Global Lactic Acid Market
The global lactic acid market size was valued at USD 3.1 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 8.0% from 2023 to 2030.
Lactic acid is a naturally occurring organic acid that is widely used in various industries such as food and beverages, pharmaceuticals, personal care, and biodegradable polymer manufacturing. It is produced through the fermentation process of carbohydrates, primarily sugars. Lactic acid is used as a preservative, pH regulator, and flavouring agent in the food and beverage industry. It is also used as an active ingredient in skin care products and as a monomer in the production of biodegradable polymers.
The global lactic acid market is expected to witness significant growth during the forecast period, driven by the growing demand for biodegradable polymers and the increasing use of lactic acid in the food and beverage industry. The market is also expected to be driven by the growing awareness about the benefits of lactic acid in personal care products and the increasing demand for lactic acid-based products in the pharmaceutical industry.
Get a Free Sample Copy of a Research Report: –
The COVID-19 pandemic has had a mixed impact on the global lactic acid market. The pandemic has led to a slowdown in economic activity, which has had a negative impact on the market. However, the demand for lactic acid-based products has remained stable or even increased in certain applications.
In the food and beverage industry, the demand for lactic acid has increased due to the growing trend of consuming healthy and natural products. Lactic acid is used as a natural preservative and flavouring agent, which has led to an increase in demand for lactic acid-based products such as cheese, yogurt, and other fermented products. The demand for lactic acid in the personal care industry has also increased, as consumers are increasingly looking for natural and organic products.
The global lactic acid market can be segmented based on source, application, and region.
- By Source:
- By Application:
- Food and Beverages
- Personal Care
- Biodegradable Polymers
- By Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The food and beverages segment is the largest application segment for lactic acid due to its use as a preservative, flavouring agent, and pH regulator in food and beverages. The pharmaceutical segment is also expected to witness significant growth due to the increasing use of lactic acid in drug delivery systems and as a raw material in the production of biodegradable polymers. The biodegradable polymers segment is expected to witness significant growth due to the increasing demand for eco-friendly products.
- Cargill, Inc.
- Henan Jindan Lactic Acid Technology Co. Ltd.
- Archer Daniels Midland Company
- Dow Chemical Company
- BASF SE
- Musashino Chemical Laboratory, Ltd.
- NatureWorks LLC
The global lactic acid market can be segmented into regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
- North America: The North American region dominates the lactic acid market due to the growing demand for biodegradable polymers and the increasing use of lactic acid in the food and beverage industry. The region is also home to several major players in the lactic acid market.
- Europe: The European region is expected to witness significant growth in the lactic acid market due to the stringent regulations and initiatives by the European Union to promote the use of eco-friendly products.
- Asia Pacific: The Asia Pacific region is expected to witness significant growth in the lactic acid market due to the increasing demand for lactic acid-based products in countries such as China, Japan, and India. The region is also home to several major players in the lactic acid market.
Purchase Report: – https://analyticsmarketresearch.com/purchase/lactic-acid-market/46635/?license=single
Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors.
- Provision of market value (USD Billion) data for each segment and sub-segment.
- Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market.
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region.
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
- Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
- The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions.
- Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis.
- Provides insight into the market through Value Chain.
- Market dynamics scenario, along with growth opportunities of the market in the years to come.
- 6-month post-sales analyst support.
- The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.
- Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.
- Porter’s Five Force Model and SWOT analysis are used to study the global market and would help stakeholders make strategic decisions.
- The analysis assists in understanding the strategies adopted by the companies for the growth of this market.
- In-depth analysis of the types of would help in identifying future applications in this market.
Get the Detail Information: – https://analyticsmarketresearch.com/reports/lactic-acid-market/46635/
Analytics Market Research is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception. Over the time, from our existence, we have gained laurels for our deep -rooted market studies and insightful analysis of different markets.
Our strategic market analysis and capability to comprehend deep cultural, conceptual and social aspects of various tangled markets has helped us make a mark for ourselves in the industry. Analytics Market Research is a frontrunner in helping numerous companies; both regional and international to successfully achieve their business goals based on our in-depth market analysis. Moreover, we are also capable of devising market strategies that ensure guaranteed customer bases for our clients.
Analytics Market Research
99 WALL STREET, #2124 NEW YORK, NY 10005