Lactic Acid Market Size to Reach USD 2.5 billion by 2028, CAGR of 12.5%: Reports And Data
High demand for lactic acid and polylactic acid in end-user applications, rise in demand for alternative environment-friendly resources, and technological advancements to encourage the production of lactic acid & polylactic acid is expected to fuel the lactic acid market.
Market Size - USD 1.2 billion in 2020, Market Growth - CAGR of 12.5%, Market Trends- High demand for lactic acid and polylactic acid in end-user applications, rise in demand for alternative environment-friendly resources and technological advancements to encourage the production of lactic acid & polylactic acid is expected to fuel the market in the forecast period.
New York, New York--(Newsfile Corp. - July 20, 2021) - According to the current analysis of Reports and Data, the global Lactic Acid Market was valued at USD 1.2 billion in 2020 and is expected to reach value of 2.5 billion by 2028, expanding at a CAGR of 12.5% during the forecast period. The global lactic acid market is highly driven by high demand for lactic acid and polylactic acid in end-user applications and technological advancements to encourage the production of lactic acid & polylactic acid
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Lactic acid is an organic acid that occurs naturally and is used in a variety of industries, including cosmetics, pharmaceuticals, chemicals, food, and, most recently, medicine. Lactic acid is produced by fermenting sugar derived from renewable resources, making it an eco-friendly product that has received a lot of attention in recent years.
Lactic Acid Market Size, Share & Analysis, By Application (Biodegradable Polymers, Food & Beverages, Personal Care Products, Pharmaceutical Products, Others) By Form (Liquid, Dry), By End-User, and By Region, Global Forecast to 2028; To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/lactic-acid-market.
Further key findings from the report suggest
- Based on Application, Lactic acid could be found in a wide range of foods and beverages, including cheese, jellies, and carbonated beverages. In the food industry, the addition is widely used to help balance the acidity of cheese and to impart tartness to frozen desserts and carbonated fruit drinks. For years, it has been used to turn cabbage into sauerkraut and milk into yoghurt. Lactic acid's antimicrobial properties, as well as its ability to extend shelf life, are two of the key reasons why food manufacturers utilise it in their products. It also enhances the flavour.
- Based on Form, Powder is primarily used as a sour agent and taste regulator in food and beverages. Lactic acid powder is formed from the fermentation of glucose and is a natural L-lactic acid powder. It is made by combining L-lactic acid and L-calcium lactate. The product is a white powder or granule with a mild acidity, deliquescence, and is soluble in hot water. This is a popular food or feed ingredient that can improve the taste of food while also increasing its shelf life. It's extensively used in canned foods, bread, flour, pastry, feed, and other industries as a flavour enhancer. It can also be used to control the acidity of a wide range of solid and powder meals. Its excellent PH value modulation and bacteriostasis capabilities effectively limit microbe proliferation while improving food shelf life.
- Based on End-User, Polylactic acid can be used in agricultural applications by incorporating a timed-release nutrient, as well as biodegradable plant clips, into polylactic acid sheets or moulded shapes. Although agriculture has had a small share of the market for polylactic acid-based products in recent years, applications such as polylactic acid-based mulch films are likely to expand. In the fruit and vegetable business, mulch films are widely used. PLA has mechanical properties that are comparable to traditional mulch film materials, with the added benefit of being completely biodegradable in just single growing season.
- The North America market accounted for the largest revenue share in 2020, and is expected to continue with its dominance over the forecast period, owing to highly developed food and pharmaceutical industries. The lactic acid market in North America is driven by the growth of the US market. The North American market is regulated, with the United States' Environmental Protection Agency (EPA) overseeing chemical product monitoring and marketing. As environmental concerns and waste management issues have developed in recent years, consumers' attention has switched to sustainable and ecologically friendly plastics, particularly for packaging. As a result of these considerations, regulatory agencies such as the Environmental Protection Agency (EPA) are increasingly favouring biodegradable plastics and emphasising the importance of raising public awareness about the need for biodegradable products.
Key participants in the lactic acid market:
- Corbion (Netherlands)
- DuPont (U.S.)
- Cargill (U.S.)
- Galactic (Belgium)
- Dow (U.S)
- Unitika Ltd. (Japan)
- Henan Jindan Lactic Acid (China)
- Sulzer (Switzerland)
- Musashino Chemical (China)
- Vigon International (U.S.)
For the purpose of this study, Reports and Data have segmented Lactic Acid market on the basis of Application, Form, End-User and Region:
- Application Outlook (Revenue in Million USD; 2018-2028)
- Biodegradable Polymers
- Food & Beverages
- Personal Care Products
- Pharmaceutical Products
- Form Outlook (Revenue in Million USD; 2018-2028)
- End-User Outlook (Revenue in Million USD; 2018-2028)
- Fiber & Fabrics
- Electronics & Electricals
- Regional Outlook (Revenue in Million USD; 2018-2028)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
- North America
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