The Global Lactic Acid Market is estimated to grow at a CAGR of over 14.5% and reach USD 9.5 Billion by end of 2027.
Lactic acid alternatively termed as milk acid or 2-hydroxypropanoic acid, is an organic acid naturally found in various dairy products. It can also be produced by chemical synthesis or bacterial fermentation. Lactic acid has also gained popularity owing to its use in production of polylactic acid, a biodegradable polymer used across various end-use industries. Lactic acid is widely used in the food & beverage, chemical, cosmetics, and pharmaceutical industries owing to its superior properties such as curing agent, preservative, acidity regulator, pH regulator, disinfectant, moisturizer, etc.
Market Drivers:
Lactic acid is gaining higher importance in the food & beverage industry owing to its application as a curing agent, food preservative, and pH regulator. With the growing population worldwide, the demand for food & beverages is escalating. The changing consumer preference towards preserved and processed ready to eat/cook food products owing to busier lifestyle with higher spending on packaged food products is estimated to escalate the demand for lactic acid.
Polylactic acid (PLA) is a biodegradable thermoplastic produced from the condensation of lactic acid obtained from the renewable source with the help of the Lactic Acid Bacteria (LAB). PLA is gaining higher attention across the globe owing to rise in environmental consciousness. PLA addresses the issues regarding the solid waste disposal and also minimizes the dependency on the petroleum-based raw materials, which is the prominent factor responsible for its rising demand. Due to rising demand for bioplastics, which is further pushed by the favorable governmental support, increases the overall demand for PLA. This, in turn, fuels the demand for lactic acid
Market Restraint:
The growth of the lactic acid market is mainly hampered by the higher cost associated with the down streaming process of lactic acid. Separation and purification of the lactic acid from the impurities after the fermentation accounts for half of the total lactic acid operating and capital cost. In addition to this, it is very difficult and time consuming to obtain high purity lactic acid owing to the higher affinity towards water with energy intensive recovery. Also, precipitation, conventional filtration, acidification, carbon adsorption is some of the downstream treatments involved for obtaining lactic acid, which hamper the output quality and increases the lactic acid prices.
The report on the lactic acid market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features |
Specifics |
---|---|
Historical/Estimated/Forecasted Market Size Years |
2018-2027 |
Base Year for Market Calculation |
2019 |
Forecasted Period |
2020-2027 (2020 estimated year, forecasted up to 2027) |
Measured Units |
Value (USD Million) Volume (Kiloton) |
Segments Included |
Synthesis and Application |
Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South Africa |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Lactic Acid Market, by Synthesis
Lactic Acid Market, by Application
Lactic Acid Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE LACTIC ACID MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY