti-viral properties. For example, Jatenergy Ltd., a company based in Australia, had reported a surge in the sales in dairy-based infant nutrition products that have lactoferrin as an integral ingredient. The sales declined in the second quarter of the year, though, was high as compared to the sales of the last year.
Unlike other regions, Asia-Pacific is home to many medium and small-sized enterprises. In addition, the growth of the regional market would be propelled by the rise in literacy rate and increase in consumer awareness about infant nutrition, pharmaceutical and personal care with preferences of consumers are toward organic products.
The demand for lactoferrin is majorly due to the increasing birth rate among the population, surge in the purchasing power of the individuals, and surging awareness about infant health and nutrition since the last couple of years. Considering the trend of the regional market, many global players are entering into the region to increase their presence and market share. The demand for lactoferrin-based infant formula products suffered massive demand, particularly in the APAC region after the COVID-19 outbreak. This demand was further boosted by the increase in the adoption of such products because of their anti-viral properties.
Furthermore, the increase in consumer awareness about the significance of maintaining healthy glowing skin is expected to boost the demand for the product from the cosmetics & personal care sector, hence augmenting the growth of the regional lactoferrin market. Thus, these aspects are set to boost the growth of the regional lactoferrin market during the forecast period.
The China market dominated the Asia Pacific Sports & Functional Foods Market by Country in 2020, thereby, achieving a market value of $6,799.6 Thousands by 2027. The India market is exhibiting a CAGR of 10.1% during (2021 - 2027). Additionally, The Australia market is poised to grow at a CAGR of 9.6% during (2021 - 2027).
Based on Function, the market is segmented into Iron absorption, Intestinal flora protection, Immune cell stimulation, Antioxidant, Antibacterial and Anti-inflammatory. Based on Application, the market is segmented into Pharmaceuticals, Food & Beverages, Personal Care Products, Infant Formula, Sports & Functional Foods and Animal Feed. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Australia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Lactoferrin Market is Projected to reach USD 408 Million by 2027, at a CAGR of 8.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Royal FrieslandCampina N.V., Glanbia PLC, Fonterra Co-operative Group Limited, Moringa Milk Industry Co., Ltd., Ventria Bioscience, Inc. (InVitria), Farbest Brands, Bega Cheese Ltd (Tatura Milk Industries Ltd.), MP Biomedicals LLC (Valiant Co., Ltd.), Synlait Milk Limited, and Pharming Group NV.
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