Lactobionic Acid Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.20 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Lactobionic Acid Market Analysis
The lactobionic acid market is projected to register a CAGR of 5.2% over the forecasted period.
- The major drivers for the lactobionic market are its wide range of applications as a bioactive component, especially in medicine, its tremendous demand in cosmeceuticals, and the increased demand for biodegradable products. It can also be used as a stabilizing component in organ preservation solutions, an anti-aging and keratinizing ingredient of skin care cosmetics, a gelling agent in desserts, or an acidifier agent in fermented milk products. It has many applications in food, pharmaceuticals, the cosmetic industry, etc.
- Lactobionic acid has immense applications in meat and meat products, which has increased its demand in the food industry. Byproducts from the commercial cheese, whey, and dairy industries are the primary sources of lactobionic acid.
- Asia-Pacific remains the most prominent region over the forecast period due to the growing pharmaceutical and medical industries, changing lifestyles, and growing population. Within this market, drugs remain the largest segment by application over the forecast period due to their increasing usage in health-related products such as pharmaceuticals, antibiotics, and preservative solutions.
- Lactobionic acids are also used as a calcium source in dietary supplements. Also, it helps provide osmotic support and prevents the cell from swelling during the preservation of organs. The rising cases of chronic diseases and increased health awareness have propelled the growth of the lactobionic acid market.
Lactobionic Acid Market Trends
Major Application of Latobionic Acid in Pharmaceuticals and Health Industry Drives the Market
- Lactobionic acid is widely used in health-related products such as pharmaceuticals, antibiotics, and preservative solutions for organ transplantation. This preservation solution has been adopted worldwide as the gold standard clinical dissolution for organ perfusion in transplantation medicine. This helps suppress tissue damage caused by free radicals during organ storage.
- According to the Directorate General of Commercial Intelligence and Statistics (DGCI&S), Kolkata, India imported medicinal and pharmaceutical products to almost INR 357 billion (USD 4.69 billion) as of the fiscal year 2022. Until September 2023, India will import medical and pharmaceutical products of more than INR 318 billion (USD 4.18 billion) in the financial year 2023.
- Lactobionic acid act as a special high-affinity inhibitor compound of carbohydrate-binding proteins that promote vaccine-stimulated immune responses against breast tumors, possibly leading to tumor regression and improved survival outcomes. Lactobionic acid also works as a stabilizer of pharmaceutical formulations containing sensitive therapeutic components.
- Lactobionic acid is added to dietary supplements to prevent calcium deficiency pathologies. It aids in modulating gut microbiota, correcting dysbiosis, and treating a few critical human disorders, such as chronic infections, inflammatory bowel diseases, obesity, and cancer.
- According to Istat, in Italy, 23.7 million individuals suffered from at least one chronic disease in 2021. Owing to the abovementioned factors, the rising chronic disease cases propel the lactobionic acid market growth.
North America is the Fastest Growing Region
- The emerging applications of lactobionic acid in cosmetic products act as a significant driving factor. North America is the fastest-growing and the third-largest market for lactobionic acid. The United States holds the region's major share of lactobionic production and consumption.
- The major share of lactobionic acid consumed in North America is exported from China and Europe to meet the demand. The region's primary application of lactobionic acid is in the medical and pharmaceutical industries. Proving to be a multifunctional value-added organic acid boosts its food and feed industry demand.
- After its approval to be used as a food additive in various food products by the United States Food and Drug Administration (USFDA), its demand in the food industry has grown significantly. According to Agriculture and Agri-Food Canada, retail sales of fortified or functional baby food in the United States amounted to approximately USD 2.79 billion in 2021.
- Moreover, consumers nowadays focus on the ingredients and how their food is produced and sourced and are willing to pay a premium price for natural products. According to Organic Trade Association, in 2021, United States customers spent approximately USD 71.4 per person on organic packaged food and beverages. Lactobionic acids are used as a stabilizer and have antioxidant properties.
