Lactic Acid Market
Lactic Acid Market Forecasts to 2028 – Global Analysis By Product (Food Grade, Industrial Grade), Form (Liquid, Dry), Raw Material (Cassava, Corn, Sugarcane) and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2021) |
US $1.33 BN |
|
Projected Year Value (2028) |
US $3.63 BN |
|
CAGR (2021 - 2028) |
15.4% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Europe |
Lactic Acid Market
According to Stratistics MRC, the Global Lactic Acid Market is accounted for $1.33 billion in 2021 and is expected to reach $3.63 billion by 2028 growing at a CAGR of 15.4% during the forecast period. 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.
Market Dynamics:
Driver:
Growing Demand from the Textile Industry
Lactic acid is widely used as a mordant in the textile industry wherein it also fulfills the function of chrome level effluent control during the process of dye application, which leads to better dye-yields. Considering that there is no other sustainable solution for the process coupled with the fact that textile manufacturing units will continue to use lactic acid, there will be growth prospects in the market for the existing vendors and the emerging entrants. The continuously developing economy is instilling a demand influx in the textile industry. This attributes to the fact that the rise in per capita income will lead to demand growth of not only wearable textile products but also the household ones. Evidently, this is followed by the escalation in the disposable personal income that will bring upon a need for various textile companies to reinvent their product portfolio with different colors combinations.
Restraint:
Instable Raw Material Prices
Raw sugar taken out from sugar beet or sugarcane, or dextrose from cassava starch or corn starch is the key raw materials used for 2-Hydroxypropanoic acid production. The raw sugar is generally sourced locally based on a particular province's most readily available feedstock. Thus, it is based on agricultural factors such as soil and climate conditions, as not all feedstock can be grown effectively in all districts. Though, fluctuating raw material prices and a rise in commodity costs are likely to restrain demand.
Opportunity:
Multi-Functionalities of Lactic Acid
Lactic acids play a significant role as a substance in the processing of numerous industrial products. These acids have classically been used in the majority of industrial applications, such as biopolymers, food & beverages, textiles, packaging, and personal care & cosmetics. The market for it has witnessed significant growth as it is increasingly used as a substitute for toxic chemicals and plastics, particularly in food & beverages and pharmaceuticals. In the food & beverage industry, it is preferred over synthetic chemicals, as they alter the flavor, texture, or characteristics of products to increase their shelf life. In the dairy industry, they are used to coagulate milk and produce cheese flavors. Whereas in the brewing industry, lactic acid improves starch conversion in beer, thereby increasing the yield. In the baking industry, lactic acid helps in controlling the acidity of the dough and improving the shelf life of baked goods. Major uses of lactic acid in the food industry are found in cheese manufacturing, baking, confectionery manufacturing, processed meat, and vegetable processing. Due to the various and versatile uses of lactic acid across industries, as well as the multi-functionalities of lactic acids, the market is projected to witness significant growth opportunities during the forecast period.
Threat:
Maintaining Supply To Demand of Lactic Acid
The major threat in front of the vendors in the market is keeping supply to demand. New applications in the market are being discovered every year, and prospective customers show a predilection for the product because it complies with environmental regulations. So, it’s difficult for the vendors to suffice the demand, and this subsequently warrants the expansion in terms of more manufacturing units which will need further investment, but the continuous demand in the future will ensure that the vendors will get the desired return on investment and attain the breakeven point.
Sugarcane segment is expected to be the largest during the forecast period
The sugarcane segment is expected to dominate the market during the forecast period, owing to the abundant obtainability of biomass materials. Sugarcane bagasse and harvesting residue are the most available resources, which can be utilized as feedstock. Sugarcane is used for bioplastics development and in biochemical and food industries.
The food & beverages segment is expected to have the highest CAGR during the forecast period
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.
Region with highest share:
North America is projected to hold the highest market share, owing to its growing usage of it in several end-use applications and the high level of consumer awareness within the country. The increasing number of consumers in the market who depict a willingness to pay a premium to source the organic lactic acid category is also driving growth in the province. Its sustainable production of it has proven to be a big opportunity for the market as depending on the plant source, less energy requirement, low cost, and eco-friendly benefits.
Region with highest CAGR:
Europe is projected to have the highest CAGR, due to the changing and busy lifestyles of consumers and rapid urbanization led to high demand for processed and convenience products. The major driver for the market is an increased demand for market in meat and other food applications, availability of cheap raw materials, innovation in technology, and strong support of big manufacturing companies in the region. Increasing population, high purchasing power, and growing awareness, as well as changing perception towards healthy features of natural products are propelling the demand and consumption of organic acids such as lactic acid across Europe.
Key players in the market:
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.
Key developments:
In September 2020: Cargill’s NatureWorks announced a series of manufacturing technology projects, including lactide monomer purification efficiency. This would increase the availability of the full Ingeo (PLA) biomaterials portfolio by 10% and help in catering to the large industrial.
