IMARC Group, a leading market research company, has recently releases 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 size, share, 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 size reached US$ 1.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.8 Billion by 2028, exhibiting a growth rate (CAGR) of 9.7% during 2023-2028.
What is lactic acid?
Lactic acid, bearing the chemical formula C3H6O3, is an organic acid synthesized in muscle cells and red blood cells. It plays essential roles in cell respiration, molecule signaling, and glucose production. Lactic acid serves as a valuable medium for managing the growth of harmful microorganisms, enhancing flavor profiles, and prolonging the shelf life of food products. It forms a key ingredient in the making of wine, fermented dairy products, cured meat, fish, and pickled vegetables, among others. Lactic acid even serves as an emollient in numerous cosmetic products and as an additive in medicinal items, offering antibacterial properties. Consequently, it finds widespread applications across several sectors, such as pharmaceuticals, cosmetics, food and beverage (F&B), personal care, etc.
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What are the growth prospects and trends in the lactic acid industry?
The global lactic acid market is primarily driven by the increasing consumption of processed and ready-to-eat food products that utilize lactic acid as a key additive to enhance product shelf life. Furthermore, the growing demand for lactic acid and its derivatives in the pharmaceutical industry to produce active pharmaceutical ingredients (APIs) used in drugs, IV solutions, and liquid supplements is also positively influencing the market growth.
Additionally, the expanding utilization of lactic acid in the manufacturing of polylactic acid (PLA), a compostable thermoplastic and biodegradable polymer that is employed in food packaging, owing to its aesthetic appeal, printability, and resistance to grease and oil, is acting as another significant growth-inducing factor.
Apart from this, the rising usage of lactic acid in cosmetic and personal care products as an exfoliator, humectant, adjuster, and skin conditioning ingredient and the launch of various government initiatives promoting the use of bioplastics are expected to fuel the lactic acid market in the coming years
Who are the key players operating in the industry?
The report covers the major market players including:
- 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 (2017-2022)
- Market Outlook (2023-2028)
- 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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