Lactate Salts Market projected to surpass $550 million by 2027, Says Global Market Insights Inc.

Based on Global Market Insights Inc., report, the global Lactate Salts Market was estimated at $291.3 million in 2020 and is slated to exceed $550 million by 2027, registering a CAGR of 9.6% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
Advancements in the manufacturing and fermentation techniques are also expected to contribute to product growth. Manufacturers are highly invested in figuring out innovative ways to cut down production costs and increase yield & quality. Increasing expenditure in R&D is also being overserved to identify the potential use of lactate salt in downstream applications, making the product more relevant and contributing to the increasing demand.
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Covid-19 Synopsis:
Due to the COVID-19 pandemic, the lactate salts market is anticipated to experience a demand dip for a 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.
The sodium lactate salts to lead the trail by 2027:
The sodium lactate salt is expected to grow at a CAGR of 9.4% through 2027. Sodium lactate is a fluid salt, which is naturally extracted from sugar through the fermentation of beets and corns. It is also known as lactic acid sodium salt and has a mild saline taste.
In the cosmetic segment, sodium lactate is used as a moisturizer and as a pH regulator in various toiletry products. Moreover, the addition of sodium lactate to bar soaps minimizes water loss during storage. The growing use of sodium lactate in the cosmetic market will further drive the demand for sodium lactate over the projected period.
The aging population and increased healthcare spending are driving market players to invest in R&D. The application of lactate salts in the pharmaceutical sector is prominent, contributing to the second-highest share in the overall application segment.
The growing plethora of lactate salts used in the pharmaceutical sector is compelling market players to invest and develop new products to meet the growing demand for the product. The growing off-patent drugs are opening new opportunities for generic formulation, which are proven to be more economical options for the same branded drug formulations. For instance, Novartis will witness the expiries of eight drugs in 2020 and will be available for the generic version. The growing generic formulation market is further driving the lactate salts market over the projected period.
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Some major findings of lactate salts market report include:
North America to rule the roost throughout the forecast period:
North America lactate salts market will witness around 8.5% CAGR over the studied timeframe. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), North America held nearly half of the global pharmaceutical market and its market size was USD 488.13 billion in 2018.
The North America pharmaceutical business rise is characterized by a high per capita GDP expenditure on healthcare. In addition, research & development activities, access to high-value drugs, and favorable government policies will spur the pharmaceutical business growth in the future. Such trends will boost pharmaceutical production.
Leading market players:
Strategic mergers and acquisitions by manufacture to expand regional & global presence. Major lactate salts industry players include Jungbunzlauer, Corbion N.V., Jindan Europe, Ikigai Corporation, Galactic, Dr Paul Lohmann GmbH & Co., KGaA, and Musashino Chemical Laboratory Ltd., among others.
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About Global Market Insights Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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Source: Global Market Insights Inc.