DUBLIN--(BUSINESS WIRE)--The "Global Lactobionic Acid Market - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The global lactobionic acid market is projected to register a CAGR of 12.1% during the forecast period of 2018-2023.
The major driver for the lactobionic acid 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.
The market is segmented by application type includes cosmetics, food, pharmaceuticals, medicals and others. The medicine segment consists of the largest market share followed by cosmeceuticals due to its use as a natural stabilizer in medical applications.
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.
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.
Key Topics Covered
1. Introduction
2. Market Overview
3. Market Dynamics
4. Segmentation
5. Competitive Landscape
6. Company Profiles
- Bio-Sugars Technology
- Hangzhou Dayang Chemical Industry Limited Company
- Hubei Yuancheng Technology Co. Ltd.
- Hyper Chem
- Lonza
- Novozymes
- Reliable Biopharmaceutical
- Sandoz Biosugars
- Sigma Aldrich
- Simagchem
- Wuxi Sigma Chemical Product Co. Ltd.
- Xian Sonwu Biotech Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/research/z33c9p/global?w=4
