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The demand for potassium lactate is growing in various end use industries owing to its excellent moisturising properties as well as buffering capacity. It is extensively used in the preparation of a wide range of personal care products like hair care, skin care, and oral care products, among others. The growing technological advancements and improving standards of living are expected to contribute to the industry growth. The companies are heavily investing in innovating the products to meet customer requirements. Some of the major companies in the industry include Jungbunzlauer Suisse AG, and American Elements. The growing focus on a healthy and environmentally friendly lifestyle is leading to an increased demand for plant-based products. Jungbunzlauer Suisse offers bio-based ingredients and natural solutions like potassium lactate for the food and personal care industry, thus, aiding the expansion of the potassium lactate market.
Further, the e-commerce industry is witnessing a rapid expansion, particularly in the emerging nations. The growing popularity of online shopping is resulting in increased demand for preservatives to enhance the shelf life of products, which, in turn, is contributing to the growth of the potassium lactate market. In October 2019, the e-commerce giant, Amazon.com, Inc. (NASDAQ: AMZN) announced the launch of Amazon.sg to expand its presence in Singapore by providing an online platform dedicated to customers in the country. Moreover, in May 2020, Amazon Singapore announced that the company is assisting local retailers with business continuity during COVID-19 through Enterprise Singapore’s Singapore E-Commerce Programme and providing additional incentives to local retailers selling online. Such developments are expected to enhance the demand for potassium lactate over the forecast period.
Market Breakup by Function, End Use, and Regions:
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The major players in the global potassium lactate market are Jungbunzlauer Suisse AG, American Elements, Lab M Limited, Henan Jindan Lactic Acid Technology Co., Ltd, and Qingdao Health Food Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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