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.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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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)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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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), and QINGDAO ABEL TECHNOLOGY CO.,LTD (U.S.)
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Market Opportunities
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Market Definition
Lactic acid refers to an acid generally found in sour milk and is also produced in the muscle tissue when a person exercises. The acid is colorless or yellowish in color and is also prepared by fermentation of potatoes, molasses, and cornstarch. They can be processed synthetically and naturally and widely used in applications such as personal care, polyactic acid, food and beverages, and personal care.
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.
- Quality and Technology Concerns
In the forecast period, the lactic acid market is expected to be challenged by a lack of process-specific technology for the use of lactic and polylactic acids in emerging nations and concerns about the quality of lactic acid used in food and beverage products. Therefore, these factors will challenge the lactic acid market growth rate.
This lactic acid market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the lactic acid market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
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
Source
- Natural
- Synthetic
End-User
- Packaging
- Textile
- Electronics
- Automotive
- Biomedical
- Other
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.
On the other hand, Asia-Pacific is estimated to show lucrative growth over the forecast period of 2022-2029, due to the growth of the region's pharmaceutical and personal care industries.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
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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