Lactic Acid Market is predicted to increase at a significant CAGR of 11.5% during 2022-2029 | Size, Share, Trends & Forecast

Lactic Acid Market is estimated will grow at a CAGR of 11.5% from 2022-2029.

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The factors driving the growth of Lactic Acid Market includes increasing application of lactic acid across end-use industries such as pharmaceuticals and food and beverages, rising focus on reducing carbon emissions, growing use of lactic acids in skincare products and cosmetic therapies and improvements in the living standards. According to the report published by Statista, the revenue generated from the sales of skincare products in the international markets in expected to reach USD 145.40 billion by the end of 2022, growing at a CARG of 6.28% over the forecast period (2021-2028), which will accelerate the Global Lactic Acid Market. Moreover, growing adoption of advanced technologies by manufacturers, rising concerns related to climate change around the world, increasing influence of social media platforms and rapid urbanization, are some of the additional factors supplementing the Lactic Acid Market size. In addition, the increasing investments by leading companies on research and development, rise in the launch of innovative products and growing population growth rates, are further contributing towards the market growth. 

However, growth of the Lactic Acid Market is hindered due to attributed to variations in the prices of raw materials.

The major players operating in the Lactic Acid Market includes Jiaan Biotech, Mitushi Biopharma, Spectrum Chemical Mfg. Corporation, Corbion, Vigon International, Galactic, Musashino Chemical (China) Co. Ltd, TEIJIN LIMITED, Jungbunzlauer Suisse AG and Foodchem International Corporation, among others.

Based on Raw Material, the Sugarcane segment is predicted to grow at a robust CAGR over the forecast period

Sugarcane is major feedstock used for producing lactic acids and development of bioplastics, are pushing growth of the segment.

Based on Application, the Food & Beverages segment is projected to expand at a remarkable CAGR during the forecast period

Increasing application of lactic acids for producing dairy products such as milk, yogurt, cheese, is propelling segment's growth

Based on Region, the North American region is anticipated to capture a sizeable market share over the forecast period

Presence of the leading players such as Hawkins and ProChem, rapid growth in the pharmaceutical industry, Government regulations to reduce caron emissions, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North American region.

Key Development

In March 2021, Corbion planned to expand its capacity for producing lactic acid and lactic acid derivatives. This global initiative consisted of capital expenditures at four current Corbion factories to maximize their capability and is predicted to produce a combined additional output which is nearly equal to a new production site.

Market Segmentation

Segmentation by Raw Material

Sugarcane
Corn
Cassava
Other Crops

Segmentation by Application

Food & Beverages
Polylactic Acid
Personal Care & Cosmetics
Pharmaceutical
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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