Lactic acid which is produced by the fermentation of starch is widely used as flavour enhancer, preservatives and acidulant in food and beverages. Lactic acid also aids the starting material for polylactic acid (PLA), a biodegradable polymer.
Growing environmental concerns and rising demand for green packaging are some of the majors driving the market growth. Moreover, volatility the prices of crude oil is another major factor contributing towards market growth.
Purpose of the Report
The purpose of this strategic research study titled “Global Lactic Acid Market” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them make informed strategic decisions regarding the opportunities in the global lactic acid market.
Target Audience
USP and Key Offerings
This report analyses the worldwide markets for lactic acid in USD million & Kilo Tons by the following application types – food & beverages, pharmaceuticals, industrial applications and personal care products. The report provides separate comprehensive analytics for the North America, Europe, Asia-Pacific and Rest of World (RoW). Annual estimates and forecasts are provided for the period 2014 through 2023 and market growth rate is calculated from 2015 to 2023. Market data and analytics are derived from primary and secondary research. We have considered demand side approach of the market. Competitive analysis is primarily based on public domain information including company URLs and company annual report.
Other in-depth analyses provided in the report include:
Overall, the research study provides a holistic view of the global lactic acid market, of growth offering market size and estimates for the period from 2015 to 2023, keeping in mind the above mentioned factors.
On the basis of applications, the lactic acid market is classified into food & beverages, pharmaceuticals, industrial applications and personal care products. The market was dominated by food and beverages application but growth is projected to the fastest from the industrial application.
The volatility in the prices of crude oil and rising demand for environment friendly products are the major factors contributing towards the market growth. In addition, rising demand of polylactic acid (PLA) is projected to fuel the market demand for lactic acid.
In 2014, by region, North America and Asia Pacific together accounted for more than 60% share of the pie in terms of revenue. North America is the largest market globally and is projected to grow at a second highest rate in terms of revenue from 2015 to 2023.
Asia Pacific region is projected to witness fastest growth rate in terms of revenue and volume. In, Asia Pacific, China accounted for the largest share. Europe and RoW is projected to witness moderate growth rate. Economies such as Thailand, other Asian countries and Eastern Europe offers huge untapped market opportunities.
Lactic acid is produced by the fermentation of starch. Homolactic fermentation produces mainly lactic acid on the other hand hetrolactic fermentation produces a mixture of lactic acid, formic acid, acetic acid and ethanol. The selectively is determined by the organisms used. Industrially used bacteria comprise of streptococcus thermophiles and lactobacillus acidophilus. Lactic acid have two optical isomers L (+)-lactic acid and D (-)-lactic acid. Lactic acid is classified as GRAS (generally recognized as safe) for use as a food additive. Depending on the bacteria selection, fermentation routes to lactic acid can produce optically pure L (+) - or D (-) - lactic acid.
At present, worldwide production of lactic acid is manufactured through the fermentation process, due to lower cost of production and for biorenewable products. L (+)-lactic acid production is commercially mature, due to presence of large multinationals globally such as Galactic, Cargill, Purac, and Archer Daniels Midland among others. For the commercial production of D(-)-lactic acid, Purac have licensed technology developed by Myriant Technologies with a capacity to produce 100,000 tons annually. The plant in located in Thailand.
Lactic acid is used in wide range of applications. It is used in food and beverages sector as a pH adjusting agent and as a preservative. It is also used in chemicals and pharmaceuticals industries as a starting material for the production of lactate ester, as a solvent among various other applications. Lactic acid due to its skin lightening, moisturising and pH regulating properties is used as an active ingredient in personal care products. Polymerisation of lactic acid produces a biodegradable polymer known as polylactic acid (PLA). It is used in food packaging of shrink wrap, rigid containers, short shelf life trays, rubbish bags and mulch films.
North America is the largest market for lactic acid globally followed by Asia Pacific. In North America, the U.S. is the largest market for lactic acid led by the growing demand from polylactic acid and food and beverages segment. European market for lactic acid is projected to grow at a moderate growth rate. The region rely on imports to satisfy the lactic acid demand. At present, in Europe, Western Europe is the mature market driven by consumption in food and beverages and Eastern Europe offers huge growth potential. Asia Pacific is projected to be the fastest growing market. Due to rising demand from industrial and food and beverages applications. India, China and Japan are the major markets for lactic acid and offers huge growth potential.
Purac, NatureWorks LLC, Synbra, Pyramid Bioplastics, and BASF among others are some of the major players present in this market.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Lactic Acid market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Application
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
