The market for lactate salts is speculated to witness considerable growth owing to significant upgrades in methods of fermenting and manufacturing. Sodium is an integral part of the human body as it maintains the functioning of nerves and muscles. A dip in sodium level can cause conditions like hyponatremia where a person experiences hallucination, fatigue, restlessness, and even coma. Therefore, lactate salt is used as a rich source of sodium by the pharmaceutical sector. Whereas the food industry uses sodium lactate in the form of a preservative owing to its capability of regulating acids.
On this note, lactate salts market is touted to register USD 550 million with a CAGR of 9.6% over the forecasted timespan.
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Significant funds have been allotted to the research & development of lactate salts to understand its true application potential. Also, many major players are taking innovative approaches to increase product quality and yield without increasing the production expenditure. All these factors will remarkably contribute to industry growth.
The sodium lactate salt is speculated to proliferate at a CAGR of 9.4% over the projected timeframe. Sodium lactate is obtained via fermentation of sugar found in corns and beets. Owing to this, it is also called lactic acid sodium salt, which is fluidic in nature and is mildly saline.
While on topic, sodium lactate finds application in the cosmetic sector as an acidity regulator and a moisturizer across several toiletry products. In fact, bar soaps are made using sodium lactate to minimize the loss of water while being stored. Such a wide range utilization of sodium lactate in the cosmetic industry will create lucrative growth opportunities for the market over the coming years.
In the case of the pharmaceutical sector, lactate salts are used in making off-patent drugs that are generically formulated. Therefore, it creates an economical alternative for the drug formulation of the same brand. This has prompted many key pharmaceutical players into adopting lactate salts in their production process and developing newer products. More importantly, the growing geriatric population along with an increase in healthcare-related expenditures will majorly drive the lactate salts industry.
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On the regional front, North America accounted for a revenue share of USD 488.13 million in 2018 and is postulated to exhibit a CAGR of 8.5% through the stipulated time span. The regional pharmaceutical sector is expanding due to high per capita healthcare income. Furthermore, increased access to premium drugs, government policies favorable to the pharmaceutical industry, and increased research & development activities have stimulated the business landscape in the region to a greater extent.
The ongoing COVID-19 pandemic had a significant negative impact on the lactate salts industry. However, the market will exhibit growth over the long term owing to increased investments by key market players in production technologies along with growing demand for lactate salts from the food sector.
Looking at the transforming business space, leading market players are implementing innovative strategies like acquisitions and mergers to sustain the competition. These participants include Corbion N.V, Ikigai Corporation, Dr Paul Lohmann GmbH & Co, Jungbunzlauer among others.
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