To know the impact of COVID-19 On Lactic Acid Market Size, Share & Trends Analysis Report By Source (Natural, Semi-synthetic, Synthetic), By Raw Material (Corn, Cassava, Sugarcane ), By End User (Pharmaceuticals, Industrial, Food & beverages, Personal care, Polylactic acid, Cosmetics, Biodegradable polymers), Based On Region, And Segment Forecasts, 2022 - 2028 Market
Market Size Forecast Scenarios (Optimistic, Baseline and Pessimistic) 2021-2027
Lactic Acid Market is valued at 1.3 USD Billion in 2021 and expected to reach 3.0 USD Billion by 2028 with the CAGR of 11.90% over the forecast period.
Increasing demand for anti-ageing and pimple cures, rising demand from packaging industry to make PLA plastics, growing pressure to follow environmental norms and increasing application of lactic acid in food and beverage industry are the major factors for driving the growth of Global Lactic Acid Market.
Scope of Global Lactic Acid Market Report-
Lactic acid is a kind of an acid that is usually found in yogurt and that is also produced in muscle tissue when people exercise. It is usually colorless or light yellow. It can also be prepared by fermentation of molasses, potatoes, corn starch and other starches. It can be synthesized and processed naturally. It is widely used in food and beverage, personal care, industry, polylactic acid and other fields. Because it is biocompatible and biodegradable in nature, it is also used as labels and packaging materials.
Lactic acid is produced using different raw materials, such as corn, sugar cane and cassava. Due to lower production costs and increased consumer awareness of bio-based products, most lactic acid is produced by fermentation processes. The main raw material suppliers are Archer Daniels Midland, Louis Dreyfus, Monsanto and Syngenta. Most lactic acid is produced from corn. This can be attributed to cheap and abundant availability. In addition, the limited supply of petrochemical raw materials could increase demand in this segment during the forecast period.
Lactic acid derived from sugar cane is expected to gain momentum as the need to develop new production processes throughout the industry to support bioplastics and biochemicals made from sustainable raw materials.
Lactic acid finds application in various industry verticals, namely, polymer, food and beverages, pharmaceutical, textile, cosmetics, personal care products and others, due to its extremely functional features and fusion capabilities, that makes it most suitable acid for purification and anti-bacterial purposes.
Global Lactic Acid Market is segmented on the basis of source, raw material and end-user. On the basis of source, the market is segmented into natural, semi-synthetic and synthetic. On the basis of raw material, market is segmented into corn, cassava, sugarcane and others. On the basis of end-user, the market is segmented into pharmaceuticals, industrial, food & beverages, personal care, polylactic acid, cosmetics, biodegradable polymers and others.
The regions covered in this Lactic Acid market report are North America, Europe, Asia Pacific and rest of the World. On the basis of country level, market of Lactic Acid is subdivided into U.S., Mexico, Canada, U.K., Germany, France, Italy, China, Japan, South East Asia, Africa, etc.
Global Lactic Acid Market Dynamics-
Increasing demand for anti-ageing and pimple cures, rising demand from packaging industry to make PLA plastics, growing pressure to follow environmental norms and increasing application of lactic acid in food and beverage industry, dermatology, and pharmaceutical industry, are the major factors for driving the growth of Global Lactic Acid Market. As per the statistics from International Society for Aesthetic Plastic Surgery, there were around 72756 total non-surgical cosmetic procedures using lactic acid. Also, the global production of PLA plastics was recorded to be nearly 190,000 tons in 2019.
Moreover, lactic acid has various functional attributes that make it suitable for use in producing different food items. Additionally, lactic acid is approved by various international organisations as per the regulations that further gives a traction to its wide usage. These are other major factors that are contributing for the growth of Lactic Acid market.
However, lactic acid requires a proper fermentation process to reveal its characteristics, which, in turn requires an optimized technological purification procedure to generate a perfect nutritional metabolism. This drives the manufacturing cost of lactic acid up, making it expensive, this is expected to act as a restraint for the growth of Lactic Acid market.
There is an increasing preference for organic products in consumers of cosmetic industry. It is known to compel manufacturers of Lactic Acid to go bio-based, to generate cosmetic products with high antimicrobial and purifying properties, having a revitalisation impact on skin using all green and organic products made with lactic acid, which is expected to offer lucrative opportunities for the growth of Lactic Acid market.
North America is expected to remain a dominant region in the Global Lactic Acid Market.
North America is the dominant region in the market with the largest share of the global Lactic Acid market, due to large demand from food industry and non-food applications inclusive of textile industry, cosmetic industry and packaging industry and large purchase of processed and functional food. There is a growing trend in the countries of North American region for bio-based beauty products, which requires antimicrobial properties of lactic acid, that boosts its growth in the market and establishes its dominance. US is home to the world’s second largest Lactic Acid plant Cargill, in a joint venture with PTT Public Company with figures between 100000 to 200000 metric tons.
Whereas Asia Pacific region is expected to grow at a fastest rate and exhibit a spurring growth in the Lactic Acid market. The major reasons being rising demand for innovations in food products, and beverages, large population in the developing countries like India and China, growing demand from product packaging industry that utilizes the attributes of lactic acid that prolong the shelf-life and perishable properties of products, and growing attraction towards organic cosmetic products. All these factors are expected to positively influence the market growth in APAC region. Jindan, which is one of the leaders in the lactic acid market, owns 100000 metric tons of LA plant in China, and Galactic is heading to convert its 40,000 metric tons of LA plant into 80,000 metric tons in China.
Global Lactic Acid Market Segmentation:
By Raw Material
By End User
- Food & beverages
- Personal care
- Polylactic acid
- Biodegradable polymers
By Regional Analysis
• Rest of Europe
• South Korea
• Rest Of APAC
• Rest of South America
Middle East and Africa
• Saudi Arabia
• South Africa
• Rest Of MEA
Lactic Acid Market key Players:
Lactic Acid Market report covers major key players in the market like,
- Palsgaard A/S
- NatureWorks LLC
- Archer Daniels Midland Company
- Sigma-Aldrich Co. LLC
- Galactic SA
- Henan Jindan Lactic Acid Technology Co. Ltd.
- Synbra Technology BV
Key Benefits of Global Lactic Acid Market Report-
- Global market report covers in depth historical and forecast analysis.
- Global market research report provides detailed information about Market Introduction, Market Summary, Global Market Revenue (USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country level.
- Global market report helps to identify opportunities in market place.
- Global market report covers extensive analysis of emerging trends and competitive landscape.
Interested in this report?
Lactic Acid Market Size, Industry Demand, Growth, share & Forecast 2027
Lactic Acid Market Size, Share & Trends Analysis Report By Source (Natural, Semi-synthetic, Synthetic), By Raw Material (Corn, Cassava, Sugarcane ), By End User (Pharmaceuticals, Industrial, Food & beverages, Personal care, Polylactic acid, Cosmetics, Biodegradable polymers), Based On Region, And Segment Forecasts, 2022 - 2028
Note: For delivery of sample pages you must have a Domain Specific Email ID, normally your business email address complies. Generic Email IDs such as AOL, Hotmail, Yahoo, Gmail, MSNetc. are not accepted.
Brandessence market research actively tracks, monitors, and analyses key industry trends in real-time via B2B surveys in 60 + countries and territories.