In November 2020: Sulzer merged with B&F PLA (China) for the expansion and development of its first fully-integrated sugar-to-PLA (polylactic acid) plant located in Bengbu, China. The facility utilizes Sulzer’s distillation, crystallization, and polymerization technologies to produce 30,000 tons of PLA per year. This would improve the presence of the company in the Asia Pacific market.
In September 2020: Total Corbion PLA announced to build its second PLA plant with a capacity ramping up to 100,000 tons per annum in Europe. This expansion would make TotalEnergies Corbion the global market leader in PLA, firmly positioned to cater for the rapidly growing demand for Luminy® PLA resins. The new plant is planned to be located on a Total site in Grandpuits, France and to be operational in 2024.
Products Covered:
• Food Grade
• Industrial Grade
• Pharmaceutical Grade
Forms Covered:
• Dry
• Liquid
Raw Materials Covered:
• Cassava
• Corn
• Sugarcane
Synthesis Covered:
• Chemical Synthesis
• Microbial Fermentation
Sources Covered:
• Natural
• Synthetic
Functions Covered:
• Anti-Forming Agent
• Anti-Microbial Agent
• Emulsifier
• Flavouring Agent
• Mineral Fortification
• pH Regulator
• Preservative
Applications Covered:
• Lactic Acid Application
• Polylactic Acid Applications
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 2020, 2021, 2022, 2025 and 2028
- 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
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Appication Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Lactic Acid Market, By Product
5.1 Introduction
5.2 Food Grade
5.3 Industrial Grade
5.4 Pharmaceutical Grade
6 Global Lactic Acid Market, By Form
6.1 Introduction
6.2 Liquid
6.3 Dry
7 Global Lactic Acid Market, By Raw Material
7.1 Introduction
7.2 Cassava
7.3 Corn
7.4 Sugarcane
8 Global Lactic Acid Market, By Synthesis
8.1 Introduction
8.2 Chemical Synthesis
8.3 Microbial Fermentation
9 Global Lactic Acid Market, By Source
9.1 Introduction
9.2 Natural
9.2.1 Milk Source
9.2.2 Plant Source
9.3 Synthetic
10 Global Lactic Acid Market, By Function
10.1 Introduction
10.2 Anti-Forming Agent
10.3 Anti-Microbial Agent
10.4 Emulsifier
10.5 Flavouring Agent
10.6 Mineral Fortification
10.7 pH Regulator
10.8 Preservative
11 Global Lactic Acid Market, By Application
11.1 Introduction
11.2 Lactic Acid Application
11.2.1 Biodegradable Plastic & Polymers
11.2.2 Food & Beverages
11.2.2.1 Bakery & Confectionery Products
11.2.2.2 Dairy Products
11.2.2.3 Fruits and Vegetable (Pickled Vegetables)
11.2.2.4 Meat, Poultry, and Fish
11.2.2.5 Jams
11.2.2.6 Salad Dressing
11.2.2.7 Sauces
11.2.2.8 Savouries
11.2.2.9 Snacks
11.2.3 Home & Personal Care
11.2.4 Pharmaceutical Products
11.2.5 Other Lactic Acid Applications
11.2.5.1 Chiral Intermediates
11.2.5.2 Cleaning Agents
11.2.5.3 Descaling Agents
11.2.5.4 Humectants
11.2.5.5 Lactate Solvents
11.2.5.6 Metal Complexing Agents
11.2.5.7 Neutralizers
11.3 Polylactic Acid Applications
11.3.1 Packaging
11.3.1.1 Compost Bags
11.3.1.2 Loose-Fill Packaging
11.3.1.3 Rigid Packaging
11.3.2 Agriculture
11.3.3 Electronics & Electrical
11.3.4 Fiber & Fabrics
11.3.5 Other Polylactic Acid (PLA) Applications
11.3.5.1 3D Printings
11.3.5.2 Building & Construction
11.3.5.3 Coating & Adhesives
12 Global Lactic Acid Market, By End User
12.1 Introduction
12.2 Automotive
12.3 Biomedical
12.4 Chemical
12.5 Textile
13 Global Lactic Acid Market, By Geography
13.1 Introduction
13.2 North America
13.2.1 US
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 UK
13.3.3 Italy
13.3.4 France
13.3.5 Spain
13.3.6 Rest of Europe
13.4 Asia Pacific
13.4.1 Japan
13.4.2 China
13.4.3 India
13.4.4 Australia
13.4.5 New Zealand
13.4.6 South Korea
13.4.7 Rest of Asia Pacific
13.5 South America
13.5.1 Argentina
13.5.2 Brazil
13.5.3 Chile
13.5.4 Rest of South America
13.6 Middle East & Africa
13.6.1 Saudi Arabia
13.6.2 UAE
13.6.3 Qatar
13.6.4 South Africa
13.6.5 Rest of Middle East & Africa
14 Key Developments
14.1 Agreements, Partnerships, Collaborations and Joint Ventures
14.2 Acquisitions & Mergers
