Global Lactic Acid Market Revenue is Estimated to Reach USD 5.26 billion by 2030, Growing at a CAGR of 7.7%: Straits Research

North America leads the global lactic acid industry with a CAGR of 8.0%, driven by the pharmaceutical and personal care industries. In Asia Pacific, with an 8.3% CAGR, strong manufacturing bases and government initiatives support market growth, especially in China, Japan, and India.

New York, United States, Feb. 19, 2024 (GLOBE NEWSWIRE) -- Lactic acid is one of the more well-known organic acids with various industrial applications. This product is widely used in the food, chemical, pharmaceutical, and cosmetics industries. The preparation of fermented dairy products, vegetable pickling, and the curing of fish, meat, and sausages all require the use of this acid. Foods that have undergone fermentation, such as yogurt, butter, and canned vegetables, all contain lactic acid, which is essential. However, it is also utilized as an acidulant and preservative in pickled vegetables and olives.

Report Scope

Study Period 2018-2030 CAGR 7.7%
Historical Period 2018-2020 Forecast Period 2022-2030
Base Year 2021 Base Year Market Size USD 2.7 Billion
Forecast Year 2030 Forecast Year Market Size USD 5.26 Billion
Largest Market North America Fastest Growing Market Asia-Pacific

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Growth of the Personal Care and Cosmetics Sector Drives the Global Market

According to Straits Research, “The global lactic acid market size was valued at USD 2.7 billion in 2021. It is projected to reach USD 5.26 billion by 2030, growing at a CAGR of 7.7% during the forecast period (2022–2030).” Lactic acid is used in various personal care products, including shampoos, creams, and other body care formulations, due to its many qualities, including pH regulation, antimicrobial activity, and moisture binding. Additionally, it speeds up cell renewal and exfoliation, increases skin-lightening effects, and advances collagen and elastin synthesis. Convenient and user-friendly personal care and cosmetic products have contributed to the growth. Major cosmetics producers are accelerating global sales by making R&D investments, implementing new product branding, and other advertising strategies. Manufacturing companies have implemented creative strategies, such as new product launches and packaging designs, to increase the sales of cosmetic products.

Multiple Functionalities of Lactic Acid Create Tremendous Opportunities

Important catalysts used in processing many industrial goods include lactic and polylactic acids. Typically, these acids are used in large-scale industrial applications like food and beverage, biopolymers, textiles, packaging, personal care, and cosmetics. The lactic acid market has grown significantly due to its expanding use as a less harmful substitute for plastics and hazardous chemicals, particularly in the food, beverage, and pharmaceutical industries. In the food and beverage industry, lactic acid is preferred over synthetic chemicals because they alter the flavor, texture, or other qualities of products to increase their shelf life. The dairy industry uses lactic acids to coagulate milk and produce cheese flavors.

Regional Analysis

North American lactic acid market share is expected to grow at a CAGR of 8.0% during the forecast period. Polylactic acid has the fastest market growth in North America, followed by the food and beverage, industrial, personal care, and pharmaceutical sectors. The development of the pharmaceutical and personal care industries is anticipated to be the primary driver of the lactic acid market in North America. Additionally, it is expected that the growth of the U.S. pharmaceutical industry due to rising healthcare costs will favorably impact market expansion. The lactic acid market in North America is anticipated to grow due to the abundance of personal care and cosmetic companies.

Asia-Pacific is expected to grow at a CAGR of 8.3% during the forecast period. Due to the personal care industries' robust manufacturing bases in China, Japan, and India, as well as government initiatives to support infrastructure development, market share is predicted to increase over the forecast period. Increased FDI and quickening industrialization will also promote market expansion. In addition, it is anticipated that rising domestic consumption and technological advancements will fuel the growth of the food and beverage industries in China and India. The Asia-Pacific lactic acid market will increase due to the expansion of the pharmaceutical sector in nations like China and India.

Numerous manufacturers, including Plastipak and DSM, are anticipated to increase the availability of biodegradable plastic packaging materials, driving up demand for PLA and expanding the lactic acid market. It is anticipated that lactic acid demand in Europe will increase over the forecast period due to a solid manufacturing base for the cosmetics industry in the region and rising demand for the substance in nations like Germany, Italy, France, and the U.K. In Europe, the cosmetics industry is driven by creating new color schemes and skin-specific treatments. Due to growing worries about skin cancer and exposure to harmful rays, the use of sun protection products has increased in European countries. An increase in cosmetics distribution chains and rising consumer demand for natural cosmetics are two additional factors promoting the growth of the region's cosmetics industry.

Key Highlights

  • The global lactic acid market is bifurcated based on raw materials into corn, sugarcane, cassava, and other crops. The sugarcane segment is the highest contributor to the market and is expected to grow at a CAGR of 8.1% during the forecast period.
  • Based on application, the global lactic acid market is bifurcated into food and beverages, personal care, pharmaceuticals, and PLA. The Polylactic Acid (PLA) segment owns the highest market share and is expected to grow at a CAGR of 8.6% during the forecast period.
  • Based on end-users, the global lactic acid market is bifurcated into packaging, textile, agriculture, electronics, automotive, biomedical, and others. The agriculture segment is the highest contributor to the market and is expected to grow at a CAGR of 8.2% during the forecast period.
  • North America is the most significant global lactic acid market shareholder and is expected to grow at a CAGR of 8.0% during the forecast period.

Competitive Players

The global lactic acid market’s major key players are BASF SE, Cargill, COFCO Biochemical, Corbion, Danimer Scientific, DOW, DuPont, Futerro, FoodChem International, Galactic, Godavari Bio-refineries, Henan Jindan Lactic Acid Technology, Jungbunzlauer, Musashino Chemical, ProAgro GmbH, Qingdao Abel Technology, Spectrum Chemicals, Sulzer, TEIJIN LIMITED, Unitika, Vaishnavi Biotech, and Vigon International.

Market News

  • In March 2022, Unique Innovation was explicitly created for the market for plant-based and meat alternatives.This item was designed uniquely to offer rounded flavors and premium quality to the market for plant-based products.
  • In February 2022, Galimax Flavor V-50 is a natural vinegar that Galactic specifically created for savory dips like humus to ensure it tastes fantastic for as long as possible while remaining fresh and healthy. It is a perfect complement to premium cuisine made entirely of natural ingredients.

Global Lactic Acid Market: Segmentation

By Raw Material

  • Corn
  • Sugarcane
  • Cassava
  • Other Crops

By Applications

  • Food and Beverages
  • Personal Care
  • Pharmaceuticals
  • PLA

By End-User

  • Packaging
  • Textile
  • Agriculture
  • Electronics
  • Automotive
  • Biomedical
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific

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About Straits Research Pvt. Ltd.

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