Booming Food And Beverage Sector Is Driving The Demand For Lactic Acid

Lactic Acid Market Size, Share, Trends, Growth, Analysis, Research

Global Lactic Acid Market: Key Highlights

  • According to the new market research report Lactic Acid Market by Synthesis (Chemical Synthesis and Microbial Fermentation), by Application (Bioplastic, Food and Beverage, Cosmetics, Pharmaceuticals, Chemicals, Textile and Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, the global lactic acid market is projected to witness rapid growth and expected to reach USD 9.5 Billion by 2027.
  • Growing demand from the food & beverage industry owing to rising demand for packaged and processed food across the globe is driving the market growth
  • Increasing demand for bioplastics from various end-use industries such as medical, packaging, and others, owing to higher environmental awareness is fueling the growth of this market
  • The market growth in mainly dampened on the account of higher cost associated with the down streaming process of lactic acid

Global Lactic Acid Market: Key Market Dynamics

  • The growth of the lactic acid market is mainly attributed to the growing demand for packaged food & beverages across the globe. Increasing per capita income, changing food preferences towards processed and ready to eat/cook products is driving the lactic acid demand
  • Rising focus of the population towards using products to improve personal aesthetics is the key factor boosting the demand for cosmetic products. Increasing adoption of lactic acid in the cosmetic products such as moisturizers, for skin exfoliating, removing dark spots, etc. is pushing its demand
  • Higher cost associated with the various downstream treatments for obtaining pure grade lactic acid is hindering the market growth
  • Increasing demand for bioplastics owing to growing awareness regarding minimizing the environmental degradation is pushing the adoption of biodegradable polymers. Use of lactic acid for production of polylactic acid (PLA), is predicted to boost the market growth in near future
  • Availability of substitutes such as citric acid, phosphoric acid, among others is likely to act as a major challenge for the market growth

 

Global Lactic Acid Market: Regional Overview

  • Asia-Pacific

The lactic acid market in Asia-Pacific is expected to witness significant growth owing to booming food & beverage industry.  The growth of the food & beverage industry is attributed to the growing populace in the China and India, rise in per capita income, shift in eating patterns, busier lifestyle, rising working population, and others. With the rising demand for processed food in the region, the demand for lactic acid is likely to increase in the years to follow.

  • North America

In North America, the lactic acid market is estimated to witness a strong growth in the forecast period owing to growing healthcare sector. Lactic acid is vital ingredient in the IV Fluids, drug administration, and in treatment for various dermatological issues. Rise in the elderly population increases demand for elderly care. Increasing prevalence of the various dermatological diseases in the region with increasing demand for more effective treatment is pushing the market demand higher.  As per the American Academy of Dermatology, around 16 million Americans are infected with Roscea while more than 7.5 million are suffering from psoriasis.

 

Global Lactic Acid Market: Key Players Overview

  • Corbion:

Corbion is a food and biochemical company headquartered in the Netherlands. It operates globally through its diversified product range. The company provides acid and acid derivatives along with the emulsifiers, functional enzymes, minerals, vitamins, algae ingredients, etc. Corbion offers PURAC product range dedicated to the natural and synthetic lactic acid used as pH regulator, dialysis solution, moisturizing agent, preservative for food and medical grade application. In September 2019, the company entered in partnership with the Brenntag, a German company for delivering PURAC and VERDAD product lines in Europe Middle East and Africa (EMEA).

  • Natureworks:

With headquarters in the United States, Natureworks operates globally through manufacturing and supplying biopolymers. The company engages through offering PLA through the brand name Ingeo along with other thermoplastic resins. The company is jointly owned by Cargill and PTT Global Chemical. In 2017, the company signed a contract to license the technology used for D-lactic acid. With this, the company plans to produce the D-lactic acid through the low cost route.

 

 

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Published : 2020-02-04

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