- Increasing spending on functional food products, a growing number of sports and gym enthusiasts, and consumers looking for healthy and sustainable food options are key reasons expected to augment lactobionic acid growth over the forecast period.
Lactobionic Acid Industry Overview
The lactobionic acid market is highly consolidated and competitive. Major players have a presence in regional and global markets and adopt various other strategies to increase their share. Emphasis has been given to product development, expansion, partnership, and merger and acquisition to maintain their position in the market. Merck & Co., Inc., Avantor, Inc, Cayman Chemical Company Incorporated, Novartis AG, and DAYANG CHEM (HANGZHOU) CO., LTD. are some of the major players in the market.
Lactobionic Acid Market Leaders
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Merck & Co., Inc.
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Avantor, Inc.
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Cayman Chemical Company Incorporated
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Novartis AG
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DAYANG CHEM (HANGZHOU) CO., LTD.
*Disclaimer: Major Players sorted in no particular order
Lactobionic Acid Market News
- April 2023: Sandoz, a global leader in off-patent (generic and biosimilar) medicines, announced that the European Commission (EC) granted marketing authorization in the European Union (EU) for a citrate-free high-concentration formulation (HCF; 100 mg/mL) of its biosimilar Hyrimoz (adalimumab). The approval includes all indications covered by rheumatic diseases, Crohn's disease, ulcerative colitis, plaque psoriasis, uveitis, and hidradenitis suppurative.
- March 2023: Sandoz, a global leader in generic pharmaceuticals and biosimilars, announced that the US Food and Drug Administration (FDA) approved a citrate-free high-concentration formulation (HCF) of its biosimilar Hyrimoz® (adalimumab-adaz) injection.
- March 2023: Sandoz signed a memorandum of understanding (MoU) to build a new biologics production plant in Lendava, Slovenia. The Sandoz investment is expected to be at least USD 400 million, supporting the company's ambition to drive the future growth of its global biosimilars portfolio.
Lactobionic Acid Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porters Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Form
5.1.1 Solution
5.1.2 Powder
5.2 Application
5.2.1 Cosmetics
5.2.2 Food
5.2.3 Pharmaceutical and Medical
5.2.4 Other Applications
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 South Africa
5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Key Staretegies Adopted
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Novartis AG
6.3.2 Bio-Sugars Technology Co. LTD
6.3.3 Merck & Co., Inc.
6.3.4 Avantor, Inc.
6.3.5 DAYANG CHEM (HANGZHOU) CO., LTD.
6.3.6 Wuxi Sigma Chemical Products Co.LTD.
6.3.7 Cayman Chemical Company
6.3.8 Manus Aktteva Biopharma
6.3.9 Haohua Group
6.3.10 Extrasynthese
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Lactobionic Acid Industry Segmentation
The oxidation of lactose forms lactobionic acid, which is also known as sugar acid.
The lactobionic acid market is segmented by form, application, and geography. Based on the form, the market is segmented into solution and powder. Based on application, the market is segmented into cosmetics, food, pharmaceutical and medical, and others. Based on geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
The report offers market size and forecasts in value (USD million) for the above segments.
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Lactobionic Acid Market Research FAQs
What is the current Lactobionic Acid Market size?
The Lactobionic Acid Market is projected to register a CAGR of 5.20% during the forecast period (2024-2029)
Who are the key players in Lactobionic Acid Market?
Merck & Co., Inc., Avantor, Inc., Cayman Chemical Company Incorporated, Novartis AG and DAYANG CHEM (HANGZHOU) CO., LTD. are the major companies operating in the Lactobionic Acid Market.
Which is the fastest growing region in Lactobionic Acid Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Lactobionic Acid Market?
In 2024, the Asia Pacific accounts for the largest market share in Lactobionic Acid Market.
What years does this Lactobionic Acid Market cover?
The report covers the Lactobionic Acid Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Lactobionic Acid Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Lactobionic Acid Industry Report
Statistics for the 2024 Lactobionic Acid market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Lactobionic Acid analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Lactobionic Acid Market Report Snapshots
