The global lactic acid market size is expected to reach USD 4.63 billion by 2028 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market is projected to witness growth over the forecast period. The consumption of the product has increased owing to the increasing disposable income of consumers and the rising shift of consumers towards health and nutrition. Increasing application of lactic acid in pharmaceutical and cosmetic industries has also resulted in greater demand.
The outbreak of COVID-19 has developed increasing health awareness and growing consumption of functional food and supplements for increased immunity. However, the market has been impacted by the disruption of the supply chain, shortage of products in stores and online platforms, scarcity of raw material, decreased deliveries, lockdown, and reduced workforce during the pandemic.
The different sources of the product include natural and synthetic. The increasing shifting of consumers towards natural and organic products has fueled the growth of this segment. There has been an increased awareness among consumers regarding health benefits, wellbeing, weight loss, and nutritional requirements.
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The growing geriatric population, increasing health conditions, and rising awareness regarding increased immunity and overall wellness are anticipated to propel the market. It is also used in cosmetics owing to its anti-acne effect, skin repair, and enhanced immunity. Global players are expanding their businesses, especially in emerging economies, to increase their customer base and cater to consumers’ growing demands.
The application segment has been segmented into personal care, chemical, food and beverages, pharmaceutical, biodegradable plastics industry, and polymers, and others. The demand for the product from the food & beverages sector is expected to increase over the forecast period due to increasing use in fermented and dairy products.
The product is added to food products as a solvent, gelling agent, and curing agent. It imparts flavor to products while extending their shelf life. Introduction of new food products containing the product focuses on providing nutritional benefits and good taste to cater to customer requirements.
Leading industry participants include Cargill, BASF SE, COFCO, Danimer Scientific, Corbion N.V., DuPont de Nemours, Inc., Galactic, FoodChem International, Teijin Limited, Godavari Biorefineries, Jungbunzlauer Suisse AG, Henan Jindan Lactic Acid Technology Co. Ltd., Musashino Chemical Laboratory, Ltd., Spectrum, Chemicals, ProAgro GmbH, Sulzer, and Vigon International.
Industry players are collaborating with each other for research and development, strengthening market presence, and technological innovation. The greater need to cater to growing customer requirements has encouraged industry participants to leverage new technologies to develop high-quality products.
Polaris Market Research has segmented the lactic acid market report on the basis of source, application, and region:
Lactic Acid, Source Outlook (Revenue, USD Billion, 2016 – 2028)
Lactic Acid, Application Outlook (Revenue, USD Billion, 2016 – 2028)
- Personal Care
- Food & Beverages
- Biodegradable Plastics & Polymers
Lactic Acid, Regional Outlook (Revenue, USD Billion, 2016 – 2028)
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa