Lactate Salts Market Size

Lactate Salts Market Size

Lactate Salts Market size was USD 291.3 million in 2020 and will grow at a CAGR of 9.6% from 2021 to 2027. The rising demand for cosmetic & personal hygiene products has projected a positive outlook for industry expansion.

Lactate salts are mineral salts of lactic acid. They are used as additives in various business segments. They are used in the cosmetic sector to maintain moisture, stabilize pH value, and remove dead skin cells. The cosmetic segment is growing rapidly due to increasing population, growing middle-class population, rising disposable income, and growing penetration of cosmetic production in the rural areas of many emerging countries. Cosmetic products, such as skin care, hair care, oral care, moisturizing cream, etc., use sodium lactate due to its low cost and safety.

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The high demand for anti-dandruff and various anti-hair loss products will increase product penetration in the cosmetic industry, driving the demand for lactate salts over the projected period. Lactate salts also find applications in pharmaceutical formulations to treat skin, hair, and oral problems. They are used as moisturizers, humectants, or as a source of minerals in the body. The growing pharmaceutical market and increasing research & development activities will further drive the lactate salts market share over the anticipated timeframe.

The emergence of innovative production methods to decrease production costs and simultaneously maintain the optimum quality will drive the lactate salts market sales. The development of innovative fermentation processes is set to increase the volume output for manufacturers and is expected to further boost the product demand.

The ongoing COVID-19 pandemic is expected to create a slowdown in business growth rate over the short, medium, and long terms. The cosmetic segment has contracted significantly due to the shutdown of retail stores, hypermarkets, and malls across major parts of the world. This trend has increased the inventory of cosmetic products and restricted the consumption growth of lactate salts in 2020. However, the pharmaceutical segment growth coupled with the gradual recovery of economies will drive the demand for food & cosmetic products, creating a positive impact on the lactate salts market revenue over the projected period.