Lactic Acid Market is Estimated to Witness High Growth Owing to Increasing Demand from Personal Care Industry

Market Overview:

Lactic acid is an organic acid produced through fermentation of carbohydrates. It finds application in food & beverage, pharmaceutical and personal care products. It is used as a preservative and flavoring agent in food items.

Market Dynamics:

Lactic acid is gaining traction in personal care & cosmetics industry owing to its anti-aging and moisturizing properties. It is widely used in lotions, creams as it exfoliates dead skin cells and aids in skin regeneration. Furthermore, lactic acid helps reduce acne-causing bacteria and soothes skin irritation. The increasing demand for natural and plant-based ingredients in cosmetic products is also fueling the uptake of lactic acid. The growing awareness regarding health benefits of lactic acid such as boosting immune system is further propelling the market growth.

Increasing Demand for Lactic Acid from the Food & Beverages Industry

Lactic acid is widely used in the food & beverages industry for food processing and food preservation purposes. It acts as an acidulant, preservative and flavoring agent in various processed food products. The global processed food industry has been witnessing significant growth over the past few years owing to changing dietary habits and busy lifestyle of consumers. This has increased the consumption of lactic acid from the food industry for applications such as flavoring agent in meat products, acidulant & preservative in canned vegetables, fruits, jams, etc. The rising demand for processed and packaged food from developing economies is expected to boost the lactic acid market during the forecast period.

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Key Players Covered In This Report:

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

Market Segmantation:

By Raw Material
Corn
Sugarcane
Cassava
Other Crops
By End Use
Food & Beverages
Industrial
Pharmaceutical
Personal Care
Polylactic Acid
Others

Key Region/Countries are Classified as Follows:

The following section of the report offers valuable insights into different regions and the key players operating within each of them. To assess the growth of a specific region or country, economic, social, environmental, technological, and political factors have been carefully considered.

The section also provides readers with revenue and sales data for each region and country, gathered through comprehensive research. This information is intended to assist readers in determining the potential value of an investment in a particular region.

◘ North America (United States, Canada, and Mexico)
◘ Europe (Germany, France, UK, Russia, and Italy)
◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
◘ Latin America (Brazil, Argentina, Colombia,.)
◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

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Wide Applications of Lactic Acid in the Personal Care Industry Driving Demand

Besides the food industry, lactic acid also finds extensive applications in the personal care industry as an exfoliating agent in facial cleansers & scrubs. It helps remove dead skin cells and clean pores. Lactic acid is a key ingredient in various skin care products such as lotions, creams and serums due to its hydrating and anti-aging properties. With growing awareness about skincare, the demand for naturally derived personal care products containing lactic acid has been increasing continuously. The booming personal care & cosmetics industry along with rising health-consciousness is expected to augment the demand for lactic acid over the next few years.

Lactic Acid Market One Major Market Restrain

Lactic acid faces tough competition from various synthetic and natural substitutes which restrain its demand. Acetic acid is a major synthetic substitute which is cheaper than lactic acid and is widely used as a preservative in food products. Citric acid is another natural acidulant that competes with lactic acid in food applications. Adipic acid, fumaric acid and tartaric acid also act as substitutes based on the end-use application. The easy availability and competitive pricing of these alternatives limit the growth of lactic acid market. Manufacturers need to focus on differentiating their products and expanding application sectors to counter the threats from substitutes.

Growing Demand from Biodegradable Polymer Manufacturing

Lactic acid serves as an important raw material for the production of biodegradable polymers such as polylactic acid (PLA) which is widely used in packaging films and fibers, 3D printing filaments and equipment manufacturing. PLA is environmental friendly and considered as an eco-friendly alternative to conventional plastics. With rising awareness about environmental protection and sustainable development, the demand for biodegradable polymers is increasing at a significant rate globally. The market for PLA reached USD 2.2 billion in 2019 and is estimated to exhibit strong growth during the forecast period. This burgeoning demand for biodegradable polymers provides lucrative opportunity for lactic acid manufacturers in the coming years.

Rising Emphasis on Developing Cost-Effective Production Technologies

At present, the lactic acid industry relies on traditional fermentation process using sugary feedstock like corn or tapioca for commercial production. However, this process is capital intensive and raw material costs account for a major portion of overall production costs. With stringent competition from substitutes, lactic acid producers are investing heavily in research & development activities to develop advanced and affordable manufacturing technologies. Some of the emerging production trends in the market include use of inexpensive feedstocks like agricultural waste, development of novel fermentation organisms with high yield and productivity, and integrated biorefinery concept. If successfully commercialized at large scale, these emerging technologies can help lactic acid manufacturers significantly lower production costs and gain a competitive edge in the market. This is expected to be a major trend in the global lactic acid industry over the coming years.

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Key Benefits For Stakeholders

The report provides an in-depth analysis of the global bromine derivatives market trends along with the current and future market forecast.
This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
Porter's five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the bromine derivatives industry for strategy building.
A comprehensive global bromine derivatives market analysis covers factors that drive and restrain the market growth.
The qualitative data in this report aims on market dynamics, trends, and developments.
The report answers a number of crucial questions, including:

➥ Which companies dominate the global Lactic acid Market?
➥ What current trends will influence the market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the market economy globally?

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