Global Lactic Acid Market Overview:
“The global Lactic Acid market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Lactic acid is a principal metabolic intermediate in most living organisms. Sodium and potassium lactates are produced commercially by neutralization of natural or synthetic lactic acid.
Lactic acid functions in pH reduction, flavor enhancement, and microbial inhibition. Lactic acid and its salts are highly hygroscopic and are usually handled in concentrated solutions (60–80% by weight) rather than in solid form. These solutions are colorless and odorless and have a mild saline taste.
Global Lactic Acid Market Dynamics:
Increasing demand for lactic acid from the food & beverage industry as an additive in various food products is a major factor expected to drive the growth of the global lactic acid market.
In addition, the flourishing cosmetic industry, coupled with the rising adoption from the cosmetic industry for innovative product offerings is another factor expected to support the growth of the global market to a certain extent.
Moreover, increasing government expenditure on the pharmaceutical sector, coupled with the incorporation of lactic acid for the preparation of various medicines, and early approval of new proposed medicines are other factors expected to support the growth of the global market.
However, volatility of raw material prices is a major factor expected to hamper the growth of the global lactic acid market to a certain extent.
Increasing R&D activities by major players and rising adoption from various industry verticals for innovative product offering is expected to create new opportunities in terms of revenue for players operating in the target market over the forecast period.
In addition, increasing strategic expansion activities by major players in order to increase revenue share in the global market is expected to further support the growth of the market to a certain extent.
On the basis of end-user, the food & beverage segment is expected to register significant growth in terms of revenue over the forecast period.
The Asia Pacific is expected to dominate the global lactic acid market in terms of revenue and is expected to continue its dominance over the forecast period.
This dominance can be attributed to increasing government expenditure on the pharmaceutical sector and the presence of major manufacturers operating in the emerging economies such as India and China in this region.
The markets in North America and Europe are expected to contribute significant revenue shares in the global market, owing to the flourishing cosmetic industry, rising adoption of the cosmetic and food industry for innovative product offerings, and the presence of prominent players operating in the countries in this region.
In addition, growing merger and acquisition activities among regional and international players are expected to further support the growth of the target market in this region to a certain extent.
The market in Latin America is anticipated to witness moderate growth, owing to the easy availability of raw materials, coupled with the increasing presence of major manufacturers in developing countries such as Brazil and Argentina in this region.
Global Lactic Acid Market Segmentation:
By End User:
- Personal Care
- Food and Beverage
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- BASF SE
- CSM N.V.
- The Dow Chemical Company
- Teijin Ltd.
- NatureWorks LLC
- Corbion N.V.
- Jungbunzlauer AG
- Musashino Chemical Laboratory, Ltd.
- Galactic S.A.
- Henan Jindan Lactic Acid Co., Ltd.
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