Lactic Acid Market Size Worth $2,217.88 Million, Globally, by 2027 at 9.6% CAGR - Exclusive Report by The Insight Partners

NEW YORK, Jan. 20, 2022 /PRNewswire/ -- According to the new market research report "Lactic Acid Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Form (Dry and Liquid) and Application (Food & Beverages, Pharmaceuticals, Personal Care, and Others)", published by The Insight Partners, the global lactic acid market was valued at US$ 1,069.84 million in 2019 and it is projected to reach US$ 2,217.88 million by 2027; it is expected to grow at a CAGR of 9.6% from 2020 to 2027.

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Lactic Acid Market: Competitive Landscape and Key Developments

Corbion; Cargill Inc.; Foodchem International Corporation; Galactic; Henan Xinghan Biotechnology; Musashino Chemical Laboratory, Ltd.; Shandong Baisheng Biotechnology Co., Ltd.; Jungbunzlauer Suisse AG; Henan Jindan Lactic Acid Technology Co., Ltd.; and Vigon International, Inc. are the prominent players operating in the global lactic acid market.

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Lactic acid is naturally present in several foodstuffs and is used in an extensive range of food applications, including bakery products and confectioneries, dairy products, meat products, and beverages. Lactic acid is also used in the dairy industry in making cheese and yogurt. Lactic acid is used in food products primarily as a pH regulator, preservative, and flavoring agent. Polylactic acid, an aliphatic polyester-based thermoplastic biopolymer, is majorly used in household and industrial wipes, diapers, and disposable garments, among other textile applications. Furthermore, lactic acid is used in the formulation of cleansing products, shampoos, moisturizers, hair dyes, and other skin care and hair care products in the personal care & cosmetics industry.

In 2019, North America accounted for the largest share of the global lactic acid market. The regional share is likely to increase in the coming years due to the surging regional demand for lactic acid in the food & beverages, personal care products, and industrial applications. In this region, lactic acid is also highly being used in the chemical synthesis of polylactic acid. Moreover, high dispensable income and increasing consumer awareness regarding bio-based products has also accelerated the demand for lactic acid.

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Lactic acid, an essential organic acid produced by lactic acid bacteria, finds application in various industries such as food & beverages, textile, personal care and cosmetics, and pharmaceuticals. Nowadays, it is gaining high popularity in polylactic acid production industries. Polylactic acid is being used in multiple medical and industrial applications as a safe, biocompatible, and biodegradable polymer. Lactic acid is also used in the synthesis of lactic acid polymers that are used as biodegradable plastics. Therefore, the wide range of applications of lactic acid in numerous industries is driving the growth of lactic acid market.

Lactic Acid Market: Segmental Overview

Based on form, the lactic acid market is segmented into dry and liquid. In 2019, the dry segment accounted for a larger revenue share in the market. Based on application, the lactic acid market is segmented into food & beverages, pharmaceuticals, personal care, and others. The food & beverages segment dominated the market in 2019 and is expected to maintain its dominance during the forecast period.

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Impact of COVID-19 Pandemic on Lactic Acid Market:

The food & beverages industry is suffering serious disruptions in the form of supply chain breaks, production facility shutdowns, etc., due to the COVID-19 pandemic. The lactic acid market in Europe is estimated to suffer an economic hit due to a lack of revenue from various industries. European countries have implemented drastic measures and travel restrictions and have partially closing their borders to contain the virus. This has been impacting the lactic acid market growth in Europe.

Browse Adjoining Reports:

Lactic Acid Esters Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Ethyl Lactate, Methyl Lactate, Butyl Lactate, Others); Application (Electronics, Food and Beverages, Paints and Inks, Agrochemicals, Pharmaceuticals) and Geography

Feed Acidifiers Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Form (Dry, Liquid); Type (Propionic Acid, Formic Acid, Lactic Acid, Citric Acid, Sorbic Acid, Malic Acid, Others); Compound (Single, Blended); Livestock (Poultry, Swine, Ruminants, Aquaculture, Others) and Geography

Dermal Fillers Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Biodegradable, and Non-Biodegradable); Material (Calcium Hydroxylapatite, Hyaluronic Acid, Collagen, Poly-L-Lactic Acid, Polymethylmethacrylate (PMMA), Fat Fillers, and Other Materials); Application (Facial Line Correction Treatment, Lip Enhancement, Face Lift, Scar Treatment, and Others); End user (Multispecialty Hospitals, Dermatology Clinics, Ambulatory Surgical Centers, and Others), and Geography

Bioplastic Textiles Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material (Polytrimethylene Terephthalate [PTT], Polyamide [PA], Polyethylene Terephthalate [PET], Polylactic Acid [PLA], Others); Source (Sugarcane, Beet, Corn Starch, Cassava, Others); Application (Home Textiles, Clothing, Footwear, Others) and Geography

Bioplastic Packaging Market to 2025 - Global Analysis and Forecasts by Product (Starch Blends, Polylactic Acid, Polyethylene Terephthalate, Polyhydroxyalkanoates, and Polyethylene), Type (Rigid Packaging and Flexible Packaging), and Application (Food & Beverages, Consumer Goods, Cosmetic & Personal Care, and Pharmaceutical)

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