Press release
Lactic Acid Market Size, Share, Industry, Forecast and Outlook (2024-2031)
The global lactic acid market is experiencing robust growth, with increasing demand from various industries such as biodegradable plastics and polymers, personal care products, and the chemical industry, particularly in the Asia-Pacific region. Major players like NatureWorks LLC, Galactic, and Musashino Chemical Co. dominate this competitive market. Lactic acid, an alpha-hydroxy acid (AHA) miscible with water, is produced through fermentation and is widely used in organic synthesis and biochemical industries.
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Market Trends
Rising Demand Across Multiple Industries
The lactic acid market is expanding due to its extensive use in the food and beverage, pharmaceutical, and chemical industries. The affordability of raw materials and the compound's functional properties contribute significantly to this growth. In the food and beverage industry, lactic acid is used to extend shelf life and prevent microbial growth, catering to the increasing consumer focus on nutritious and healthy diets.
Shift Towards Sustainable Packaging
Lactic acid is also gaining traction in packaging, with its use in products such as rigid containers, loose-fill packaging, and compostable bags made from sustainable materials. Growing consumer awareness about recyclability and green packaging is positively impacting market growth.
Preference for Lactic Acid in Personal Care
Consumers are increasingly choosing lactic acid over glycolic acid in personal care products due to its milder, non-irritating properties. It is effective in hydrating the skin and reducing wrinkles, dark spots, and fine lines, which has led to its incorporation in various skincare products.
Market Dynamics and Trends
Demand in Food, Beverage, and Textile Industries
Lactic acid is extensively used in the food and beverage industry to enhance shelf life and prevent microbial growth. The shift towards a healthy lifestyle and nutritious diets is driving this demand. Additionally, its use in packaging products promotes sustainability, aligning with consumer preferences for recyclable and green packaging.
Regulatory Approvals and Innovations
Innovations and regulatory approvals, such as the European Commission's approval of Corbion's (S)-lactic acid for use in biocidal products, are expected to fuel market growth. However, high initial investments and the cost of volatile raw materials pose challenges to market expansion.
Market Segmentation
By Source: Natural Sources, Synthetic Sources
By Application: Food and Beverages, Biodegradable Plastics and Polymers, Chemical Industry, Personal Care Products, Others
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Geographical Analysis
By region, the global lactic acid market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa.
Among all of the regions, North America accounts for the highest market size due to the rising adoption of personal care products. The rising demand for processed and functional food among consumers is stimulating the demand for lactic acid in food products. North America is one of the fastest-growing pharmaceutical markets as lactic acid is an ideal vehicle for introducing therapeutic minerals due to its properties such as good tolerance and pleasant or neutral taste. Lactic acid salts are used to treat severely dry skin or to mitigate the drying or irritating effects of topical corticosteroids. According to the International Federation of Pharmaceutical Manufacturers & Associations, the research and development industry had grown consistently over the past 15 years more than doubling the publicly-funded National Institutes of Health's (NIH) expenditures.
Competitive Landscape
The global lactic acid market is highly competitive, with numerous domestic and international players. Leading companies such as Cargill, Corbion NV, Henan Jindan Lactic Acid Technology Co., Ltd, and DuPont de Nemours Inc. hold significant market shares. The competition is intensified by new product launches and product diversification strategies.
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Lactic acid are widely used in refined…
