Lactic Acid Market Size Global Report, 2023 - 2028

Chicago, July 12, 2023 (GLOBE NEWSWIRE) -- The lactic acid market refers to the global industry that involves the production, distribution, and consumption of lactic acid and its derivatives. Lactic acid is an organic compound that is produced naturally in the human body during exercise or when certain foods are metabolized. It is also commercially produced through fermentation processes. Lactic acid has a wide range of applications across various industries. In the food and beverage industry, it is used as a flavoring agent, preservative, and pH regulator. It is also utilized in the pharmaceutical industry for drug delivery systems, as well as in cosmetic and personal care products for its moisturizing and exfoliating properties. Additionally, lactic acid is employed in the textile industry for dyeing and finishing processes.

Lactic acid market in terms of revenue was estimated to be worth $1.6 billion in 2023 and is poised to reach $2.8 billion by 2028, growing at a CAGR of 12.4% from 2023-2028 according to a latest report published by MarketsandMarkets™. The increasing demand for alternative eco-friendly resources is driving significant market growth in the lactic acid and polylactic acid (PLA) market. With growing environmental concerns and a shift towards sustainable practices, there is a rising preference for bio-based and biodegradable materials.

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Lactic Acid Market Scope:

Lactic Acid Market major players covered in the report, such as:

• Corbion (Netherlands)
• Cargill, Incorporated (US)
• Galactic (Belgium)
• Unitika Ltd (Japan)
• Henan Jindan lactic acid Technology Co., Ltd. (China)
• Sulzer Ltd (Switzerland)
• Musashino Chemical Laboratory (Japan)
• Vigon International (US)
• Danimer Scientific (US)

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The research report categorizes the market into the following segments:

Lactic Acid Market, By Raw Materials

• Corn
• Cassava
• Sugarcane
• Yeast Extract
• Others

Lactic Acid Market, By Form

• Dry
• Liquid

Lactic Acid Market, By Application

• Bio-degradable Polymers
• Food & Beverages
• Beverages
• Bakery & Confectionary Products
• Dairy Products
• Meat Products
• Other Food Products
• Personal Care Products
• Pharmaceutical Products
• Other Applications

Lactic Acid Market, By Region

• North America
• Europe
• Asia Pacific
• Rest of the World (RoW)

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The key stakeholders in the Lactic Acid Market include:

• Manufacturers: Lactic acid manufacturers are the primary stakeholders in the market. They produce lactic acid through fermentation processes using renewable resources such as cornstarch or sugarcane. These manufacturers invest in research and development, production facilities, and quality control to ensure the efficient and sustainable production of lactic acid.
• Suppliers of Raw Materials: Stakeholders involved in the supply of raw materials, such as corn or sugarcane, play a crucial role in the lactic acid market. They ensure the availability and quality of raw materials required for lactic acid production.
• Distributors and Traders: Distributors and traders are responsible for the efficient distribution of lactic acid products to various industries and end-users. They manage the logistics, warehousing, and transportation of lactic acid, ensuring its availability to customers in different geographical regions.
• End-Users: End-users of lactic acid products are significant stakeholders in the market. These include industries such as food and beverages, pharmaceuticals, cosmetics and personal care, textiles, and more. End-users utilize lactic acid in their manufacturing processes or incorporate it into their products for various purposes, such as flavoring, preservation, drug delivery, and skincare.
• Regulatory Authorities: Regulatory authorities at the local, regional, and international levels have an important role in the lactic acid market. They establish guidelines, regulations, and standards related to the production, labeling, safety, and usage of lactic acid products to ensure consumer safety and environmental sustainability.
• Research Institutions and Academia: Research institutions and academia contribute to the lactic acid market by conducting research and development activities, exploring new applications, improving production processes, and discovering innovative uses for lactic acid and its derivatives.
• Industry Associations and Trade Organizations: Associations and trade organizations dedicated to the lactic acid industry play a vital role in promoting the market, facilitating networking among stakeholders, and addressing industry challenges. They also provide a platform for knowledge exchange, advocacy, and industry development.
• Consumers: Ultimately, consumers are essential stakeholders in the lactic acid market. They drive demand for lactic acid-based products, influencing the market trends and preferences. Consumer awareness and preference for sustainable and eco-friendly products have a significant impact on the growth and direction of the lactic acid market.

Lactic Acid Market Frequently Asked Questions (FAQs):

Q1. What is the market demand for lactic acid?
Q2. What is the global market of lactic acid?
Q3. What is the selling price of lactic acid?
Q4. How is lactic acid sold?
Q5. Which region is projected to account for the largest share in the lactic acid market?
Q6. What is the current size of the global lactic acid market?
Q7. Which are the key players in the market?

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This report provides insights on the following pointers:

• Growing Demand for Biodegradable and Sustainable Products: The lactic acid market has witnessed significant growth due to the increasing demand for environmentally friendly and sustainable products. Lactic acid, derived from renewable resources, is considered a greener alternative to petrochemical-based compounds. This demand is driven by consumer awareness of environmental issues and the push for eco-friendly solutions.
• Expanding Applications in Various Industries: Lactic acid has a diverse range of applications across industries. In the food and beverage sector, it is used as a flavoring agent, preservative, and pH regulator. In the pharmaceutical industry, lactic acid is utilized for drug delivery systems. Additionally, it finds application in the cosmetic and personal care industry for its moisturizing and exfoliating properties. The textile industry also uses lactic acid for dyeing and finishing processes.
• Technological Advancements in Production Processes: The lactic acid market has benefited from technological advancements in production processes. Traditional methods involve fermentation using bacteria, but newer technologies, such as genetically modified organisms and enzyme-catalyzed processes, have improved production efficiency and reduced costs. These advancements have helped meet the increasing demand for lactic acid.
• Geographical Market Presence: The lactic acid market is globally distributed, with key regions including Asia-Pacific, Europe, and North America. These regions have well-established manufacturing facilities, a strong presence of major market players, and significant demand from various industries. However, there is potential for market growth in emerging economies due to expanding industrial sectors and changing consumer preferences.
• Research and Development Initiatives: Companies in the lactic acid market are actively engaged in research and development activities to enhance their product offerings and explore new applications. This includes developing lactic acid derivatives with improved properties and finding innovative uses in different industries. Research institutions and academia also contribute to advancements in lactic acid technology.
• Key Market Players: The lactic acid market is competitive, with several key players contributing to its growth. Companies such as Corbion N.V., Cargill, Inc., Galactic S.A., Archer Daniels Midland Company, and Henan Jindan Lactic Acid Technology Co., Ltd. are some of the prominent players in the industry. These companies focus on expanding their market presence, investing in production capabilities, and collaborating with other stakeholders to strengthen their position.
• Favorable Government Policies and Regulations: Government policies and regulations regarding sustainability, waste reduction, and environmental protection have a significant impact on the lactic acid market. Supportive regulations promoting the use of biodegradable and renewable resources, along with tax incentives for sustainable products, can boost the market's growth.

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With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analyses and profiling of additional market players (up to five)

Geographic Analysis

• Further breakdown of the Rest of Europe market for Lactic acid and polylactic acid into the Poland, Netherlands, Denmark, Belgium, Switzerland, Sweden, Greece, and other EU and non-EU countries.
• Further breakdown of the Rest of South America market for Lactic acid and polylactic acid into Colombia, Peru, Paraguay, Chile, and Venezuela
• Further breakdown of the Rest of Asia Pacific for Lactic acid and polylactic acid into the Malaysia, Singapore, Philippines, Vietnam, South Korea, and other Asian countries.