Global D-lactic Acid Market to Grow with a CAGR of ~7% During 2022-2031; Market to Grow on Account of the Increasing Use of Organic Pesticides and Rising Demand for Agrochemicals

Key Companies Covered in the Global D-lactic Acid Market Research Report by Research Nester are Isagro S.p.A., BASF SE, Corbion NV, Lallemand Inc., GALACTIC Group, Tate & Lyle PLC, Musashino Chemical Laboratory, Ltd., Yancheng Huade (Dancheng) Biological Engineering Co., Ltd., Juneng Golden Corn Co. Ltd., Archer Daniels Midland Company (ADM), and other key market players.

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New York, June 17, 2022 (GLOBE NEWSWIRE) -- The manufacturing of polylactic acid, biotechnological production of d-lactic acid from renewable resources is currently in the limelight. Laboratories are estimated to produce high amounts of optically pure d-lactic acid in a wide range of wild-type and genetically modified strains. Using Sporolactobacillus inulinus, high d-lactic acid concentrations of more than 200 g/L have already been shown from commercial glucose, as per a report by the National Centre for Biotechnology Information (NCBI). Furthermore, it was reported that a fed-batch fermentation produced 207 g/L of high optical purity (99.3%) d-lactic acid from glucose using peanut meal as a nitrogen source. Global lactic acid production is approximately 270 000 tonne per year.

Research Nester has published a detailed market report on ‘Global D-lactic Acid Market’ for the forecast period of 2022 – 2031 which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.

The global D-lactic acid market is estimated to grow at a CAGR of ~7% over the forecast period of 2022–2031. The market expansion can be credited to the rising demand for D-lactic acid in the production of agricultural chemicals and the increasing usage of agrochemicals around the world. Furthermore, the industry is expected to develop, as farmers place a greater emphasis on specialty chemicals to maximize production.  As per the World Health Organisation, 1000 types of pesticides are being used across the world to prevent food from being harmed or destroyed by pests. In addition to this, the global agrochemical market was worth around 234 billion dollars in 2019, this is estimated to reach more than 300 billion dollars by 2025.

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The global D-lactic acid market is segmented on the basis of concentration, into below 90% and above 90%, out of which, the above 90% segment is estimated to hold the largest market share over the forecast period owing to its use in the tanning, leather, textile industries, pesticides, agrochemicals, and others. For instance, in 2020, the global agrochemical market volume was estimated to be around 289 million metric tonnes. The global market for agrochemicals is expected to expand to roughly 402 million metric tonnes over the decade. The growing use of above 90% concentrated D-lactic for manufacturing agrochemicals is estimated to boost the segment growth.

Further, the global D-lactic acid market is segmented based on the application into medicine, pesticide, chemical, and others. Out of these, the pesticide segment is expected to hold a substantial market share over the forecast period. As per the report by FAO, in 2018, globally around 4.12 million tonnes of pesticide was used in agriculture. Moreover, use of pesticides has huge economic benefits for the farmer, as well as, the overall food & beverages industry For instance, as per the study by World Health Organization (WHO), every USD 1 spent on pesticides for crops can result in up to USD 4 saved in crops.  This indicates that for every USD 10 billion spent on pesticides, an additional USD 40 billion can be saved in crop losses due to insect and weed damage.

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Geographically, the market in the Asia Pacific region is expected to hold the largest share over the forecast period owing to rising use of pesticides and agrochemicals in the region, backed by increasing agricultural activities. In 2018, the Food and Agriculture Organization (FAO) reported that Asia accounted for more than 50% of all worldwide pesticide consumption. China utilised a total of 1,774 thousand tonnes of insecticides in the same year. Apart from this, a large section of the population in the APAC region is involved in agriculture. In fact, a report by the World Bank stated that 56.1% of the land in China and 60.4% of land in India was being used for agricultural activities in 2018. Such factors are estimated to boost the market growth.

The market in North America region is projected to gain significant market share over the forecast period owing to rising import and consumption of chemicals in the region. In addition to this, the United States is one of the world's largest agrochemical consumers. According to the FAO, 408 thousand tonnes of pesticides were used in the United States in 2018, and almost 1 billion pounds of conventional pesticides are used each year to suppress weeds, insects, and other pests. The growing agriculture sector, along with rising adoption of organic pesticides amongst farmers, are also expected to promote market growth over the forecast period.

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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Some of the prominent key players and their company profiling mentioned in the report include Isagro S.p.A., BASF SE, Corbion NV, Lallemand Inc., GALACTIC Group, Tate & Lyle PLC, Musashino Chemical Laboratory, Ltd., Yancheng Huade (Dancheng) Biological Engineering Co., Ltd., Juneng Golden Corn Co. Ltd., Archer Daniels Midland Company (ADM), and other key market players. The profiling enfolds growth opportunities, challenges, and market trends prevalent in the market.

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