Lactic Acid Market is Anticipated to Witness High Growth Owing to Rising Demand from Personal Care & Pharmaceutical Industries

 

Lactic acid is an organic acid produced naturally through fermentation of sugars by lactic acid bacteria. It is commonly used as an acidulant in food and beverage industry to maintain acidity levels. Lactic acid finds application as a preservative to prevent microbial spoilage. Other applications include use as a chemical intermediate in production of biodegradable polymers such as polylactic acid. Growing emphasis on bio based and sustainable products is augmenting the demand for lactic acid from bioplastics industry. It also serves as a natural moisturizer in personal care products like facial creams. In pharmaceuticals, lactic acid is used as an excipient and active ingredient in various drugs and medicines.

The Global Lactic Acid Market is estimated to be valued at US$ 3,124.0 Mn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030.

Key Takeaways
Key players operating in the Lactic Acid market are Futerro, BASF SE, Galactic, Henan Jindan Lactic Acid Technology Co. Ltd., Musashino Chemical (China) Co., Ltd., Corbion, thyssenkrupp AG, Dow, Cellulac, and Jungbunzlauer Suisse AG. Lactic acid production from renewable feedstock and waste materials presents a major opportunity considering rising environmental concerns. Key players are investing in R&D to commercialize newer biotechnological processes for cost effective production of lactic acid to cater growing demand. Regionally, Asia Pacific lactic acid market is anticipated to witness rapid growth on account of expanding end use industries and supportive government policies promoting sustainable production. Established players are actively expanding production capacities in China and India to leverage growth opportunities in these emerging markets.

The key drivers for lactic acid market include growing demand from bioplastics industry for production of polylactic acid due to stringent environmental regulations on use of petroleum based plastics. Bioplastics offer sustainable solution and help reduce dependence on fossil fuels. Rising health consciousness among consumers is driving demand for clean label and natural products which uses lactic acid as a preservative and acidulent. In pharmaceuticals, it is effectively used in ointments, mouthwashes, and various medicines owing to antibacterial and exfoliating properties.

However, price fluctuations of raw material corn could impact lactic acid production costs. Also, availability of substitutes like citric acid and acetic acid poses competition to lactic acid in certain applications. Regulations pertaining to fermentation process and disposal of plant waste acts as another restraint.


Segment Analysis
The lactic acid market can be segmented by source into sugarcane, cassava, corn, and others. The corn segment currently dominates the market owing to lower production costs as corn is inexpensive and easily available. The cassava segment is expected to grow at a significant pace during the forecast period as cassava is more environment friendly compared to corn.

The market can also be segmented by application into food & beverage, personal care, chemical, pharmaceutical, and biodegradable polymers. The food & beverage segment holds the highest share currently as lactic acid is extensively used as a preservative and acidulent in food items like dairy, bakery & confectionery, and meat products. The biodegradable polymers segment is likely to increase at a high CAGR during 2023-2030 due to rising demand for eco-friendly packaging solutions.

Global Analysis
The global lactic acid market is estimated to reach US$ 3,124.0 Million in 2024. Asia Pacific dominates the market currently owing to presence of major lactic acid producers like China, India and Japan in the region. Increasing health awareness and growth in food processing industries are major factors augmenting market growth in Asia Pacific. Europe is projected to grow at a considerable rate during the forecast period due to stringent regulations around use of synthetic and non-biodegradable substances. North America follows Europe with large presence of players like Corbion and Cargill Inc. and rising adoption of bio-based products across various industries in the region.

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