The latest report published by IMARC Group, titled “Lactic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
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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Lactic Acid Market Trends and Growth Drivers:
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)
Lactic Acid Market Segmentation:
The report has segmented the global lactic acid market on the basis of raw material, form, application and region.
Breakup by Raw Material:
- Corn
- Sugarcane
- Cassava
- Others
Breakup by Form:
- Liquid
- Solid
Breakup by Application:
- Industrial
- Food and Beverages
- Pharmaceuticals
- Personal Care
- Polylactic Acid (PLA)
- Others
Breakup by Geographical Analysis:
- North America
- Asia-Pacific
- Europe
- Latin America
- 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.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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