Lactic Acid Market

SKU: DMCH368 | Last Updated On: Nov 11 2022 | Available Formats

>Lactic Acid Market Expected to reach a high CAGR 9.2% by 2029:

The global Lactic Acid Market is segmented By Source (Natural Sources, Synthetic Sources), By Application (Food and Beverages, Biodegradable Plastics and Polymers, Chemical Industry, Personal Care Products, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

[150 Pages Report] Global Lactic Acid Market Expected to reach a high CAGR of 9.2% by 2029.

Lactic Acid Market - Strategic Insights

Metrics

Details

Market CAGR

9.2%

Segments Covered

By Source, By Application, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Lactic acid is an alpha-hydroxy acid (AHA) miscible with water. It comprises of carboxyl group adjacent to the hydroxyl group. It is produced during fermentation from pyruvate by lactate dehydrogenase. It appears as a colorless to yellow odorless syrupy liquid. It is used as a synthetic intermediate in many organic synthesis industries and various biochemical industries. It is used to make cultured dairy products, as a food preservative, and to make chemicals.

Market Dynamics

The market growth is driven by the rising demand for lactic acid in various industries such as food & beverage, pharmaceutical, and chemical industries due to the availability of cheap raw materials and functional properties.

The food & beverage industry is witnessing the high usage of lactic acid to prolong the shelf life and prevent the growth of microbes. People are shifting their focus to a healthy lifestyle which includes the consumption of nutritious and healthy food in a day-to-day diet.

It is extensively used in packaging products such as rigid, loose-fill, and compost bags involving the use of sustainable materials. Growing consumer awareness regarding recyclability and green packaging shall have a positive impact on the market.

Consumers are preferring lactic acid over glycolic acid due to its anti-skin-irritating properties. It is effective in lightening up the skin tone by hydrating and expanding the boundary lipids. It is used in several skin creams for decreasing wrinkles and scarce, and dark spots.

Emerging products shall fuel market growth over the forecasted period. For instance, in November 2017, The European Commission approved Corbion ‘s (S)-lactic acid for use as an active substance in biocidal products in product types 2, 3, and 4 under the EU's Biocidal Products Regulation (BPR).

However, the high initial investment and volatile raw material cost hinder the market growth. The cost of raw materials varies as per the source of raw material, its availability, and production. Controlling the number of bacteria producing this acid through optimization and control over metabolic activities. The unregulated number of bacteria could spoil or contaminate the food.

Segment Analysis

The global lactic acid market is segmented based on the source as natural and synthetic sources. Natural source accounts for the prominent market share due to the rising consumption of lactic acid produced from the fermentation of sugar made from beet sugar, cane sugar, and tapioca.

Chemical source involves the chemical addition of hydrogen cyanide to acetaldehyde and hydrolysis of acetonitrile with hydrochloric acid and ammonium chloride. It is expected that the chemical segment market could increase over the forecasted period due to the growing chemical industry.

Further, the market is also classified based on application into food and beverages, biodegradable plastics and polymers, the chemical industry, personal care products, and others. Food and beverages dominate the market as the food and beverage industry is one of the fastest-growing industries. According to Plant and Food Research, the expenditure by consumers on food is increasing day by day and is expected to reach USD 20 trillion by 2030.

The chemical industry involves the use of lactic acid as a precursor of many important products such as acrylic acid, pyruvic acid, solvents, and esters. It is used for the production of polylactic acid (PLA) which is synthesized through ring-opening polymerization of lactide, a product of lactic acid condensation, in a solvent-free melt process. According to the International Council of Chemical Associations (ICCA), the chemical industry is adding value up to USD 5.7 trillion to the world's Gross Domestic Product (GDP) through direct, indirect, and induced impacts, equivalent to seven percent of the world’s GDP.

