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Global Sodium Lactate Market Overview
Sodium Lactate Market Size was valued at USD 0.315 Billion in 2022. The Sodium Lactate industry is projected to grow from USD 0.342 Billion in 2023 to USD 0.6564 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.50% during the forecast period (2023 - 2032).The growing R&D expenditures and the growing pharmaceutical industry are the key market drivers fueling the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Sodium Lactate Market Trends
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Growth of the food and beverage industry is driving the market growth
Market CAGR for Sodium Lactate is being driven by a growth of the food and beverage industry. The growing demand for processed and convenient foods is a major driver of the food and beverage industry's explosive growth. Sodium lactate, a common and adaptable food additive, is essential to this development. Due to its ability to regulate acidity, enhance flavor, and serve as a preservative, it is an essential ingredient in many food products. Preservatives and enhancers that work are becoming more and more necessary as consumers choose ready-to-eat and on-the-go options. Sodium lactate meets this need and supports the industry's search for convenient and creative food solutions. Its widespread use in processed foods is indicative of a mutually beneficial relationship between the industry's growth and the need for sodium lactate, and its variety of uses adds to the allure of contemporary food offerings.
Demand for natural and clean-label food products has surged as consumer awareness of health and wellness has increased. As a result, sodium lactate, a naturally occurring substance, has become more popular on the market as a healthier alternative to artificial preservatives. Its organic provenance suits the tastes of health-conscious shoppers looking for simply, minimally processed ingredients. Consequently, food producers are adding more sodium lactate to their products to satisfy the demands of consumers who are becoming more health-conscious and who value transparency in ingredient lists. This is helping sodium lactate gain traction in the market as a healthier substitute for artificial preservatives.
Due to its humectant and moisturizing qualities, sodium lactate is used in cosmetics and personal hygiene products. The need for sodium lactate in formulas like lotions, creams, and shampoos was increasing due to the expansion of the cosmetic and personal care industries. For instance, the personal care segment is expected to have a market volume of $238.60 billion by 2022. Thus, driving the Sodium Lactate market revenue.
Sodium Lactate Market Segment Insights
Sodium Lactate Form Insights
The Sodium Lactate market segmentation, based on Form includes Powder, Liquid. The liquid segment dominated the market, accounting for 75% of market revenue (0.236 Billion). The pharmaceutical industry's increasing need for liquid sodium lactate is the reason for this high share. It is utilized in IV solutions as well as chronic kidney disease (CKD) dialysis.
Sodium Lactate Application Insights
The Sodium Lactate market segmentation, based on Application includes Cosmetics, Pharmaceuticals, and Food & Beverages, Others. The Cosmetics segment dominated the market, accounting for 34% of market revenue. Growing disposable income, urbanization, rising standards of living, and growing awareness of personal hygiene are all contributing factors to the industry's overall growth.
Figure 1: Sodium Lactate Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Sodium Lactate Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Sodium Lactate market area will dominate this market. The region's growing need from the pharmaceutical industry is the reason for this dominance. The pharmaceutical and healthcare sectors are among the greatest in the world in the North American region. Moreover, the CODEX Alimentarius "International Food Standard" and numerous regulatory bodies, including the US FDA and Health Canada, approve of the use of sodium lactate in the area.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: SODIUM LACTATE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Sodium Lactate market accounts for the second-largest market share due to the presence of leading manufacturers. The center of the personal care and cosmetics industry is Europe. The demand from the region for these industries is rising as a result of this factor. The product is expected to become more in demand as it finds use in the aforementioned industries. Further, the German Sodium Lactate market held the largest market share, and the UK Sodium Lactate market was the fastest-growing market in the European region
The Asia-Pacific Sodium Lactate Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rising demand from end-use sectors like pharmaceuticals, cosmetics, and particularly food and beverage, the Asia Pacific region is expected to grow. Moreover, China’s Sodium Lactate market held the largest market share, and the Indian Sodium Lactate market was the fastest-growing market in the Asia-Pacific region.
Sodium Lactate Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Sodium Lactate market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Sodium Lactate industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Sodium Lactate industry to benefit clients and increase the market sector. In recent years, the Sodium Lactate industry has offered some of the most significant advantages to Consumers. Major players in the Sodium Lactate market, including Jungbunzlauer Suisse AG, Galactic, Finetech Industry Limited, Biosynth Carbosynth, Finoric LLC, and others, are attempting to increase market demand by investing in product development to increase their product line and Powderer to diverse consumer needs.
Swiss business Jungbunzlauer Suisse AG is focused on producing ingredients for a range of markets, including food, medicine, and personal care. The company, which has a long history that dates back to 1867, is well-known for its dedication to sustainability and producing high-quality goods. With a variety of uses in food and drink, Jungbunzlauer is a prominent player in the sodium lactate market. They are a top supplier of sodium lactate, a versatile substance with antibacterial, acidity-regulating, and flavor-enhancing qualities. By utilizing cutting-edge technologies and a commitment to eco-friendly procedures, Jungbunzlauer can meet the changing demands of industries across the globe while maintaining a significant influence in the sodium lactate market.
One of the leading companies in the chemical and food additive industries, Finetech Industry Limited, has extensive experience in the manufacturing and distribution of sodium lactate. Sodium lactate, a vital product in their line of business, is painstakingly produced in compliance with the strictest industry guidelines. Being one of the leading suppliers of this adaptable substance—which is widely used as a preservative, acidity regulator, and flavor enhancer—demonstrates the company's dedication to quality. By satisfying the growing demand for natural and clean-label ingredients and matching it with the current emphasis on health and wellness, Finetech Industry Limited has carved out a niche for itself. With a strong dedication to innovation and quality control, the business is still a trustworthy player in the sodium lactate industry.
Key Companies in the Sodium Lactate market include
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Galactic
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Finetech Industry Limited
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Biosynth Carbosynth
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Finoric LLC
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TNJ Chemical Industry Co. Ltd.
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Foodchem International Corporation
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Luoyang Longmen Pharmaceutical Co. Ltd.
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BBCA Biochemical Co., Ltd.
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Prathista Industries Limited
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Corbion N.V.
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Merck KGaA
Sodium Lactate Market Segmentation
Sodium Lactate Form Outlook
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Powder
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Liquid
Sodium Lactate Application Outlook
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Cosmetics
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Pharmaceuticals
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Food & Beverages
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Others
Sodium Lactate Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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