SAN FRANCISCO, Aug. 22, 2022 /PRNewswire/ -- The global lactic acid market is projected to value USD 5.8 billion by 2030, expanding at a CAGR of 8% during the period in focus. The rapid expansion in the industry size may be attributed to the rise in awareness among consumers and increased use of biodegradable plastic packaging in the food application segment. Additionally, with the advancement of new technologies, the use of lactic acid in many sectors such as pharmaceuticals, food and beverage, personal care, and industrial has risen over time.
Key Industry Insights & Findings from the report:
- In 2021, sugarcane emerged as the dominant raw material segment with a revenue share of around 39.0% owing to its abundant availability in nature, low cost, and environmental friendliness.
- Corn emerged as the second-largest raw material segment in 2021 and is projected to witness considerable growth over the forecast period owing to the rising awareness regarding sustainable products in the major application industries.
- PLA emerged as the dominant application segment in 2021 in terms of both volume and revenue owing to the rising usage in the manufacturing of biodegradable and biocompatible products.
- In 2021, North America emerged as the largest regional market due to the presence of major personal care and cosmetic industries in this region, especially in the U.S.
Read 130 page market research report, "Lactic Acid Market Size, Share & Trends Analysis Report By Raw Material (Sugarcane, Corn, Cassava), By Application (PLA, Food & Beverages, Personal Care, Pharmaceuticals), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Lactic Acid Market Growth & Trends
Due to the fact, that is widely used more often in the production of pharmaceuticals and as a vital ingredient in alkali formulations that are used to augment a human body's fluid needs, the pharmaceutical sector has played an integral role in the market expansion over the last few years. An increase in disposable income coupled with the discovery of many diseases has pushed the scope of pharmaceutical industry over time supporting the use of lactic acid. According to reliable sources, the pharmaceutical industry is expected to reach USD 65 billion in terms of value by 2024 and USD 120 billion by the end of 2030.
Coronavirus has had a considerable impact on the growth and dynamics of several industries. With consumers becoming more concerned regarding their immunity to safeguard themselves from exposure to the current pandemic. This, to a large extent, has influenced the choice of products among consumers for packaged items that are sought to offer protective benefits. Owing to the restrictions on public movements across regions to control the spread of the lethal virus, the bulk purchase of food products and their stockpiling became inevitable.
In addition to above, the outbreak led to a positive impact on the growth of the packaging sector. However, it has steered the demand for plastic packaging solutions. Food and beverage packaging has witnessed extensive demand during the coronavirus pandemic, as consumers have been more inclined towards packaged food items due to factors like maintaining hygiene and safety. Due to the rise in sustainability in the food sector to maintain the quality of the product, the use of biopolymer packaging materials has emerged as an attractive and eco-friendly alternative to synthetic polymers due to its easy availability, low cost, and renewable raw materials, and the use of agro-industrial waste.
Market Trends
Lactic acid has witnessed robust application in agricultural sector as it is used in the integration of timed-release fertilizer in polylactic acid sheets, molded forms and biodegradable plant clips. In recent times, the agriculture sector has accounted for a low market share for polylactic acid-based products, but applications in polylactic acid-based mulch films is expected to witness an increase in the agriculture industry. Mulch films are widely used in the cultivation of fruits and vegetables. The mechanical characteristics of PLA are comparable to the existing mulch film items and have the benefit of being biodegradable through a single growing season.
Regionally speaking, North America has emerged as a profitable revenue pocket for lactic acid over time led by the U.S. The North American market is regulated by the US Environmental Protection Agency (EPA) playing a crucial role in the monitoring and commercialization of chemicals. In recent times, the rise in environmental concerns and waste management issues have led to a shift in the focus of consumers towards greener alternatives, mainly for packaging. Due to the aforementioned factors, recognized regulatory authorities like EPA, are opting for biodegradable plastics along with focusing on increasing consumer awareness regarding the use of biodegradable items.
Key Players
The expansion in lactic acid market is supported by efforts taken by industry players to expand their production capacities over time. For instance, in September 2021, South Korean chemical giant- LG Chem inked a Head of Agreement (HOA) with ADM- an American multinational food processing company to establish a Lactic Acid (LA) and Poly Lactic Acid (PLA) joint venture in Chicago.
Similar efforts taken by other notable entities in this market will continue to outline the business growth in the times to come. Some of the prominent Lactic Acid companies include Galactic, Henan Jindan Lacic Acid Technology, Vigon International, Cargill, and Corbion among various others.
Lactic Acid Market Segmentation
Grand View Research has segmented the global lactic acid market on the basis of raw material, application, and region:
Lactic Acid Market - Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
- Corn
- Sugarcane
- Cassava
- Other Crops
Lactic Acid Market - Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
- Industrial
- Food & Beverages
- Pharmaceuticals
- Personal Care
- Polylactic Acid (PLA)
- Others
Lactic Acid Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Netherlands
- Asia Pacific
- China
- Japan
- India
- Indonesia
- Malaysia
- Philippines
- Central & South America (CSA)
- Brazil
- Middle East & Africa (MEA)
List of Key Players of Lactic Acid Market
- BASF SE
- Galactic
- Musashino Chemical (China) Co., Ltd.
- Futerro
- Corbion
- Dow
- TEIJIN LIMITED
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