Global Lactic Acid Market, By Raw Material (Corn, Sugarcane, Cassava, Other Crops), Application (Industrial, Food and Beverages, Pharmaceutical, Personal Care, Polyactic Acid, lactic Acid, Others), Source (Natural, Synthetic), End-User (Packaging, Textile, Electronics, Automotive, Biomedical, Other) – Industry Trends and Forecast to 2029
Market Analysis and Size
Lactic acid has widely gained popularity across moisturizing creams and lotions and other cosmetics and personal care products because it improves skin moisture, luminosity, and the elimination of dead skin cells while also aiding in skin rejuvenation. According to a Fashion Network survey, skincare and sun care products will expand by 5.6 percent annually in 2020. As a result, rising demand for cosmetics and personal care products is predicted to boost demand for lactic acid (alpha-hydroxy acid (AHA)), which is used in their manufacturing, resulting in market expansion in the future years.
Global Lactic Acid Market was valued at USD 1.98 billion in 2021 and is expected to reach USD 4.55 billion by 2029, registering a CAGR of 10.90% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Lactic Acid Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Increased Applications of Lactic Acid
One of the primary factors driving the growth of the lactic acid market is the rising demand in food applications around the world. The popularity of well-known organic acids with a wide range of industrial applications and increased use of the acid in the creation of PLA, a biodegradable polymer and compostable thermoplastic, are driving market expansion. The market is influenced by its widespread use in the food, chemical, pharmaceutical, and cosmetics industries and technological improvements that drive the manufacturing of lactic acid and polylactic acid.
Furthermore, government regulations and frameworks to encourage the use of bioplastics and multi-functionalities of lactic and polylactic acids positively affect the lactic acid market. Additionally, the growth in demand for the bioplastic will also drive market value growth.
Opportunities
- Research and Development and High Demand for Environment-Friendly Resources
Furthermore, the growing research and development activities extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the rise in demand for alternative environment-friendly resources will further expand the future growth of the lactic acid market.
Restraints/Challenges
- Fluctuation in Raw Material
For numerous years, raw material costs for lactic acid manufacturing have been erratic. A large increase in the cost of commodities (raw materials required in the production of lactic acid, such as sugarcane, corn, sugar beet, and cassava) has stifled market expansion. Fluctuating commodity prices are expected to affect the lactic acid and polylactic acid markets during the projection period. The costs of raw materials, transportation, energy consumption, and chemicals and manufacturing expenses have increased significantly, resulting in a fall in margins for manufacturers. As a result, end-user application prices are expensive.
COVID-19 Impact on Lactic acid Market
The recent outbreak of coronavirus had a huge impact on the lactic acid market. The COVID-19 lockdown has considerably curtailed manufacturing and production operations as a result of country-by-country shutdowns of manufacturing facilities, workforce shortages, and a decline in the global supply and demand chain, all of which have influenced the market. According to studies, the breakout of COVID-19 resulted in a substantial drop in raw material output in 2020 due to a lack of operations in many locations throughout the world. The COVID-19 epidemic, on the other hand, has increased global demand for packaged foods. According to recent research from Flexible Packaging, the food packaging business saw a substantial spike in demand during the pandemic as a result of a large number of consumers shopping for groceries online.
By the end of 2021, online grocery sales in the United States had accounted for 12.4% of total e-commerce sales in the country. It goes on to say that digital grocery buyers in the United States increased by 4.8 percent from 2020 to 137.9 million in 2021. As lactic acid (alpha-hydroxy acid (AHA)) is largely utilised as a food preservative and curing agent in packaged and processed foods, such an increase in demand for packaged food products is projected to boost demand for lactic acid (alpha-hydroxy acid (AHA)). It's also employed in the fabrication of packaging plastic films and sheets. This will almost certainly result in market expansion in the next years.
Global Lactic Acid Market Scope
The lactic acid market is segmented on the basis of type, form and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Raw Material
- Corn
- Sugarcane
- Cassava
- Other Crops
Application
- Industrial
- Food and Beverages
- Pharmaceutical
- Personal Care
- Polyactic Acid
- Lactic Acid
- Others
Lactic Acid Market Regional Analysis/Insights
The lactic acid market is analysed and market size insights and trends are provided by country, type, form and application as referenced above.
The countries covered in the lactic acid market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the region's growing personal care, pharmaceutical, and food and beverages industries.
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Competitive Landscape and Lactic Acid Market Share Analysis
The lactic acid market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to lactic acid market.
Some of the major players operating in the lactic acid market are
- Corbion (Netherlands)
- DuPont (U.S.)
- Vaishnavi Bio Tech International Limited (India)
- GODAVARI BIOREFINERIES LTD. (India)
- Cargill Incorporated (U.S.)
- DOW (U.S.)
- Unitika Ltd., (Japan)
- Henan Jindan Lacic Acid Technology Co. Ltd., (China)
- Sulzer Ltd., (Switzerland)
- Musashino Chemical Laboratory, Ltd. (Japan)
- Vigon International LLC (U.S.)
- Henan Xinghan Biology Technology Co. Ltd., (China)
- Danimer Scientific (U.S.)
- COFCO (China)
- Jungbunzlauer Suisse AG (Switzerland)
- FoodChem International Corporation (China)
- Spectrum Chemicals (U.S.)
- ProAgro GmbH (Austria),
- QINGDAO ABEL TECHNOLOGY CO.,LTD (U.S.)
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Major TOC of the Report
1 INTRODUCTION
2 MARKET SEGMENTATION
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
5 MARKET OVERVIEW
6 IMPACT OF COVID-19 ON THE GLOBAL LACTIC ACID MARKET
7 GLOBAL LACTIC ACID MARKET, BY INDUSTRY TYPE
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