The global sodium lactate market size was valued at USD 259.5 million in 2021 and is projected to reach USD 516.5 million by 2030, growing at a CAGR of 8.0% from 2022 to 2030. The demand for the product is anticipated to be driven by the increasing application of sodium lactate as an API in IV fluids and the dialysis of chronic kidney diseases like CAPD.
The market is characterized by the presence of multiple large manufacturing companies around the world. Corbion, Henan Jindan Lactic Acid Technology Co., Ltd., Foodchem International Corporation, Jungbunzlauer Suisse AG are some of the prominent market players. These companies undertake various operations and strategic initiatives such as mergers, acquisitions, partnerships, agreements, and collaborations to establish their presence in existing and new markets.
Sodium lactate is lactic acid’s sodium salt, which is obtained by the process of neutralization of naturally derived substances, which have a high purity sodium source. The production process of sodium lactate is carried out naturally by living organisms and is obtained as a by-product of glycolysis. It is a colorless to yellowish substance, which is nearly odorless and has a mild salty taste.
These products have wide usage in various industries such as food & beverages, cosmetics, personal care, as well as pharmaceutical. It finds its largest application in the cosmetics industry as a pH regulator and moisturizer in various skin care products. Apart from the cosmetics industry, the product is adopted by the food & beverages industry as well. It is being used as a natural food additive, and as a preservative in various food items, especially seafood and meat products.
Increasing global spending on the healthcare and pharmaceutical industry, especially after the global pandemic has created a great demand for the products that are extensively used in the pharma industry. Sodium lactate is as an over the counter (OTC) medicine. In addition, it is also used as a pH regulator to relieve acidosis. Various such factors are responsible for the market growth. Apart from this, it is also used in injections, as a nonpyrogenic, sterile, and a concentrated solution, generally in water. It is also used as an additive after the dilution by intravenous route as a systematic alkalizer and also as an electrolyte replenisher.
Key Market Trends & Insights
- North America dominated the global sodium lactate market with a high revenue share of nearly 36.72% in 2021.
- By form, the liquid form dominated the market with a revenue share of more than 75.7% in 2021.
- By application, the cosmetics application dominated the sodium lactate application with a high revenue share of 33.9% in 2021.
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Market Size & Forecast
- 2021 Market Size: USD 259.5 Million
- 2030 Projected Market Size: USD 516.5 Million
- CAGR (2022-2030): 8.0%
- North America: Largest market in 2021
Key Companies & Market Share Insights
The competition in the market is characterized based on the number of manufacturers, their product portfolio, and their geographical spread. In addition, the competition in the market is based on the strategic initiatives that the companies undertake to strengthen their presence in the market. For instance, in the year 2019, Corbion, a key manufacturer, signed an agreement with Brenntag under which Brenntag agreed to distribute Corbion’s numerous products in the Middle East and European markets.
Key Players
- Jungbunzlauer Suisse AG
- Hefei TNJ Chemical Industry Co., Ltd.
- Foodchem International Corporation
- Luoyang Longmen Pharmaceutical Co., Ltd.
- Corbion
- Henan Jindan Lactic Acid Technology Co., Ltd.
- Loba Chemie Pvt. Ltd.
- Paul Lohmann GmbH & Co. KGaA
- JIAAN BIOTECH
- Qingdao Great Biological Engineering Co., Ltd.
Browse Horizon Databook on Global Sodium Lactate Market Size & Outlook
Conclusion
The global sodium lactate market is poised for substantial growth, driven by its expanding application in the medical sector, particularly in IV fluids and chronic kidney disease treatments. With a projected CAGR of 8.0% from 2022 to 2030, the market is expected to reach USD 516.5 million by the end of the forecast period. The competitive landscape is shaped by key players such as Corbion and Jungbunzlauer, who are actively engaging in strategic collaborations and expansions to strengthen their global footprint and capitalize on emerging opportunities.
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