According to the latest publication by Future Market Insights titled “Lactates Market: Global Industry Analysis (2017-2021) and Opportunity Assessment (2022-2032),” the North America regional market represents a relatively higher value share for beverages and dairy products, and a subsequent high usage of lactates as additives. The lactates market in this region is expected to witness steady growth in the coming decade.
According to the forecast presented in the report, the global lactates market is estimated to be valued at USD 653.1 million in 2022 and is projected to reach USD 1.1 billion by 2032, recording a CAGR of 3.7%, in terms of value. Growing demand for lactates as preservatives in bakery products and increasing demand for lactates in dietary supplements are some of the driving factors behind the growth of the global market for lactates.
Global Lactates Market: Factors Impacting Revenue Growth
- Sustainable demand for lactic salts in anti-ageing and premium cosmetic formulations
- Increasing consumption of lactates in the oral care industry
- Growth in the mineral industry in Asia Pacific is an indirect driver for lactates market growth
- Increasing demand for calcium salts in the treatment of osteoporosis
- Rise in healthcare expenditure in the Middle East & Africa
- Expansion of production capacity to enhance the sales prospects of lactates
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Global Lactates Market: Forecast by Application
On the basis of application, the global lactates market is segmented into food & beverages, pharmaceuticals, personal care, animal feed, agriculture, and others. The application of lactates in beverages is estimated to increase globally.
This is attributed to increased consumer demand for micronutrients in drinks such as juices, ready-to-drink premixes, and powdered beverages. Consequently the food & beverage segment makes up the highest market share both in terms of value and volume, and will retain its dominant position over the forecast period.
Global Lactates Market: Forecast by Form
On the basis of form, the global lactates market is segmented into solid and liquid segments. In terms of value and volume, the liquid segment is expected to exhibit the highest growth over the forecast period. In 2017, the liquid segment was valued at US$ 188.1 Mn, which is expected to reach US$ 313.7 Mn by 2027, expanding at a CAGR of 5.2% during the projected period.
Global Lactates Market: Forecast by Product Type
On the basis of product type, the global market for lactates is segmented into Sodium Lactates, Potassium Lactates, Calcium Lactates, Magnesium Lactates, Zinc Lactates and Others. Sodium Lactates and Zinc Lactates captured equal revenue share in the year 2017 and will witness relatively good growth during the forecast period.
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Global Lactates Market: Forecast by Region
In terms of volume, APEJ is expected to exhibit the highest growth during the period of study, closely followed by Japan. On the other hand, MEA makes up the smallest market share, both by value and volume, and is expected to grow steadily over the forecast period. North America is expected to account for the highest market share both in terms of value and volume, and will retain its dominant position over the forecast period.
Global Lactates Market: Key Players
Corbion N.V., Merck KgaA, Seidler Chemical Co, Inc., Alfa Aesar GmbH & Co KG (Thermo Fisher Scientific Inc.), Caldic B.V., FBC Industries, Inc., Global Calcium Private Limited, Musashino Chemical Laboratory, Ltd., Henan Jindan Lactic Acid Technology Co., Ltd, Pfanstiehl, Inc., Jungbunzlauer SuisseAG, ISALTIS, American Elements, Dr. Paul Lohmann GmbH KG, Jost Chemical Co., Galactic s.a., Zhengzhou Tianrun Lactic Acid Co., Ltd., BSA Inc., Prathista Industries Limited and Magnesia GmBh are some of the leading companies profiled in the report.
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