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lactic acid market

Lactic Acid Market Share, Size, Trends, Industry Analysis Report, By Source (Natural Lactic Acid, Synthetic Lactic Acid); By Application; By Region; Segment Forecast, 2021 - 2028

  • Published Date: Oct 2021
  • Pages: 115
  • Format: PDF
  • Report ID: PM1630
  • Base Year: 2020
  • Historical Data: 2016 - 2019

Report Summary

The global lactic acid market size was valued at USD 2.77 billion in 2020 and is expected to grow at a CAGR of 8.1% during the forecast period. Lactic acid is an organic acid, which finds application in food and beverages, cosmetics, and pharmaceutical sectors. The demand for lactic acid has increased in the food and beverages sector owing to its use as a gelling agent, natural additive, solvent, curing agent, and discoloration inhibitor.

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Lactic acid is used in food products to improve shelf life and provide flavor to pickles, yogurt, and fermented milk products. Lactic acid offers health benefits such as improved immunity, protection against infections, increased absorption of vitamins and minerals, prevention and treatment of diarrhea, and increased absorption of vitamins and minerals.

Rising health awareness and growing consumption of functional food and supplements to boost immunity during the COVID-19 outbreak positively affect the market. However, the pandemic has disrupted the supply chain across the world. The surging demand has led to a shortage of products in stores as well online platforms. Scarcity of raw material, decreased deliveries, lockdown, and reduced workforce have severely hampered the market. Consumers are expected to possess knowledge and awareness regarding nutrition and preventive healthcare post-pandemic, positively affecting the demand in the future.

Industry Dynamics

Growth Drivers
The rise in population, growing use in food and beverages, and growth in consumer awareness regarding health and nutrition are factors expected to drive the market. There has been a growing inclination towards bio-based and organic products.

Growing use in meat processing and rising demand for preserved food further aids the market growth. Growing disposable income and changing lifestyle of consumers have resulted in increasing demand for textiles. The product is widely used in textile dyeing and finishing owing to its biodegradability, low volatility, mild scent, and high biobased content.

The product is also used in the pharmaceutical and cosmetic industries. The rising application of polylactic acid, a thermoplastic polyester, in diverse applications due to its lower carbon footprint is expected to increase during the forecast period. New product launches and acquisitions by leading players in the market and the increasing requirement from emerging economies have further increased the growth of the lactic acid market.

The application of the product in cosmetics is gaining popularity. Natural and organic ingredients-based products are gradually replacing synthetic cosmetic products. The product is incorporated in cosmetics due to its anti-acne effect, skin repair, enhanced skin immunity, hydration, and anti-aging effects, thereby increasing its demand worldwide. Lifestyle changes of consumers, growing awareness regarding skincare, and increasing inclination towards the use of natural ingredients support the growth of this segment.

Report Segmentation

The market is primarily segmented on the basis of source, application, and region.

By Source

By Application

By Region

  • Natural
  • Synthetic
  • Personal Care
  • Food & Beverages
  • Chemical
  • Pharmaceutical
  • Industrial
  • Biodegradable Plastics & Polymers
  • Others
  • North America (U.S., Canada)
  • Europe (Germany, UK, France, Italy, Spain, Netherlands, Austria)
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, South Africa, Israel, UAE)

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Insight by Source

Based on the source, the market is segmented into natural acid and synthetic lactic acid. The demand for the natural segment is anticipated to increase during the forecast period. Increasing incidences of health disorders have resulted in greater awareness regarding healthy eating habits and nutrition among consumers. Health and fitness consciousness has also increased in emerging economies such as China and India, thereby strengthening the growth of this segment. Rising inclination of consumers towards natural and organic products, changing lifestyle, and rising trend of veganism further boost the growth of this segment.

Insight by Application

The application segment has been divided into personal care, food and beverages, chemical, pharmaceutical, industrial, biodegradable plastics and polymers, and others. The biodegradable plastics and polymers segment accounts for a significant share of the global market. Biodegradable plastics and polymers are increasingly being used in various applications such as automotive, construction, and consumer goods owing to their lightweight, strength, and durability. The increasing disposable income, rising demand for passenger vehicles, and growing environmental concerns drive the growth of this segment.

Geographic Overview

North America held the largest market share in 2020. This region comprises U.S. and Canada. In recent years, there has been increased awareness regarding health and wellness, which has resulted in an increased demand for lactic acid. The market has registered a significant increase in the sales of bio-based and organic products. Increasing application in meat processing and growing utilization in the personal care and pharmaceutical sector leads to greater demand for lactic acid in the region.

Competitive Landscape

The leading players in the lactic acid market include BASF SE, Cargill, COFCO, Corbion N.V., Danimer Scientific, DuPont de Nemours, Inc., FoodChem International, Galactic, Godavari Biorefineries, Henan Jindan Lactic Acid Technology Co. Ltd., Jungbunzlauer Suisse AG, Musashino Chemical Laboratory, Ltd., ProAgro GmbH, Spectrum, Chemicals, Sulzer, Teijin Limited, and Vigon International.

These players are expanding their presence across various geographies and entering new markets in developing regions to expand their customer base and strengthen their presence in the market. The companies are also introducing new innovative products in the market to cater to the growing consumer demands.

Lactic Acid Market Report Scope

Report Attributes

Details

Market size value in 2020

USD 2.77 billion

Revenue forecast in 2028

USD 4.63 billion

CAGR

8.1% from 2021 - 2028

Base year

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Segments covered

By Source, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key companies

BASF SE, Cargill, COFCO, Corbion N.V., Danimer Scientific, DuPont de Nemours, Inc., FoodChem International, Galactic, Godavari Biorefineries, Henan Jindan Lactic Acid Technology Co. Ltd., Jungbunzlauer Suisse AG, Musashino Chemical Laboratory, Ltd., ProAgro GmbH, Spectrum, Chemicals, Sulzer, Teijin Limited, and Vigon International.

 

Key Take-Away
Polaris Market Research
Lactic Acid Market | 2021-28 | Industry Share Report | PMR