Dublin, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The "Global Lactic Acid and Polylactic Acid by Application (Biodegradable Polymers, Food & Beverages, Pharmaceutical Products), Raw Materials, Form (Dry and Liquid), and Region, Polylactic Acid Market, Application, Form, and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The report estimates that the global lactic acid market size is anticipated to reach USD 2.8 billion by 2028, recording a remarkable CAGR of 12.4% in terms of value. Simultaneously, the global polylactic acid market size is projected to reach USD 2.9 billion by 2028, registering a high CAGR of 17.7% in terms of value.
Europe Leads the Polylactic Acid Market:
The report forecasts Europe to hold the highest share, valued at 33.4%, in the polylactic acid market during the forecast period. The region's strong focus on sustainability and environmental consciousness has led to a growing awareness among consumers, businesses, and governments regarding the negative environmental impact of traditional plastics. In response, PLA, as a biodegradable and renewable alternative, is being widely embraced as a solution to reduce plastic waste and carbon footprint. European governments have implemented stringent regulations and policies that encourage the use of sustainable materials and the reduction of plastic waste, providing a favorable environment for the adoption of bio-based and biodegradable plastics like PLA. The EU has also taken measures to combat plastic pollution, further incentivizing companies to transition to PLA for packaging and other applications.
Corn: The Preferred Raw Material for Lactic Acid Production:
Corn has emerged as the most frequently employed raw material in the production of lactic acid. Abundantly available and widely cultivated, corn provides a reliable and cost-effective source for lactic acid production. Its high starch content enables easy conversion into glucose, the primary substrate for lactic acid fermentation, resulting in high yields and cost-effective production. Additionally, the established infrastructure and expertise in corn processing make it a preferred choice for lactic acid manufacturers, making it widely adopted in the industry.
Bakery & Confectionery: A Growing Application Segment for Lactic Acid:
The bakery & confectionery sub-segment within the lactic acid market is anticipated to be valued the largest at USD 0.3 billion in 2028. The rising demand for convenience food and enticing bakery goods has increased the need for various baking ingredients. Lactic acid serves as a versatile ingredient that enhances the quality and shelf life of bakery and confectionery products. Acting as a natural preservative, it inhibits the growth of mold and bacteria, extending product freshness and reducing the need for artificial additives. Moreover, lactic acid contributes to the desirable texture, flavor, and color development in baked goods and confections, making it an attractive choice for the bakery and confectionery industry.
Liquid Lactic Acid Dominates the Global Market:
The liquid segment of the global lactic acid market is projected to have the largest market share for the forecasted year. The versatility of liquid lactic acid makes it a significant driver of market growth. It offers a wide range of applications across various industries, including food and beverages, pharmaceuticals, personal care, and cleaning products. In the food industry, liquid lactic acid acts as a natural preservative, pH regulator, and flavor enhancer, enhancing the shelf life and taste of various products. Its adaptability to diverse product requirements makes it a preferred choice in multiple industries.
Competitive landscape
Key players in this market include Corbion (Netherlands), Cargill, Incorporated (US), Galactic (Belgium), Henan Jindan Lactic Acid Technology (China), UNITIKA LTD(Japan), Sulzer (Switzerland), Mushashino Chemical (Japan), Vigon International (US), TORAY INDUSTRIES, INC.(Japan), and Danimer Scientific (US).
Premium Insights
- Increase in Demand for Processed and Packaged Food & Beverages Projected to Drive Market Growth
- Biodegradable Properties of Pla Projected to Drive Market Growth
- China Holds Largest Market for Lactic Acid in 2023
- China Holds Largest Market for Polylactic Acid in 2023
- Bio-Degradable Polymers Accounted for Largest Market Share in North America
- Packaging Accounted for Largest Market Share in North America
- North America and Sugarcane Projected to Dominate Market
- Liquid Form Projected to Dominate Market During Forecast Period
- Biodegradable Polymers Projected to Dominate Market
- Bakery & Confectionery Expected to Register Growth in Market
- Packaging Projected to Dominate Polylactic Acid Market
Market Dynamics:
Drivers:
- Surging customer demand for sustainable substitutes of petrochemical-based products, driving the growth of the lactic acid market.
- Growing environmental concerns and emphasis on eco-friendly solutions, leading to increased adoption of lactic acid.
- Biodegradable nature of lactic acid, offering an advantage in industries requiring eco-friendly materials, such as packaging and plastics.
- Governments and regulatory bodies promoting the use of sustainable alternatives, providing impetus to the lactic acid market.
- Increasing awareness of negative environmental impact of traditional plastics, leading to higher adoption of polylactic acid (PLA) as a renewable alternative.
- Stringent regulations and policies in Europe encouraging the use of bio-based and biodegradable plastics like PLA.
Restraints:
- Fluctuations in raw material prices affecting the lactic acid market.
- Quality of packaged food and beverage products becoming a major concern for manufacturers.
- Lack of process-specific technology for the usage of lactic and polylactic acids in emerging economies.
- High initial investment costs borne by small and medium enterprises hindering market growth.
Opportunities:
- Multi-functionalities of lactic and polylactic acids leading to increased demand for biopolymers and cosmetic products.
- Government regulations and frameworks encouraging the use of bioplastics.
- Growing investments in research and development of new regenerative diseases.
- Ongoing research in organ transplantation with regenerative medicine.
Challenges:
- Lack of process-specific technology for the usage of lactic and polylactic acids in emerging economies.
- High initial investment costs borne by small and medium enterprises hindering market growth.
- Stringent regulations and compliance mandates for approval.
Trends:
- Rising demand for processed and packaged food and beverages, driving the growth of the lactic acid market.
- Increasing adoption of lactic acid and polylactic acid in end-user applications.
- Technological advancements encouraging production of lactic acid and polylactic acid.
Competitive Portfolio:
- Abmcomposite
- Cargill, Incorporated
- Corbion
- Danimer Scientific
- Foodchem International Corporation
- Galactic
- Godavari Biorefineries Ltd
- Henan Jindan Lactic Acid Technology Co., Ltd.
- Henan Xinghan Biotechnology Co. Ltd
- Jiaan Biotech
- Jungbunzlauer Suisse Ag
- Musashino Chemical Laboratory, Ltd
- Proagro GmbH
- Qingdao Abel Technology Co. Ltd
- Spectrum Chemical
- Sulzer Ltd
- Toray Industries
- Unitika Ltd
- Vaishnavi Bio Tech International Limited
- Vigon International, LLC
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 282 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $1.56 Billion |
| Forecasted Market Value (USD) by 2028 | $2.8 Billion |
| Compound Annual Growth Rate | 12.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/154vts
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