Geographical Presentation

By region, the global lactic acid market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America accounts for the highest market size due to the rising adoption of personal care products. The rising demand for processed and functional food among consumers is stimulating the demand for lactic acid in food products. North America is one of the fastest-growing pharmaceutical markets as lactic acid is an ideal vehicle for introducing therapeutic minerals due to its properties such as good tolerance and pleasant or neutral taste. Lactic acid salts are used to treat severely dry skin or to mitigate the drying or irritating effects of topical corticosteroids. According to the International Federation of Pharmaceutical Manufacturers & Associations, the research and development industry had grown consistently over the past 15 years more than doubling the publicly-funded National Institutes of Health’s (NIH) expenditures.

European countries are witnessing stiff competition in the food and drink manufacturing sector. According to the Food and Drink Federation, the Food and Drink Manufacturing sector is the largest manufacturing sector in the UK. Which accounts for 17% of all UK manufacturing. Several companies are using lactic acid for manufacturing cosmetic products including skincare products such as anti-aging products, chemical peels, and skin hydrating agents. Rising awareness regarding personal grooming is boosting the sales of skincare products. According to the Cosmetic Europe Association, the retail sales of cosmetics and personal care products were €78.6 billion in Europe. Germany,  France, the United Kingdom, Italy, and Spain account for the highest market share. Every year, at least Euros 29 billion was added to the cosmetics and personal care industry.

The Asia Pacific is one of the fastest-growing regions due to large-scale use in industrial applications such as in personal care products, biodegradable polymers, pharmaceuticals, and food & beverage industries. Growing consumer awareness, changing lifestyles, and rising disposable income are driving market growth. India and China have one of the largest markets for food and beverage products. Rising consumer awareness regarding health and hygiene, and shifting to protein-rich and organic foods are the major factors contributing to the growth of the food and beverage market. High growth in the food & beverage shall have a positive impact on the market. India and China have one of the largest markets for food and beverage products due to the improved standard of living in these developing countries. The market is witnessing an increased demand for processed and functional food among consumers. The availability of cheap raw materials, technology innovation, and strong support of big manufacturing companies shall have a positive impact on the market over the forecasted period.

Competitive Analysis

The global lactic acid market is fragmented with the presence of several domestic and foreign players. The new product launch and product diversification intensify competition among the market players. Cargill, Incorporated., Corbion NV, Henan Jindan Lactic Acid Technology Co., Ltd, and DuPont de Nemour Inc., are the leading players with a prominent market share.

The companies are entering into collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for lactic acid and their expansion across the globe. For instance, in September 2019, Brenntag strengthened its long-time partnership in EMEA by entering into an enhanced framework agreement with Corbion. It would be an innovative way of working together.

In October 2015, Corbion Purac acquired the acetic acid business of Malladi Specialties Limited. This acquisition would help Corbion Purac to strengthen its position in India. Under the terms of the agreement, the transaction includes the sales and delivery of lactic acid and lactic acid-based derivatives in India. No production facilities would be acquired. Production would remain with Malladi Drugs and Pharmaceuticals Limited (MDPL), also part of the Malladi Group, which would produce derivatives on behalf of Corbion Purac.

In April 2015, Corbion acquired the lactic acid business of Archer Daniels Midland (ADM), a Delaware corporation. This acquisition would strengthen Corbion's position in the North American market.

Why Purchase the Report?

  • Visualize the composition of the global lactic acid  Market products across each Source and application highlighting the critical commercial assets and players.
  • Identify commercial opportunities in the global lactic acid  Market by analyzing trends and co-development deals.
  • Comprehensive details on factors driving the market growth.
  • Excel data sheet with thousands of data points of global lactic acid market-level segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

FAQ

What is the Lactic Acid Market growth?

The market is growing at a CAGR of 9.2%.

What is the Lactic Acid Market size in 2021?

The Market size was valued at USD YY million in 2021.

Who are the key players in the Lactic Acid Market?

Cargill, Incorporated., Corbion NV, Henan Jindan Lactic Acid Technology Co., Ltd, and DuPont de Nemour Inc.

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