Lactic Acid Market Size Worth $5.8 Billion by 2030 at CAGR of 8.0%: Grand View Research, Inc.

SAN FRANCISCO, June 7, 2022 /PRNewswire/ -- The global lactic acid market size is expected to reach USD 5.8 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.0% from 2022 to 2030. The market growth can be attributed to the increasing demand for lactic acid in various end-use industries, including industrial, food and beverages, and pharmaceuticals, especially in emerging economies such as India, China, and Indonesia. Additionally, demand for this product as a feedstock in the production of Polylactic Acid (PLA) is anticipated to drive the market globally.

Key Insights & Findings from the report:

• In 2021, sugarcane emerged as the dominant raw material segment with a revenue share of around 39.0% owing to its abundant availability in nature, low cost, and environmental friendliness.
• Corn emerged as the second-largest raw material segment in 2021 and is projected to witness considerable growth over the forecast period owing to the rising awareness regarding sustainable products in the major application industries.
• PLA emerged as the dominant application segment in 2021 in terms of both volume and revenue owing to the rising usage in the manufacturing of biodegradable and biocompatible products.
• In 2021, North America emerged as the largest regional market due to the presence of major personal care and cosmetic industries in this region, especially in the U.S.

Request a free sample copy or view report summary, "Lactic Acid Market Size, Share & Trends Analysis Report By Raw Material (Sugarcane, Corn, Cassava), By Application (PLA, Food & Beverages, Personal Care, Pharmaceuticals), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Lactic Acid Market Growth & Trends

COVID-19 had a substantial effect on the expansion and dynamics of various businesses. Customers were concerned about social distancing, immunity, and contactless methods of defending themselves from the pandemic in the absence of vaccinations. These characteristics significantly impacted customer preferences for packaged items with protective advantages. Due to the limitations on public transport services throughout regions, there were mass food purchases and storage. The pandemic has had a favorable impact on the packaging business. Plastic is replacing earlier packaging solutions because of its price, durability, and safety. During the pandemic, food and beverage packaging was in great demand. Due to well-being and safety concerns, people were more likely to buy packaged food goods. As a result of these causes, the market has grown.

Various raw materials used for the production of lactic acid include carbohydrates such as corn, sugarcane, sugar beet, and tapioca. A large share of this product produced globally is obtained through the fermentation process owing to its lower production costs as well as rising consumer awareness regarding sustainable and environmentally friendly products. The production process is commercially mature with a significant number of manufacturers, including Corbion, NatureWorks LLC, Galactic, and Henan Jindan Lactic Acid Technology Co., Ltd., using it. The raw materials used for the commercial synthesis of this product include maltose or starch, lactose, sucrose, and glucose.

These raw materials are derived from various feedstocks, such as barley malt, whey, molasses, and beet sugar, which are used to produce lactic acid via microbial fermentation. The cost of raw material is a key factor to be considered in the fermentation process for the commercial production of this product. They may specifically cater to application areas such as industrial, food and beverage, pharmaceuticals, personal care, chemicals, and agrochemicals. In July 2020, Corbion appointed IMCD to distribute bio-based food and non-food components to New Zealand and Australia. This development would strengthen Corbion's influence in Asia Pacific. Polylactic acid is predominantly used to manufacture microwaveable containers, including disposable cutlery and food containers. Multiple beneficial properties such as improved aesthetic appeal and resistance to grease and oil are positively influencing the demand for polylactic acid in the formulation of food packaging products across the globe, further triggering the lactic acid demand.

Lactic Acid Market Segmentation

Grand View Research has segmented the global lactic acid market on the basis of raw material, application, and region:

Lactic Acid Market - Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

• Corn
• Sugarcane
• Cassava
• Other Crops

Lactic Acid Market - Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

• Industrial
• Food & Beverages
• Pharmaceuticals
• Personal Care
• Polylactic Acid (PLA)
• Others

Lactic Acid Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• U.K.
• Italy
• Netherlands
• Asia Pacific
• China
• Japan
• India
• Indonesia
• Malaysia
• Philippines
• Central & South America (CSA)
• Brazil
• Middle East & Africa (MEA)

List of Key Players of Lactic Acid Market

• BASF SE
• Galactic
• Musashino Chemical (China) Co., Ltd.
• Futerro
• Corbion
• Dow
• TEIJIN LIMITED

Check out more related studies published by Grand View Research:

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·  Bioresorbable Polymers Market - The global bioresorbable polymer market is anticipated to reach USD 2.26 billion by 2025, according to a new report by Grand View Research, Inc. The growing demand in the medical sector, owing to its hydrolytically degrading property in the body is projected to increase the global market growth.

·  Polymer Gel Market - The global polymer gel market is expected to reach USD 7.93 million by 2025, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 5.7% over the forecast period, owing to increasing personal care products consumption has been a major factor driving market growth. In addition, growing consciousness regarding the advantages of these products coupled with the trends of adopting smart farming techniques has led to the increased utilization of polymer gel in agricultural activities.

Browse through Grand View Research's  Specialty Polymers Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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