The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033.
The Ethyl Lactate by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Ethyl Lactate, The ethyl lactate market size has grown strongly in recent years. It will grow from $2.31 billion in 2023 to $2.52 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to biodegradability and eco-friendly characteristics, growing emphasis on green chemistry, expanding industrial applications, substitute for conventional solvents, rising awareness of voc emissions, effective paint stripping properties, growth in bio-based chemicals market.The ethyl lactate market size is expected to see rapid growth in the next few years. It will grow to $3.71 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%.
The growth of the food and beverage industry is expected to drive the expansion of the ethyl lactate market. The food and beverage sector, responsible for the production, distribution, and consumption of food and drinks, utilizes ethyl lactate as a natural and organic compound. Ethyl lactate serves as a flavor enhancer and solvent in various food and beverage applications. Produced through the fermentation of lactic acid and ethanol, ethyl lactate has a mild, sweet, and fruity taste. Its common use includes applications in confectionery, baked goods, dairy products, and the formulation of flavors and fragrances.
For example, according to a report from the US Bureau of Labor Statistics in September 2022, there was a notable increase in spending on food, marking a 13.4% rise from the previous year. Spending on food outside the home experienced a substantial increase of 27.6%, while spending on food inside the home increased by 6.6%. Additionally, spending on alcoholic beverages grew by 15.9% in 2021. These trends indicate a significant boost in the food and beverage industry, contributing to the growth of the ethyl lactate market.
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The ethyl lactate market covered in this report is segmented –
1) By Grade: Food Grade, Medical Grade, Industrial Grade, Other Grades
2) By Application: Adhesives, Cleaners, Inks, Solvents, Food Additives, Fragrances, Other Applications
3) By End User: Food and Beverages, Electronics, Paints and Coatings, Packaging and Printing ink, Pharmaceuticals, Cosmetics and Personal Care, Industrial Cleaning, Agrochemicals
Top Major Players
Corbion NV,
Galactic,
Vertec BioSolvents Inc.,
Godavari Biorefineries Ltd.,
Henan Jindan Lactic Acid Technology Co Ltd.
The ethyl lactate market report table of contents includes:
1. Executive Summary
……………..
List Of Tables :
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Ethyl Lactate Market, Segmentation By Grade, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Ethyl Lactate Market, Segmentation By Application , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Ethyl Lactate Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Corbion NV Financial Performance
Table 75: Galactic Financial Performance
Table 76: Vertec BioSolvents Inc Financial Performance
Table 77: Godavari Biorefineries Ltd Financial Performance
Table 78: Henan Jindan Lactic Acid Technology Co Ltd Financial Performance
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