14.3 New Product Launch
14.4 Expansions
14.5 Other Key Strategies
15 Company Profiling
15.1 Cargil
15.2 Cofco Biochemical
15.3 Corbion
15.4 Danimer Scientific
15.5 Dupont
15.6 Foodchem International
15.7 Galactic
15.8 Henan Jindan Lactic Acid Technology
15.9 Henan Xinghan Biotechnology
15.10 Jungbunzlauer
15.11 Musashino Chemical
15.12 Sulzer
15.13 Unitika Ltd
15.14 Vaishnavi Bio-Tech
15.15 Vigon International
List of Tables
1 Global Lactic Acid Market Outlook, By Region (2020-2028) (US $MN)
2 Global Lactic Acid Market Outlook, By Product (2020-2028) (US $MN)
3 Global Lactic Acid Market Outlook, By Food Grade (2020-2028) (US $MN)
4 Global Lactic Acid Market Outlook, By Industrial Grade (2020-2028) (US $MN)
5 Global Lactic Acid Market Outlook, By Pharmaceutical Grade (2020-2028) (US $MN)
6 Global Lactic Acid Market Outlook, By Form (2020-2028) (US $MN)
7 Global Lactic Acid Market Outlook, By Liquid (2020-2028) (US $MN)
8 Global Lactic Acid Market Outlook, By Dry (2020-2028) (US $MN)
9 Global Lactic Acid Market Outlook, By Raw Material (2020-2028) (US $MN)
10 Global Lactic Acid Market Outlook, By Cassava (2020-2028) (US $MN)
11 Global Lactic Acid Market Outlook, By Corn (2020-2028) (US $MN)
12 Global Lactic Acid Market Outlook, By Sugarcane (2020-2028) (US $MN)
13 Global Lactic Acid Market Outlook, By Synthesis (2020-2028) (US $MN)
14 Global Lactic Acid Market Outlook, By Chemical Synthesis (2020-2028) (US $MN)
15 Global Lactic Acid Market Outlook, By Microbial Fermentation (2020-2028) (US $MN)
16 Global Lactic Acid Market Outlook, By Source (2020-2028) (US $MN)
17 Global Lactic Acid Market Outlook, By Natural (2020-2028) (US $MN)
18 Global Lactic Acid Market Outlook, By Milk Source (2020-2028) (US $MN)
19 Global Lactic Acid Market Outlook, By Plant Source (2020-2028) (US $MN)
20 Global Lactic Acid Market Outlook, By Synthetic (2020-2028) (US $MN)
21 Global Lactic Acid Market Outlook, By Function (2020-2028) (US $MN)
22 Global Lactic Acid Market Outlook, By Anti-Forming Agent (2020-2028) (US $MN)
23 Global Lactic Acid Market Outlook, By Anti-Microbial Agent (2020-2028) (US $MN)
24 Global Lactic Acid Market Outlook, By Emulsifier (2020-2028) (US $MN)
25 Global Lactic Acid Market Outlook, By Flavouring Agent (2020-2028) (US $MN)
26 Global Lactic Acid Market Outlook, By Mineral Fortification (2020-2028) (US $MN)
27 Global Lactic Acid Market Outlook, By pH Regulator (2020-2028) (US $MN)
28 Global Lactic Acid Market Outlook, By Preservative (2020-2028) (US $MN)
29 Global Lactic Acid Market Outlook, By Application (2020-2028) (US $MN)
30 Global Lactic Acid Market Outlook, By Lactic acid Application (2020-2028) (US $MN)
31 Global Lactic Acid Market Outlook, By Biodegradable Plastic & Polymers (2020-2028) (US $MN)
32 Global Lactic Acid Market Outlook, By Food & Beverages (2020-2028) (US $MN)
33 Global Lactic Acid Market Outlook, By Home & Personal Care (2020-2028) (US $MN)
34 Global Lactic Acid Market Outlook, By Pharmaceutical Products (2020-2028) (US $MN)
35 Global Lactic Acid Market Outlook, By Other Lactic Acid Applications (2020-2028) (US $MN)
36 Global Lactic Acid Market Outlook, By Polylactic Acid Applications (2020-2028) (US $MN)
37 Global Lactic Acid Market Outlook, By Packaging (2020-2028) (US $MN)
38 Global Lactic Acid Market Outlook, By Agriculture (2020-2028) (US $MN)
39 Global Lactic Acid Market Outlook, By Electronics & Electrical (2020-2028) (US $MN)
40 Global Lactic Acid Market Outlook, By Fiber & Fabrics (2020-2028) (US $MN)
41 Global Lactic Acid Market Outlook, By Other Polylactic Acid (PLA) Applications (2020-2028) (US $MN)
42 Global Lactic Acid Market Outlook, By End User (2020-2028) (US $MN)
43 Global Lactic Acid Market Outlook, By Automotive (2020-2028) (US $MN)
44 Global Lactic Acid Market Outlook, By Biomedical (2020-2028) (US $MN)
45 Global Lactic Acid Market Outlook, By Chemical (2020-2028) (US $MN)
46 Global Lactic Acid Market Outlook, By Textile (2020-2028) (US $MN)
Note- Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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