Lactic Acid Market is expected to grow from USD 2.30 billion in 2021 to USD 4.36 billion by 2029, at a CAGR of 8.5% during the forecast period 2022-2029 : GreyViews

Lactic Acid Market are BASF SE, Galactic, Musashino Chemical (China) Co., Ltd., Futerro, Corbion, Dow, TEIJIN LIMITED, Henan Jindan Lacic Acid Technology, Vigon International, Danimer Scientific among others. To achieve a substantial market share in the worldwide Lactic Acid Market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, BASF SE is one of the most significant manufacturers and distributors present in the global lactic acid market.

/EIN News/ -- Pune India, June 20, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Lactic Acid Market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Lactic Acid Market is present across various countries in the above-mentioned regions.

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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the raw material, application, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.

The significant players operating in the global Lactic Acid Market are BASF SE, Galactic, Musashino Chemical (China) Co., Ltd., Futerro, Corbion, Dow, TEIJIN LIMITED, Henan Jindan Lacic Acid Technology, Vigon International, Danimer Scientific among others. To achieve a substantial market share in the worldwide Lactic Acid Market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, BASF SE is one of the most significant manufacturers and distributors present in the global lactic acid market.

Lactic acid is the well-known organic acids with a varied range of industrial applications. This type of acid is commercially produced in large scale and mainly used across different industries such as food, pharmaceutical, cosmetic, and chemical industries. Also, it is rapidly being used as a monomer for the production of the bio degradable poly lactic acid (PLA).

The commercially produced lactic acid is used in a number different industries such as pharmaceutical, food, and textile industries. For instance, food manufacturers uses lactic acid in packaged food products such as bread, olives, desserts, and jams to enable longer shelf lives. On the other hand, in the pharmaceutical industry, it is being used as a dispersing/dissolving excipient for various biological compounds without destroying the pharmacological activity of the active ingredient. Therefore, demand for lactic acid in various industries fuels growth of the global market.

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Scope of Lactic Acid Market Report

Report Metric	Information
Study Period	2021-2029
Base Year	2021
Forecast Period	2022-2029
Market Share Unit	USD Billion
Segments Covered	Raw Material, and application
Regions Covered	North America, Europe, Asia-Pacific, South America and Middle-East and Africa
Major Players	BASF SE, Galactic, Musashino Chemical (China) Co., Ltd., Futerro, Corbion, Dow, TEIJIN LIMITED, Henan Jindan Lacic Acid Technology, Vigon International, and Danimer Scientific among others

Segmentation Analysis

Corn segment is expected to be the fastest growing segment in 2021.

The raw material segment includes sugarcane, corn, cassava, and other corps. Corn segment is expected to witness highest growth rate during the forecast period. Growth of this segment is driven by low cost, sustainability, and abundance of corn in nature. The various factors such as rising environmental concerns, limited supply of petroleum feedstock, and sustainable processing practices are expected to boost demand for corn as the raw material in formation of lactic acid.

Pharmaceuticals segment is expected to be the fastest growing segment in 2021.

The application segment includes food & beverages, pharmaceuticals, personal care, polylactic acid (PLA), and others. Pharmaceuticals segment is expected to witness highest growth rate during the forecast period. In pharmaceuticals industry, the use of lactic acid in applications such as implants, pills, surgical sutures, dialysis, and controlled drug release systems has driven growth of this segment. On the other hand, lactic acid is an emollient and keratolytic used as an agent in a number of cosmetic products and used as an additive in pharmaceutical products due to its antibacterial properties. Such applications of lactic acid may create lucrative growth opportunities for the growth of the pharmaceuticals segment.

Regional Analysis                                                               

The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the raw material include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.

North America region witnessed a major share. Growth of this region is mainly driven by significant growth of the pharmaceutical, personal care, and food and beverages industries. However, Asia-Pacific is expected to witness highest growth rate during the forecast period. Surge in expenditures on medicines coupled with the expansion of pharmaceutical industry in this region is expected to create opportunities for growth of the lactic acid market.

Country Analysis

Germany

Germany lactic acid market size was valued at USD  0.18 billion in 2021 and is expected to reach USD  0.35 billion by 2029, at a CAGR of 8.4% from 2022 to 2029.
Germany is the largest market for food and beverages in the European Union. In addition, the country is the significant exporter of food products across the globe. For instance, the country has for many years been the third largest overall exporter of agricultural goods across the globe and the leading exporter of cheese, confectionery, pork and agricultural technology. Hence, demand for lactic acid from food industry in the country expected to boost growth of the market. 

China

China lactic acid market size was valued at USD  0.30 billion in 2021 and is expected to reach USD  0.55 billion by 2029, at a CAGR of 8.2% from 2022 to 2029. The average food consumption per capital is continuously increasing in this country. Hence, huge consumption of food products in this country is projected to boost growth of the lactic acid market.  In addition, rising focus of global lactic industry players on China is opportunistic for growth of the market. For instance, IFF launched YO-MIX® ViV, a new solution for ambient yogurt and other fermented drinks producers across the Asia Pacific, with a focus on China.

India         

India lactic acid market size was valued at USD  0.16 billion in 2021 and is expected to reach USD  0.31 billion by 2029, at a CAGR of 8.7% from 2022 to 2029. India is one of the strongest growing economies in Asia. In addition, the emerging popularity of lactic acid in this country is expected to create lucrative growth opportunities for lactic acid market. On the other hand, huge demand for lactic acid from cosmetics industry is projected to boost growth of the India lactic acid market.

Covid-19 Impact

Covid-19 had a major impact on almost all of the industries such as food & beverages, manufacturing, etc. The demand for raw material has decreased during the period owing to the regulations on social distancing and supply chain disruptions. In most of the regions, the manufacturing facilities of raw material were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for raw material significantly decreased.

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