Potassium Lactate Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1561
Global Potassium Lactate Market size is likely to register significant gains between 2017 and 2024. Growth of the compound is attributed to its multiple applications in varied end-user industries such as detergents & cleaners, personal care, health care, food & beverages as a flavoring agent, antioxidant, humectant, and as a preservative.
Potassium lactate is used widely in food & beverage industry as a preservative. It restricts the growth of pathogens in food products owing to its capability of reducing PH level. Its appreciable moisturizing effects is used to enhance the food quality. It acts as a salt substitute in low sodium application as it depicts properties similar to salt such as syneresis prevention and better moisturizing. Other features of the product used in food application are antioxidant and texture & flavor enhancer. Ever increasing packaged food & beverage demand owing to fast life and whim amongst youngsters is anticipated to boost potassium lactate market in the forecast timeframe.
The compound possesses high buffering capacity and moisturizing properties owing to which it is used in variety of personal care products including soap, skin care, oral care, hair care and other bath products. Further, it has application in bakery, sauces, meat & poultry products as a flavoring & seasoning agent, emulsifier, and preservative. It is widely employed in poultry and meat products to increase shelf life and food safety. Consumer awareness regarding health care and beauty care products has uplifted its usage. Additionally, meat & poultry market is escalating in gulf countries owing to shortage of farming land. These factors are likely to fuel potassium lactate market during the forecast period.
Potassium lactate is consumed in a considerable quantity in fire extinguishers as it has properties of extinguishing agent. It is an odorless and colorless liquid formulated by lactic acid neutralization with potassium compound. It is recognized as a pure green food preservative and has benefits for human body. Concentration level of the compound is 60% and is thus directly used for curing pickle. Infrastructural development owing to flourishing residential and commercial projects is likely to boost the usage of fire extinguishers for their safety. This in turn will give a positive outlook to potassium lactate market between 2017 and 2024.
However, potassium lactate is not advisable for the usage in infant formulas and their food. Usage amount of the compound is regulated by certain standards such as standard E-36. This can pose hurdle to new entrants and thus hamper potassium lactate market in near future.
Based on the properties, the market is segmented as food preservative, extinguishing agent, antioxidant, humectant, emulsifier, moisturizing agent, and seasoning agent. The compound is used in the end-user industries such as cosmetics, food & beverages, health care, and fire protection.
Asia Pacific has a significant share in global potassium lactate market owing to its developing cosmetics industry. Thailand, Philippines and Australia are registering substantial gains in personal care, beauty care, skin care, oral care and hair care products. Further pickle is prepared widely in India that surges consumption of the compound as a preservative. North America is a worldwide recognized market for packed food & beverages. These products require food additives to add flavor, increase shelf life, and maintain quality of the food. Further, U.S. has a healthy skin care and soaps market that would contribute in market size of the region. Europe is known for its rapid growth in industrializations that has propelled infrastructure and developed the need for fire safety. Additionally, government legislations have mandated the deployment of fire extinguishers in certain public places. Middle East & Africa population relies mainly on meat & poultry products as there is shortage of green and fresh vegetables due to less cultivable land in gulf countries. Potassium lactates is used as a preservative in these frozen meat & poultry market making the region considerable contributor in the global market.
Key industry players in the market include Chongqing Bofei Biochemical products, Jungbunzlauer, Lab M, Henan Jindan Lacitc Acid Technology, American Elements, Qingdao Baotai Refining Chemical, and FBC Industries.
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