Sodium Lactate Market are expected to reach US$ 368.3 Million, growing at a Positive CAGR of 8.8% for 2021 – 2031
Sodium lactate find extensive applications in the food & beverage industry, pharmaceutical and cosmetic and personal care products owing to its superior properties and cost-effective nature. As per a new study by Future Market Insights (FMI), the demand for sodium lactate will increase by 8.8% between 2021 and 2031.
Focus on reducing the cost of production to offset the high feedstock cost and gain competitive edge among leading players will bode well for the market. Moreover, manufacturers are expanding their manufacturing capabilities and increasing their exports to make deeper inroads in markets with unmet needs.
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Increasing safety concerns have encouraged governments around the world to implement stringent regulations to maintain and enhance the quality of food, cosmetic and chemical products. These regulations have been created with the intent to keep an eye on chemical additives and contaminants in food supplies. This is expected to create attractive opportunities for growth.
The global sodium lactate market is estimated to be US$ 158.7 Mn in 2021, registering high growth through the forecast period (2021-2031)
Sodium Lactate Market
Key Takeaways from Sodium lactate Marker Study
- Liquid form by form type is expected to contribute more than 54% of revenue share to the market.
- By application, food & nutritional supplements held the highest market share in 2021 due to diversifying the application of sodium lactate in the food industry.
- North America holds a t share of over 38% in the global sodium lactate market.
- Germany is expected to remain the dominant market for sodium lactate in Europe, accounting for over one-fourth of sales through 2031.
- China will continue leading the East Asia market, exhibiting double-digit growth through the forecast period.
Fast Expanding End-User Industries and Product Compliance
Food & beverage, cosmetic industry, pharmaceuticals manufacturers are prominent end-user industries gaining momentum. With the prompt expansion of the food & beverage and agricultural industry across the globe, it will fuel the demand for sodium lactate-based products. Manufacturers may want to steadily exit or avoid entering the vulnerable solvents marketplace as the usage of VOC-based products is banned and prohibited in developed countries.
Increasing safety concerns have encouraged several governments to implement stringent regulations to maintain and enhance the quality of food, cosmetic and chemical products. These regulations have created use of chemical additives and contaminants in food supplies on check.
Also, within the pharmaceutical industry, regulations and quality assurance play an important role. These factors will continue creating scope for sodium lactate applications.
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Why Future Market Insights?
· Comprehensive analysis on evolving purchase pattern across different geographies
· Detailed insights of market segments and sub-segments for historical as well as forecast period
· A competitive analysis of prominent players and emerging players in the keyword market
· Detailed information about the product innovation, mergers and acquisitions lined up in upcoming years
Ground breaking research and market player-centric solutions for the upcoming decade according to the present market scenario
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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