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Lactic Acid- Global Market Outlook (2019-2027)

Lactic Acid- Global Market Outlook (2019-2027)

4.9 (20 reviews)
Published: March 2021 ID: SMRC20347
4.9 (20 reviews)
Published: March 2021 ID: SMRC20347

This report covers the impact of COVID-19 on this global market

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.

Forms Covered:
• Liquid
• Dry

Applications Covered:
• Lactic acid Application
• Polylactic Acid Applications

Raw Materials Covered:
• Cassava
• Corn
• Sugarcane

Functions Covered:
• Anti-Forming Agent
• Anti-Microbial Agent
• Emulsifier
• Flavouring Agent
• Mineral Fortification
• pH Regulator
• Preservative

Synthesis Covered:
• Chemical Synthesis
• Microbial Fermentation

Sources Covered:
• Natural
• Synthetic

Product Types Covered:
•  Food Grade
• Industrial Grade
• Pharmaceutical Grade

End Users Covered:
• Automotive
• Biomedical
• Chemical
• Textile

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2018, 2019, 2020, 2024 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

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