IMARC Group, a leading market research company, has recently released a report titled “Lactic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global lactic acid market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the lactic acid market?
The global lactic acid market is expected to exhibit a CAGR of 10.07% during 2022-2027.
What is lactic acid?
Lactic acid (C3H6O3) represents as a type of organic acid that is mainly produced in muscle cells and red blood cells. It helps in cell respiration, molecule signaling, and glucose production. In the food and beverage (F&B) sector, lactic acid aids in controlling the development of pathogenic microorganisms, enhancing flavor, and extending the shelf-life of food products. Lactic acid is extensively used in the preparation of wine and fermented dairy items, curing meat and fish, pickling vegetables, etc. It is also utilized as an emollient in several cosmetic items and as an additive in pharmaceutical products for its antibacterial properties.
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Industry Trends and Growth Drivers:
The expanding consumption of processed and ready-to-eat food items, wherein lactic acid is used as one of the significant additives to enhance product shelf-life, is among the key factors stimulating the lactic acid market. Besides this, the elevating demand for lactic acid and its derivatives in the pharmaceutical industry for manufacturing active pharmaceutical ingredients (APIs) that are utilized in drugs, IV solutions, liquid supplements, etc., is further propelling the global market.
Apart from this, the growing utilization of lactic acid in the production of polylactic acid (PLA), which is a biodegradable polymer and a compostable thermoplastic, is acting as another significant growth-inducing factor. Furthermore, the inflating usage of this acid in cosmetic and personal care products as an exfoliator, humectant, adjuster, and skin conditioning ingredient is also fueling the market growth across various countries. Moreover, lactic acid is gaining popularity as an essential precursor for numerous chemicals, including esters, bio-solvents, pyruvic acid, and acrylic acid, which is expected to positively influence the lactic acid market over the forecasted period.
Lactic Acid Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the global lactic acid market has been studied in the report with the detailed profiles of the key players operating in the market.
Major Players Covered:
- Cellulac plc
- Corbion N.V. (OTCMKTS: CSNVF)
- Dupont De Nemours Inc. (NYSE: DD)
- Foodchem International Corporation
- Galactic (NYSE: SPCE)
- Godavari Biorefineries Ltd. (Somaiya Group).
- Henan Jindan Lactic Acid Technology Co. Ltd. (SHE: 300829)
- Jungbunzlauer Suisse AG
- Musashino Chemical Laboratory Ltd.
- Spectrum Chemical Mfg. Corp.
- Vaishnavi Bio Tech International Limited
- Vigon International Inc. (Azelis Americas LLC)
Key Market Segmentation:
The report has segmented the global lactic acid market on the basis of raw material, form, application and region.
Based on Raw Material:
Based on Form:
Based on Application:
- Food and Beverages
- Personal Care
- Polylactic Acid (PLA)
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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