Lactic Acid

Lactic Acid

Global Lactic Acid Market to Reach US$8.6 Billion by 2030

The global market for Lactic Acid estimated at US$6.0 Billion in the year 2023, is expected to reach US$8.6 Billion by 2030, growing at a CAGR of 5.2% over the analysis period 2023-2030. Sugarcane Raw Material, one of the segments analyzed in the report, is expected to record a 6.1% CAGR and reach US$3.7 Billion by the end of the analysis period. Growth in the Corn Raw Material segment is estimated at 4.9% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.6 Billion While China is Forecast to Grow at 8.8% CAGR

The Lactic Acid market in the U.S. is estimated at US$1.6 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.9 Billion by the year 2030 trailing a CAGR of 8.8% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 1.6% and 5.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.7% CAGR.

Global Lactic Acid Market - Key Trends & Drivers Summarized

Why Is Lactic Acid Gaining Prominence in Various Industries?

Lactic acid, a naturally occurring organic acid, is increasingly gaining prominence across various industries due to its versatility and biodegradable nature. It is widely used in the food and beverage industry as a preservative, flavor enhancer, and pH regulator. In the pharmaceutical sector, lactic acid is utilized in the formulation of various drugs and medical products. The cosmetic industry also benefits from lactic acid, employing it in skincare products for its exfoliating and moisturizing properties. Moreover, lactic acid serves as a key raw material in the production of biodegradable plastics, making it an essential component in the push towards sustainable materials.

How Have Technological Innovations Enhanced Lactic Acid Production and Applications?

Technological advancements have played a crucial role in enhancing lactic acid production and its applications. Innovations in fermentation processes have improved the efficiency and yield of lactic acid production, reducing costs and environmental impact. The development of genetically modified organisms (GMOs) has further optimized lactic acid production, enabling the production of high-purity lactic acid for specialized applications. Additionally, advancements in polymer science have led to the creation of polylactic acid (PLA), a biodegradable plastic with numerous applications in packaging, agriculture, and medical devices. These technological strides have broadened the scope of lactic acid applications, driving its demand in various sectors.

What Are the Emerging Trends in Lactic Acid Consumption?

Emerging trends in lactic acid consumption reflect its expanding applications and the growing emphasis on sustainability. The food and beverage industry is increasingly using lactic acid in natural and organic products, driven by consumer demand for clean-label ingredients. In the pharmaceutical sector, the use of lactic acid in drug formulation and controlled-release systems is on the rise. The cosmetics industry is also witnessing increased use of lactic acid in anti-aging and skin-renewal products. Furthermore, the growing popularity of biodegradable plastics, such as PLA, is significantly boosting lactic acid consumption. These trends highlight the shift towards more sustainable and health-conscious products, underscoring the importance of lactic acid in modern applications.

What Factors Are Driving the Growth in the Lactic Acid Market?

The growth in the lactic acid market is driven by several factors. Firstly, the rising demand for natural and organic food and beverage products is propelling the use of lactic acid as a preservative and flavor enhancer. Secondly, the pharmaceutical industry`s increasing use of lactic acid in drug formulation and delivery systems is a significant growth driver. The cosmetics industry`s growing demand for lactic acid in skincare products is also contributing to market growth. Additionally, the expanding use of biodegradable plastics, particularly PLA, in packaging, agriculture, and medical applications is driving lactic acid demand. The growing emphasis on sustainability and environmental responsibility further fuels market expansion. Lastly, ongoing research and development efforts aimed at discovering new applications and improving production processes continue to foster market growth, highlighting the robust growth trajectory of the lactic acid market.

Select Competitors (Total 23 Featured) -

• BASF SE
• Corbion
• CSM N.V.
• Futerro
• Galactic
• Henan Jindan Lactic Acid Technology Co., Ltd.
• Meredian Holdings Group, Inc.
• Musashino Chemical (China) Co., Ltd.
• NatureWorks LLC
• Synbra Technology BV
• Teijin Ltd
• The Dow Chemical Company
• Thyssenkrupp AG
• Vaishnavi Bio-Tech Ltd.
• WEI MON Industry Co., Ltd.

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.