Pune, India, Nov. 18, 2021 (GLOBE NEWSWIRE) -- The global lactic acid market has been estimated to value USD 1.4 Billion in 2021 and is projected to exhibit a CAGR of 12.4% during the forecast period, according to a recent market study by Quince Market Insights. There has been an increasing use of lactic acid in different end use industries such as food and beverages and pharmaceuticals mainly in the developing countries like China, India, and Indonesia, which is estimated to drive the market demand over the forecast period.
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Lactic acid, also known as Hydroxypropanoic acid is mainly used to produce polylactic acid, which is biodegradable polymer as well as a compostable thermoplastic that is made from the natural sources like lactic acid, which are produced through fermentation processes. Lactic is one of the popular organic acids that has many industrial applications. This product is used in food, chemical, cosmetics, and pharmaceutical industries. Lactic acid is the primary ingredient in the fermented foods, which include yogurt, canned vegetables, and butter and is used as a preservative in pickles.
The increasing demand for biodegradable plastic packaging in the food applications across the world is the major factor driving the growth of the lactic acid market. Furthermore, the increasing use of acid in the production of Poly (lactic acid) PLA, and popularity of organic acids that have different types of industrial applications are driving the growth of the lactic acid market. Moreover, the government regulation and frameworks for encouraging the use of bioplastics as well as multi functionalities of lactic acid will positively impact the global lactic acid market.
However, the huge initial investment costs involved for small and medium enterprises and the fluctuations in the prices of raw materials are expected to hamper the market growth. Lack of process specific technology for the use of lactic acids in the developing countries and issues related to the quality of lactic acid that are used in food and beverage products are anticipated to challenge the global lactic acid market.
Some Key Developments Offered in the Global Lactic Acid Market Report:
- September 2021 - LG Chem (South Korea) and ADM (U.S.) announced the signing of a memorandum of understanding (MoU) to explore lactic acid manufacturing in the United States to address rising demand for a variety of plant-based products, including bioplastics.
- June 2021 - YO-MIX ViV, a "very robust" lactic acid bacteria culture for ambient yoghurt and other fermented beverages products, was introduced by International Flavors & Fragrances (IFF) (US). The new element is aimed at the Asia-Pacific area, with a particular focus on China.
- April 2019 - Corbion and Total (Netherland) had announced joint venture for building a PLA bioplastic plant in Europe.
- January 2017: ThyssenKrupp AG (Germany) had announced the opening of a manufacturing facility in Changchun, China, to produce 10,000 tonnes of PLA.
Impact Of COVID 19 On Global Lactic Acid Market
COVID 19 pandemic has affected a huge portion of the population. It had enormous impact on the growth and dynamics of many sectors. People are increasingly turning to packaged foods to ensure optimum cleanliness and safety. The packaged industry's demand has risen dramatically as a result of expanding social distance and contactless activities. Food and beverages have a high demand when packed with all the essential precautions. PLA is a bioplastic manufactured from lactic acid that is used to package sensitive food products in the food industry. As PLA is used for food packaging, the increasing demand for packaged food, takeaways, and deliveries skyrocketed since the outbreak of COVID-19, the market has witnessed a rapid growth. The pandemic resulted into huge demand for cosmetics and pharmaceuticals as people started focussing on improving health, immunity, and well-being. The growth of these end-use industries is driving the demand for lactic acid and the market is expected to surge over the forecast period.
Global Lactic Acid Market, by Source
Based on the source, the global lactic acid market is segmented into natural and synthetic. Natural segment is sub segmented into sugarcane, corn, cassava, and others. Among these, corn is expected to witness the fastest growth. Corn has emerged as the main raw material due to its sustainability, low cost, and abundance in nature. Increasing environmental concerns and implementation of sustainable processing practices are projected to surge the demand for the corn to derive lactic acid over the forecast period.
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Global Lactic Acid Market, by Application
Based on application, the global lactic acid market is segmented into food & beverage, biodegradable plastics, pharmaceutical, personal care, and others. The food & beverage segment is further sub-segmented into bakery and confectionery, meat, poultry & fish, dairy products, and others. Among these, the pharmaceutical segment is anticipated to witness fastest growth over the forecast period owing to increasing application of lactic acid in drug manufacturing. On the other hand, personal care segment is also anticipated to witness significant growth owing to increasing use of skincare products. Skin care products consisting of lactic acid improve dry skin and prevent skin damages.
Global Lactic Acid Market, by Region
Based on the region, the lactic acid market is segmented into Asia Pacific, Europe, North America, Middle East and Africa, and South America. Among these, Asia Pacific is projected to witness rapid growth due to increasing use of lactic acid in pharmaceutical, personal care, and food and beverages industries. It is used in these sectors due to its recyclability and sustainability along with increasing number of bioplastic applications. Furthermore, the rising environmental concerns and waste management problems have shifted the focus of the consumers towards environment-friendly plastics.
Some Major Findings of the Lactic Acid Market Report Include:
- An in-depth lactic acid market analysis by segments, along with an analysis of trend-based insights and factors.
- Profiles of major market players operating in the global lactic acid market, which include Corbion (Netherlands), DuPont (US), Cargill (US), Galactic (Belgium), DOW (US), Unitika (Japan), Sulzer (Switzerland), Henan Jindan Lacic Acid Technology (China), Mushashino Chemical (Japan), Henan Xinghan Biology Technology (China), Vigon International (US), Danimer Scientific (US), Jungbunzlauer (Switzerland), COFCO BioChemical (China), FoodChem International (China), Spectrum Chemicals (US), Vaishnavi Biotech (India), ProAgro GmbH (Austria), Godavari Bio-refineries (India), and Qingdao Abel Technology (China).
- Key impact factor across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global lactic acid market.
- Impact of COVID-19 on the global lactic acid market.
For more insights on this topic please check this report, “Lactic Acid Market, By Source (Natural {Sugarcane, Corn, Cassava, Others}, Synthetic), By Application (Food & Beverages {Bakery & Confectionery, Meat - Poultry & Fish, Dairy Products, Others}, Biodegradable Plastics, Pharmaceutical, Personal Care, Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Market Size & Market Forecasting (2021 - 2030)” in-depth analysis along with the table of contents (ToC).
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