The demand for liquid form of sodium lactate will accelerate in the coming years, as competition continues to soar. FMI also has forecast the key players to hold 54.3% of the share in 2021.
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Increasing safety concerns have encouraged governments around the world to implement stringent regulations to maintain and enhance the quality of food, cosmetic and chemical products. These regulations have been created with the intent to keep an eye on chemical additives and contaminants in food supplies. This is expected to create attractive opportunities for growth.
The global sodium lactate market is estimated to be US$ 158.7 Mn in 2021, registering high growth through the forecast period (2021-2031)
Sodium lactate find extensive applications in the food & beverage industry, pharmaceutical and cosmetic and personal care products owing to its superior properties and cost-effective nature. As per a new study by Future Market Insights (FMI), the demand for sodium lactate will increase by 8.8% between 2021 and 2031.
Focus on reducing the cost of production to offset the high feedstock cost and gain competitive edge among leading players will bode well for the market. Moreover, manufacturers are expanding their manufacturing capabilities and increasing their exports to make deeper inroads in markets with unmet needs.
Key Takeaways from Sodium lactate Marker Study
- Liquid form by form type is expected to contribute more than 54% of revenue share to the market.
- By application, food & nutritional supplements held the highest market share in 2021 due to diversifying the application of sodium lactate in the food industry.
- North America holds a t share of over 38% in the global sodium lactate market.
- Germany is expected to remain the dominant market for sodium lactate in Europe, accounting for over one-fourth of sales through 2031.
- China will continue leading the East Asia market, exhibiting double-digit growth through the forecast period.
“Diverse applications of sodium lactate across diverse industries, from pharmaceutical to the food sector will drive the sodium lactate market,” says a FMI analyst.
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Fast Expanding End-User Industries and Product Compliance
Food & beverage, cosmetic industry, pharmaceuticals manufacturers are prominent end-user industries gaining momentum. With the prompt expansion of the food & beverage and agricultural industry across the globe, it will fuel the demand for sodium lactate-based products. Manufacturers may want to steadily exit or avoid entering the vulnerable solvents marketplace as the usage of VOC-based products is banned and prohibited in developed countries.
Increasing safety concerns have encouraged several governments to implement stringent regulations to maintain and enhance the quality of food, cosmetic and chemical products. These regulations have created use of chemical additives and contaminants in food supplies on check.
Also, within the pharmaceutical industry, regulations and quality assurance play an important role. These factors will continue creating scope for sodium lactate applications.
Competitive Landscape
Manufacturers are focusing on the development of intermediates. Moreover, they are focusing on expanding their regional presence through acquisition and expansion.
Some of the leading companies of this market include:
- Jungbunzlauer Suisse AG
- Biosynth Carbosynth
- Corbion N.V.
- Prathista Industries Limited
- Dr. Paul Lohmann GmbH KG
- Merck KGaA
- Advance Inorganics
- Hexon Laboratories Private Limited
- Galactic S.A.
- abcr GmbH
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Future Market Insights brings the comprehensive research report on forecasted 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 2031. The global sodium lactate market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on the sodium lactate market on basis of Product Form in detail cover every aspect of the market such as (Powder, Liquid), Application (Beverages, Food & Nutritional Supplements, Clinical Nutrition, Dialyses Solutions, Personal Care & Cosmetics, Cleaners & Detergents), End User (Food & Beverages Industry, Cosmetic Industry, Pharmaceuticals Manufacturers, Medical Devices Manufacturers, Others) across seven major regions.
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What Are Key Opportunities For The Market To Growth In Future?
In developed economies, customers are progressively transitioning to products that confirm to stricter requirements for safety. This will create opportunities for research and development activities and product innovation to launch lactates-based products.
Development of custom formulation and products as per end-user requirements is expected to gain impetus across the world. Some of the leading companies are therefore focusing on produyct launches.
A majority of manufacturers in the MEA region are based out of South Africa, Turkey and GCC. They are primarily focusing on manufacturing international quality products to garner significant attention from end-users in the region. Sodium lactate also is used in food products that need to be Kosher & Halal certified.
Expansion in APAC and ban on VOC-based solvent in Europe and North America will create growth opportunities for sodium lactates manufacturers.