Lactic Acid- Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Lactic Acid market is accounted for $1.00 billion in 2019 and is expected to reach $3.15 billion by 2027 growing at a CAGR of 15.8% during the forecast period. The rise in demand for alternative environment-friendly resources, technological advancements to encourage the production of lactic acid & polylactic acid and high demand for lactic acid and polylactic acid in end-user applications are the major factors driving the market growth. However, concern over the quality of lactic acid used in food & beverage products is restraining the market growth.
Lactic acid is a group of acid that is emerging in sour milk and is produced in muscles after a lot of exercises. Lactic acid, also known as hydroxypropionic acid, or 2-hydroxypropanoic acid, an organic compound included in the family of carboxylic acids, available in certain plant juices, and in the muscles and blood of animals, and also in soil. It is the familiar acidic constituent of fermented milk products like sour milk, cheese, and buttermilk.
Based on application, the food & beverages sub-segment accounted for considerable market share during the forecast period owing to the incremented demand from the growing population. This is integrated with the demand for preserved food in which lactic acid is used as a food preservative. This food and beverages are significantly supporting the lactic acid market. Additionally, there is also a noticeable increase in the pharmaceutical sector, and that is also creating a marketplace for the vendors.
By geography, North America held largest market share during forecast period due to growth of the US market. The North American market is regulated, with the US Environmental Protection Agency (EPA) playing a key role in the monitoring and commercialization of chemical products. In recent times, the rise in environmental concerns and waste management issues has led to a shift in the focus of consumers toward sustainable and environment-friendly plastics, particularly for packaging. Due to these factors, regulatory authorities, such as EPA, are increasingly opting for biodegradable plastics and focusing on increasing consumer awareness regarding the need for the use of biodegradable products.
Some of the key players profiled in the Lactic Acid Market include Musashino Chemical, CargilCofco Biochemical, Corbion, Danimer Scientific, Dupont, Foodchem International, Galactic, Henan Jindan Lactic Acid Technology, Henan Xinghan Biotechnology, Jungbunzlauer, Sulzer, Unitika Ltd, Vaishnavi Bio-Tech, Vigon International company.
• Lactic acid Application
• Polylactic Acid Applications
Raw Materials Covered:
• Anti-Forming Agent
• Anti-Microbial Agent
• Flavouring Agent
• Mineral Fortification
• pH Regulator
• Chemical Synthesis
• Microbial Fermentation
Product Types Covered:
• Food Grade
• Industrial Grade
• Pharmaceutical Grade
End Users Covered:
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Market share assessments for the regional and country-level segments
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