Global Lactobionic Acid Market - Growth, Trends and Forecasts (2017 - 2022)

Published - Jan 2017 | Category - Food & Beverages | No. of Pages - 161 | Published By - Mordor Intelligence

Report Highlights

The global lactobionic acid market of USD XX million in 2016 is expected to reach USD XX million by 2021 growing at a CAGR of XX% during the forecasted period 2016-2021.

Global Lactobionic Acid Market Dynamics

The major driver for the market is its wide application as a bioactive component especially in medicine, tremendous demand in cosmeceuticals, and increased demand for biodegradable products. Lactobionic acid has great application in meat and meat products as well which has increased its demand in the food industry. Being a biodegradable acid it is proved to be environment-friendly which has triggered its importance in all sectors. The major restraint for the market is the high raw material cost and production cost. Lactobionic acid is obtained from lactose which is not feasible for industrial production due to its high cost. In addition, the low awareness among consumers is also affecting the market growth.

Global Lactobionic Acid Market Segmentation

Market segmentation by application type includes cosmetics, food, pharmaceuticals, medicals and others. Medicine segment consists of the largest market share followed by cosmeceuticals due to its use as a natural stabilizer in medical application. Lactobionic acid is considered to be safer and better tolerated than glycolic acid which has an alpha hydroxyl acid commonly used in cosmetics. Thus, lactobionic acid application in cosmeceutical is growing at a faster rate. Moreover, its application in the food segment is also growing at a fast rate due to its increased demand in meat products as it increases the water holding capacity of meat. Others market includes its application in feed additives and biopolymers.

Market segmentation according to geography includes North America, Europe, Asia-Pacific, South America and Africa. Europe and Asia-Pacific are the largest markets for lactobionic acid followed by North America. China is the largest exporter of lactobionic acid globally. The Asia-Pacific market is also growing at a fast rate.

Leaders in the Global Lactobionic Acid Market

Growing demand for sustainable bio-based products has created a good opportunity for lactobionic acid in the market. The key players in the market are Novozymes, Sigma-Aldrich, Wuxi Sigma Chemical Product Co. Ltd. and Hubei Yuancheng Technology amongst others. The major competitors prefer investment in research and development to improve the product quality and successful market strategies to maintain their position.

 

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