The latest report by IMARC Group, titled “Lactic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global lactic acid market is expected to exhibit a CAGR of 9.7% during 2023-2028. Lactic acid (C3H6O3 refers to a type of colorless organic acid that is miscible with water. It helps to control the development of pathogenic microorganisms, improve flavor, and extend the shelf life of food products. Owing to these properties, lactic acid is widely utilized in the preparation of wine and fermented dairy products, curing meat and fish, pickling vegetables, and as an emollient in various cosmetic items and an additive in pharmaceutical products.
Global Lactic Acid Market Trends:
The market is primarily driven by the rising consumption of processed and ready-to-eat food products. Lactic acid is utilized to enhance product shelf life and as a flavoring agent and pH regulator in several bakery items, beverages, confectionery, and meat products. In addition, the increasing product adoption in the pharmaceutical industry for manufacturing active pharmaceutical ingredients (APIs) that are used in drugs, IV solutions, and liquid supplements represent another major growth-inducing factor. Besides this, lactic acid is widely utilized in cosmetic and personal care products as an exfoliator, humectant, adjuster, and skin conditioning ingredient. This, coupled with the implementation of favorable government initiatives to encourage the use of bioplastics and the expanding applications of lactic and polylactic acids in the packaging and biomedical industries, are also creating a positive market outlook across the globe.
- Based on the raw material, the market has been classified into corn, sugarcane, cassava, and others.
- On the basis of the form, the market has been bifurcated into liquid and solid.
- Based on the application, the market has been segmented into industrial, food and beverages, pharmaceuticals, personal care, polylactic acid (PLA), and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being Cellulac plc, Corbion N.V., Dupont De Nemours Inc., Foodchem International Corporation, Galactic, Godavari Biorefineries Ltd. (Somaiya Group)., Henan Jindan Lactic Acid Technology Co. Ltd., Jungbunzlauer Suisse AG, Musashino Chemical Laboratory Ltd., Spectrum Chemical Mfg. Corp., Vaishnavi Bio Tech International Limited and Vigon International Inc. (Azelis Americas LLC).
|Base Year of the Analysis
||Raw Material, Form, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Cellulac plc, Corbion N.V., Dupont De Nemours Inc., Foodchem International Corporation, Galactic, Godavari Biorefineries Ltd. (Somaiya Group)., Henan Jindan Lactic Acid Technology Co. Ltd., Jungbunzlauer Suisse AG, Musashino Chemical Laboratory Ltd., Spectrum Chemical Mfg. Corp., Vaishnavi Bio Tech International Limited and Vigon International Inc. (Azelis Americas LLC)
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