According to a new research report by Global Market Insights Inc., the Lactate Salts Market size will likely reach USD 550 million by 2027. Increasing investments in the pharmaceutical sector coupled with advancements in manufacturing techniques to boost the product demand.
Growing population and the cosmetics sector to drive the industry
The growing middle-class population, rising disposable levels, and increasing preference for personal hygiene products, such as hair care products, skin care products, moisturizers, etc., are expected to drive the lactate salts market growth. The global pharmaceutical sector is going through a revolutionary phase due to continuous research & development activities. These R&D efforts are supported by government funding, huge investments, and favorable policies. Such trends will boost pharmaceutical production activities, thereby catapulting the demand for lactate salts in the coming years.
Lactate salts will display high growth potential over the next few years. The product demand is on continual rise, especially from the Asia Pacific region owing to the rising food, pharmaceutical, and cosmetic industries. Major players are currently investing in establishing partnerships and increasing their production capacity with other industry players to minimize the demand-supply gap and gain an extra bottom line. Additionally, they are searching for faster & cheaper means of product distribution to gain a competitive advantage.
However, due to the COVID-19 pandemic, lactate salts market is anticipated to experience a demand dip for the short-term and over the long-term the market is expected to grow significantly. For instance, companies are expected to increase investments in production technologies to produce lactate salts to cater to the needs of the growing pharmaceutical and food industries during the projected period.
Browse key industry insights spread across 180 pages with 166 market data tables & 28 figures & charts from the report, “Lactate Salts Market Size, By Product (Sodium Lactate, Calcium Lactate, Magnesium Lactate, Potassium Lactate), By Application (Food & Beverages, Cosmetic, Pharmaceutical), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2027” in detail along with the table of contents:
Magnesium lactate will witness over 8% CAGR and is a magnesium salt of lactic acid, which is used to regulate acidity in food & beverages. It is also utilized as a dietary supplement and as a source of nutrients in various formulations. Magnesium is considered an important nutrient, which is required by the body to carry and support various functions of the digestive, heart, and nervous systems. The demand for magnesium lactate is growing steadily owing to the increasing health awareness around the world. Consumers are increasingly becoming educated, which is creating a customized demand for magnesium lactates.
In 2020, the cosmetics segment generated over USD 20 million in lactate salts market revenue. Lactate salts are good additives in lotions and other types of cosmetic formulations as a moisturizer and humectant. They also aid in strengthening the skin barrier and work as a buffering agent. They are one of the Natural Moisturizing Factor (NMF) constituents of skin.
Lactate salts are also used in the preparation of bar soaps. Growth in the cosmetic sector can be attributed to the growing middle-class population and growing awareness of personal hygiene in various emerging economies. Increased per capita income coupled with the rising disposable income is expected to further drive the cosmetic industry.
MEA & LATAM showcase positive outlook for lactate salts
The Middle East & Africa will be accelerating at a considerable rate during the forecast timeframe. The rising penetration of packaged food & beverages together with the improving standard of living will be driving product share in the region. Promising medicinal research and rising life expectancy are changing the demographic pattern, which are expected to drive the demand for pharmaceutical products in the Middle East & Africa. It is anticipated that over the next 10 years, the share of population over the age of 65 years will grow from 2.7% to over 4%. The growing pharmaceutical sector in the region is expected to propel the lactate salts market share.
Similarly, the Latin American cosmetic market is witnessing an increasing demand due to growing population, rising per capita income, and rising home-grown cosmetic brands, providing better & cost-effective access to cosmetic products. Various brands in Brazil and other Latin American countries have announced to update and develop their primary brands by pivoting toward new formulation and better ingredients. Furthermore, online distribution channels have made it easier for customers living in rural areas to gain access to various cosmetic products.
Innovation and acquisition to be pillars for expansion for players engaged in lactate salt manufacturing
Data science augmentation, automation, and remote-controlled production aid companies to work and manage the workforce more efficiently. Moreover, industries are adopting advanced digital capabilities, integrating supply chain and logistics with production operations, and ensuring on-time & hassle-free delivery of their products. Key lactate salts industry participants include Dr. Paul Lohmann GmbH & Co., KGaA, JungbunzLauer, Corbion N.V., Ikigai Corporation, Galactic, Jindal Europe, and Showa Kako Corporation, among others.