Lactic Acid Market Size USD 1156.5 Million by 2026 at a CAGR 2.5% | Valuates Reports
BANGALORE, India, Nov. 23, 2020 /PRNewswire/ -- The Lactic Acid Market is Segmented by type (Food Grade, Industrial Grade, Pharmaceutical Grade), by application (Pharmaceutical, Home & personal Care, Industrial Applications, Food & Beverage, Others). This report is published on Valuates Reports in the Pharmaceuticals & Biotech Category. It also covers Global & Regional Opportunity Analysis and Industry Forecast to 2026.
The global Lactic Acid market size is projected to reach USD 1156.5 Million by 2026, from USD 997.2 Million in 2020, at a CAGR of 2.5% during 2021-2026.
Major factors driving the growth of Lactic Acid market size are rising demand for anti-acne and anti-aging products, growing demand for production of PLA plastics, increased demand in food applications of lactic acid, availability of cheap raw materials, various functional properties of lactic acid and the regulatory approval by international regulations.
The report provides a list of all the key players in the Lactic Acid market and a detailed analysis of the strategies the companies are adopting.
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TRENDS INFLUENCING THE LACTIC ACID MARKET SIZE
Due to its high antimicrobial properties, lactic acid is an ideal flavoring agent, pH regulator, and preservative. This property is expected to drive the Lactic acid market size during the forecast period. Lactic acid is majorly used in beer brewing, crème Fraiche, pickled vegetables, whipped butter, cheese making and confectionery goods.
Lactic acid finds increasing cosmetic products' adoption due to increasing disposable income, changing customer lifestyles and growing skincare concerns. The product is well-suited for the formulation of hair dyes, colors, makeup, shampoos, cleaning products and moisturizers pertaining to its excellent exfoliation, collagen renewal, humectant and complex enhancement capabilities. This application of Lactic acid in the cosmetic industry is expected to increase the Lactic Acid market size.
The increasing demand for PLA is expected to increase the growth of the lactic acid market size. Polylactic acid (PLA) is a flexible lactic acid-derived biodegradable polyester and is a commercial alternative to thermoplastics. The commodity is a bioplastic form with properties close to traditional polymers such as acrylonitrile butadiene styrene, polyethylene terephthalate, and polypropylene. For various items such as plastic films, bottles, medical devices and 3D printing, the product is ideal.
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LACTIC ACID MARKET SHARE
North America is expected to hold the largest lactic acid market share. The North American region is experiencing a rising demand for basic chemicals, mainly from the construction industry. There are major chemical manufacturers in North America, and there are substantial possibilities for new production capacity in the region. For various chemicals, such as esters, biosolvents, pyruvic acid and acrylic acid, lactic acid serves as an essential precursor. Lactic acid market growth is likely to be driven by growing demand for various specialty chemicals such as electronics, adhesives, coatings, oilfield, cosmetics, flavor and fragrance chemicals.
The Asia Pacific is expected to witness the highest growth during the forecast period due to the large-scale use in industrial applications such as in personal care products, biodegradable polymers, pharmaceuticals, and food & beverages industries. The demand for lactic acid in food products is motivated by a growing demand for processed and functional food. Lactic acid increases the shelf life of food products and makes them perishable.
By Region
- North America,
- Europe,
- Asia-Pacific,
- South America,
- Middle East & Africa.
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LACTIC ACID MARKET SEGMENTATION
By the product type, the market is primarily split into
- Food Grade
- Industrial Grade
- Pharmaceutical Grade.
By the end users/application, this report covers the following segments
- Pharmaceutical
- Home & personal Care
- Industrial Applications
- Food & Beverage
- Others.
Who are the major vendors in the Lactic Acid Market?
- Corbion
- Naturework
- Galactic
- Henan Jindan Lactic Acid Technology
- COFCO Biochemical
- Musashino Chemical
- Yancheng Haijianuo
- Wuhan Sanjiang Space Good Biotech
- Shanxi Biochemical
- Jungbunzlauer
- Zhengzhou Tianrun
- Shangdong Fullsail
- Tripura Bio Tech Limited.
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SIMILAR REPORTS:
- Polylactic Acid Market size is expected to grow from USD 1,096.31 Million in 2019 to USD 2,424.62 Million by 2025 at a CAGR of 14.14% During the Forecast Period. Major factors driving the growth of Polylactic Acid Market size are bioplastics application, coupled with favorable regulations related to bio-based materials. During the COVID-19 pandemic, due to a decrease in demand from end-use customers, the industry is experiencing decreased demand, particularly in the fashion apparel segment. However, the textile industry's growth is being fuelled by the growing demand for personal protective clothing due to the increasing positive COVID-19 cases. In turn, this is expected to fuel the polylactic acid (PLA) market size.
- Bio-Polylactic Acid (PLA) Market report covered segments by type (Poly(L-lactic)acid, Poly(D-lactic)acid, Poly(DL-lactic)acid), by application (Packaging, Automotive, Medical, Electronics, Agriculture, Textiles, Others) and by various regions.
- D-lactic Acid market size was USD 190 Million, and it is expected to reach USD 293.1 Million by the end of 2026, with a CAGR of 7.2% during 2021-2026. This report segments covered by type (Content Above 92%, Content Below 92%), by application (Medicine, Pesticide, Chemical Industry, Others) and by various regions.
- Food Grade Lactic Acid Market report covered segments by type (8, 88), by application (Food, Beverage, Home & personal care, Others) and by various regions.
- L(+)-Lactic Acid Market was USD 644.4 Million and it is expected to reach USD 741.4 Million by the end of 2026, with a CAGR of 2.0% during 2021-2026. This report covered segments by type Food grade, (Industrial grade, Pharmaceutical grade), by application (Pharmaceutical, Home & personal care, Industrial Applications, Food & Beverage, Others), and by various regions.
- Natural L-Lactic Acid Market Report Covered segments by type (Powdered L-Lactic Acid, Liquid L-Lactic Acid), by application (Food and Beverage Processing, Cosmetic, Pharmaceutical Industry, Others), and by various regions.
- Encapsulated Lactic Acid Market Report Covered segments by type (Organic Encapsulated Lactic Acid, Synthetic Encapsulated Lactic Acid), by application (Confectionery, Dressings, Dairy products, Others), and by various regions
- Gypsum-Free Lactic Acid Market Report Covered segments by type (Natural Gypsum-Free Lactic Acid, Synthetic Gypsum-Free Lactic Acid), by application (Chemicals, Food & Beverage, Pharmaceuticals, Biodegradable Products, Personal Care Products, Others), and by various regions.
To see the full list of related reports click on Lactic Acid Market
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