Pune, India, Oct. 16, 2023 (GLOBE NEWSWIRE) -- According to our new research study on "Lactic Acid Market Size, Share, Growth and Forecast to 2027 – COVID-19 Impact and Global Analysis – by Form (Dry, and Liquid), by Application (Food and Beverages, Pharmaceuticals, Personal Care, and Others)" includes the factors governing the market growth, revenue estimation and forecast, and market share analysis. It also entails the identification of significant market players and their key developments. The lactic acid market is expected to grow from US$ 1.07 Billion in 2019 to US$ 2.22 Billion by 2027; it is estimated to grow at a CAGR of 9.6% from 2020 to 2027.
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Lactic Acid Market: Competition Landscape
The major players operating in the global Lactic Acid market include Corbion, Cargill Inc, Foodchem International Corporation, Galactic, Henan Xinghan Biotechnology, Musashino Chemical Laboratory, Ltd, Shandong Baisheng Biotechnology Co Ltd, Jungbunzlauer Suisse AG, Henan Jindan Lactic Acid Technology Co Ltd and Vigon International Inc, among others. Players in the global Lactic Acid market focus on providing high-quality products to fulfill customer demand. They also focus on strategies such as investments in research and development activities, new product launches, and expanding production capacities.
Lactic Acid Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 1.07 Billion in 2019 |
| Market Size Value by | US$ 2.22 Billion by 2027 |
| Growth rate | CAGR of 9.6% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
| No. of Pages | 133 |
| No. of Tables | 57 |
| No. of Charts & Figures | 71 |
| Historical data available | Yes |
| Segments covered | Form and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Oman, Russia, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Corbion, Cargill Inc, Foodchem International Corporation, Galactic, Henan Xinghan Biotechnology, Musashino Chemical Laboratory, Ltd, Shandong Baisheng Biotechnology Co Ltd, Jungbunzlauer Suisse AG, Henan Jindan Lactic Acid Technology Co Ltd and Vigon International Inc |
Lactic acid is an organic acid derived as a byproduct of the fermentation process. Lactic acid, an essential organic acid produced by lactic acid bacteria, finds application in various industries such as food & beverages, textiles, personal care & cosmetics, and pharmaceuticals. The multi-functionalities of lactic acid has fueled its adoption in various industries. In the food & beverages industry, lactic acid is used as a preservative, curing agent, and flavoring agent. Surging global demand for processed food is boosting the demand for lactic acid in the food industry. In meat, poultry, & seafood products, it is majorly used as a decontaminant. In the personal care industry, lactic acid is mainly used in anti-aging and skin-lightening products as it helps in treating hyperpigmentation and age spots.
The lactic acid market has been segmented based on form into dry and liquid. During the forecast period, the dry segment is expected to be the fastest growing segment in the lactic acid market. Dry lactic acid is also used as a food or feed additive; it can enhance the taste of food and prolong the shelf life of food. Dry lactic acid can be easily transported compared to its liquid counterpart and requires lower transportation cost.
The lactic acid market is segmented into five main regions—North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In 2019, North America dominated the global lactic acid market. The North American lactic acid market is expected to surge, owing to the presence of major market players in the region such as Foodchem International Corporation, and Cargill, among others. Lactic acid is primarily used in applications such as food & beverages, personal care, industrial, and others. Moreover, consumers' high disposable income and increasing consumer awareness regarding bio-based products have also accelerated the demand for lactic acid.
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Impact of COVID-19 Pandemic on Lactic Acid Market
The onset of the pandemic led to lockdowns in several countries globally. This resulted in an immediate decline in the economy, slowdown in the global trade, expansion strategies, and disruption in the supply chain. Subsequently, these factors hampered the manufacturing, delivery schedules, and sales of various goods. In addition, trade restrictions imposed by countries in Europe, Asia Pacific, and North America disrupted the supply chain. All these factors hampered the progress of the food & beverages industry. The shortage of workforce and a temporary sales halt caused due to lockdowns and government restrictions further negatively affected the lactic acid market. Thus, major companies and lactic acid suppliers faced the most brutal hit during the initial phase of the pandemic due to sudden government restrictions on manufacturing non-essential commodities. This created a significant shortage of raw materials, hampering the production activities of various end-use industries globally.
In 2021, the global lactic acid market began recovering from the losses incurred in 2020 as governments of different countries announced relaxation in social restrictions. Manufacturers were permitted to operate at full capacities, which helped them overcome the demand and supply gap. The pharmaceutical and food and beverages industry began recovering due to rising demand for food products and medicines. The demand for innovative food & beverage products with specific nutritional profiles and organic, gluten-free, and GMO-free characteristics increased. Moreover, rising vaccination rates contributed to improvements in the overall conditions in different countries, which led to conducive environments for industrial and commercial progress.
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