Lactic Acid Market Revenue to Cross US$ 2,217.88 million by 2028: The Insight Partners

Lactic Acid Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Form (Dry and Liquid) and Application (Food & Beverages, Pharmaceuticals, Personal Care, and Others)

The global lactic acid market was valued at US$ 1,069.84 million in 2019 and it is projected to reach US$ 2,217.88 million by 2027; it is expected to grow at a CAGR of 9.6% from 2020 to 2027.

Lactic acid is an organic acid produced during the process of fermentation. It is used in various industries including food & beverages, pharmaceuticals, personal care, and biodegradable polymers. The multi-functionalities of lactic acid render its use in various industries. In the food & beverages industry, lactic acid is used as a preservative, curing agent, and flavoring agent. Surging global demand for processed food is boosting the application of lactic acid in the food industry. In meat, poultry, and seafood products, it is majorly used as a decontaminant. In the personal care industry, lactic acid is mainly used in anti-ageing and skin lightening products as it treats hyperpigmentation and age spots.

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The Prominent/Emerging Players in the Research include:

Corbion
Cargill Inc.
Foodchem International Corporation
Galactic
Henan Xinghan Biotechnology
Musashino Chemical Laboratory, Ltd.
Shandong Baisheng Biotechnology Co., Ltd.
Jungbunzlauer Suisse AG
Henan Jindan Lactic Acid Technology Co., Ltd.

In 2019, North America was the largest market for lactic acid. The demand for lactic acid from food & beverages sector across the region has witnessed consistent growth, due to which the lactic acid market is expected to flourish during the forecast period. With the rising trend of confectionery products, the consumption of lactic acid is increasing at a rapid pace, particularly in the US and Canada. Further, natural lactic acid is the most in-demand form of lactic acid in the market that has further led to rising demand for lactic acid in the North America market. Increased use of lactic acid in a variety of end-use applications and a high level of customer awareness within the US are also driving the demand for lactic acid in the region.

Coronavirus outbreak first began in Wuhan (China) in December 2019, and since then, it has spread across the globe. As of February 2021, the US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are some of the worst affected countries in terms of confirmed cases and reported deaths. According to the latest WHO figures, there are 104,370,550 confirmed cases and 2,271,180 total deaths globally. The coronavirus outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The food & beverages industry is one of the major industries suffering serious disruptions, such as supply chain breaks and production facility shutdowns, because of this outbreak. The shutdown of various plants and factories in leading regions, such as North America, Europe, Asia Pacific, South America, and the Middle East & Africa, has affected the global supply chain and negatively affected the manufacturing, delivery schedules, and sales of various goods. 

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Multi-Functionalities of Lactic Acid

Lactic acid holds multiple functionalities as it is used as a catalyst, food emulsifier, and substitute for toxic chemicals and plastics. Lactic acid plays an indispensable role as a catalyst in the processing of various industrial products. The use of lactic acid as a substitute for toxic chemicals and plastics, especially in food & beverages and pharmaceuticals, is bolstering the market growth. Lactic acid is usually preferred over synthetic chemicals in the food & beverages sector, as the lactic acid  alter the flavor and texture of products while enhancing their shelf life. Lactic acid is used to produce cheese flavors in the dairy industry. Furthermore, in the brewing industry, lactic acid promotes starch conversion in beer, hence, increasing the yield. In the baking industry, lactic acid helps control the dough's acidity and enhances the shelf life of baked products. Additionally, lactic acid is also used to produce emulsifiers, such as calcium and sodium stearoyl lactylates, which function as dough conditioners. Hence, the lactic acid's multi-functionality is the prime factor anticipated to drive the lactic acid market during the forecast period.

Based on form, the lactic acid market is segmented into dry and liquid. The dry segment led the lactic acid market with the highest market share in 2019. The lactic acid powder is a natural L-lactic acid powder formed by the fermentation of glucose. It is a mixture of lactic acid and L-calcium lactate. It is a white granule or powder of moderate and pure acidity, soluble in hot water and delicacy. It is also used as a food or feed additive; it can enhance the taste of food and prolong its shelf life. It is commonly used in frozen food, pasta, rice, pastry, feed, and other industries as a food flavor enhancer. Its excellent pH value control and bacteriostasis capability would effectively inhibit the growth of microorganisms and prolong the shelf life of food. For instance, Mezzoni Foods produces dry lactic acid powder, which is formed by fermentation of lactic acid with non-GMO ingredients. The white powder is available in 25 lb polyethylene lined paper sacks.

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Global Lactic Acid Market, by Application

Food & Beverages
Pharmaceuticals
Personal Care
Others

Report Spotlights

Progressive industry trends in the global lactic acid market to help players develop effective long-term strategies
Business growth strategies adopted by developed and developing markets
Quantitative analysis of the global lactic acid market from 2017 to 2027
Estimation of the demand for lactic acid across various industries
PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
Recent developments to understand the competitive market scenario and the demand for lactic acid  
Market trends and outlook coupled with factors driving and restraining the growth of the lactic acid market
Decision-making process by understanding strategies that underpin commercial interest with regard to global lactic acid market growth

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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