As per a recent report by Future Market Insights (FMI), the future outlook of sodium lactate market seems positive. The in-depth analysis is based on quantitative and qualitative research undertaken based on information sourced from trusted industrial sources. The report compiles data on drivers, restrains, trends, segments, key players, and their strategies to deliver tailored insights
DUBAI, UAE., Aug. 25, 2021 /PRNewswire/ -- The global sodium lactate market is expected to total US$ 158.7 mn in 2021. Its overall valuation is expected to surpass US$ 368.3 mn by 2031, registering a CAGR of 8.8% during the forecast period of 2021 to 2031. The liquid form of sodium lactate will dominate the global market with a share of 54.3% in 2021.
As per the report, the sales of sodium lactate increased at a CAGR of 5.6% during from 2016 to 2020. Rising demand for better quality ingredients in cosmetics, food, and chemical products will create opportunities for sales in the market.
Sodium lactate is used as emulsifier, flavor enhancer, flavoring agent, pH regulator, and acidity regulator in food and pharmaceuticals products. Its inclusion also increases the overall shelf life of products.
Manufacturers operating in the market are focusing on expanding their production channels in emerging markets. Strategic expansion strategies are therefore being adopted by various companies to cater larger consumer base.
For instance, Latin America is heavily reliant on sodium lactate imports to mitigate the demand and supply in the region. Some of the leading companies in the market are therefore participating in distribution partnerships to extend their product portfolio. For instance, Corbion and Brenntag, leading players in chemical and ingredients distribution further strengthened their partnership by signing improvised framework agreement.
Some of the countries that have emerged as leading sodium lactate markets are the U.K., Japan, India, China, Thailand, and Brazil. Favorable government policies supporting expansion of the pharmaceutical sector will aid expansion across aforementioned countries.
"Manufacturers in the global sodium lactate market are focusing on tapping into personal care and food & beverage industry. However, application in food and nutrition supplement is expected to remain the highest," says the FMI analyst.
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Key Takeaways
- The U.S. is expected to hold 90.8% of sales in North America. This dominance is largely attributed to the presence of mature pharma, personal care, and food & beverage industries.
- Germany will account for 28.8% of demand in Europe in 2021 backed by the presence of prominent players operating in the market.
- The demand in Japan is expected to rise at 6.6% CAGR during forecast period driven by surging demand from the country's thriving pharmaceutical sector.
- India is expected to account for 58.6% of sales in South Asia in 2021 as the country is exhibiting increasing pharmaceutical and government spending on research and development activities.
- The demand for liquid form of sodium lactate is expected to increase at a CAGR of 7.9% during the forecast period.
Growth Drivers
- The rising demand from food and beverages sector will create sales opportunities in the market.
- Demand in skin care will increase, especially driven by the expansion of the male grooming sector.
Key Restrains
- The global sodium lactate market in developing countries is highly dependent on imports. This however prove to be a deal breaker, especially as logistics stood disrupted amidst COVID-19 outbreak.
- Despite high production capacity of the chemical industry, there is a significant gap between demand and production in countries such as the U.S., Argentina, Brazil, India, and Mexico. This imbalance results in decline of sales in the global market.
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Competitive Landscape
Some of the leading market players are focusing on expanding their geographical foothold by adopting strategies such as merger, acquisition, expansions, and collaborations.
For instance, Biosynth Carbosynth expanded its laboratories in the U.K. in September 2020. These modern laboratories were added to the already existing synthetic labs in China, the U.K., Switzerland, and Slovakia.
Similarly, Biosynth Carbosynth opened a new sales office in South Korea
Some of the key players operating in the global sodium lactate market as profiled by FMI are:
- Jungbunzlauer Suisse AG
- Galactic
- Finetech Industry Limited
- Biosynth Carbosynth
- Finoric LLC
- abcr GmbH
- Glentham Life Sciences Ltd.
- TNJ Chemical Industry Co., Ltd.
- Foodchem International Corporation
- Luoyang Longmen Pharmaceutical Co., Ltd.
- BBCA Biochemical Co., Ltd.
- Prathista Industries Limited
- Henan Jindan Lactic Acid Technology Co., Ltd
- Corbion N.V.
- Merck KGaA
- Lobachemie pvt.ltd
- Fisher Chemical
- Dr. Paul Lohmann Gmbh KG
- Advance Inorganics
More Insights on the Sodium Lactate Market
FMI provides an unbiased analysis of the demand for sodium lactate market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges compelling insights on the global sodium lactate market on the basis of:
Product Form
- 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
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East and Africa (MEA)
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Key Questions Covered in the Global Sodium Lactate Market Report
- The report offers detailed insights into sodium lactate market demand outlook for 2021-2031
- The market study also highlights projected sales growth for sodium lactate market between 2021 and 2031
- Sodium lactate survey identifies key growth drivers, restraints, and other forces impacting prevailing trends, evaluation of current market size, and technological advancements within the industry
- Sodium lactate share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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