Rising Demand For Lactic Acid From Cosmetics And Pharmaceutical Industry To Drive Robust Revenue Growth Of Lactic Acid Market: Reports And Data

NEW YORK, Sept. 30, 2021 /PRNewswire/ -- Reports and Data has published its latest report titled "Lactic Acid Market Size, Share & Analysis, By Application (Biodegradable Polymers, Food & Beverages, Personal Care Products, Pharmaceutical Products, Others) By Form (Liquid, Dry), By End-Use, and By Region Forecast to 2028."

According to Reports and Data, the lactic acid market size was USD 1.2 billion in 2020 and is expected to reach USD 2.5 billion in 2028 and register a revenue CAGR of 12.5% during the forecast period, 2021-2028.

Increasing use of lactic acid across various end-use industries such as pharmaceuticals, food and beverages, and cosmetics among others is a key revenue growth driving factor

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Drivers, Restraints, and Opportunities

Lactic is an organic acid produced through fermentation and ranks among high-volume chemicals that are produced microbially. According to the U.S. Food and Drug Administration (FDA), lactic acid is a Generally Recognized as Safe (GRAS) additive for general purpose or miscellaneous uses. Lactic is widely used in the food and beverages industry for a number of applications such as to prevent spoilage and further fermentation of Spanish olives, stabilize dried-egg powder, improve taste of certain pickles after adding to vinegar, and in frozen confections, among others. Lactic acid is also used in topical preparations and cosmetics owing to its keratolytic and disinfectants properties. Increasing demand for lactic acid from pharmaceuticals and food & beverages industries is contributing significantly to market revenue growth.

Lactic acid is present in various food products naturally, and as a product of in situ fermentation in yogurt and other fermented foods. Lactic acid is a metabolic intermediate in almost all living organisms. Lactic acid possesses remarkable immunological properties that minimize proinflammatory immune responses. Certain cancer research studies suggest production of lactic acid by tumor cells inhibits production of proinflammatory cytokines and induce conversion of macrophages from proinflammatory to an anti-inflammatory phenotype. Lactic acid production by bacteria in the gastrointestinal tract also reduces proinflammatory immunity. This has further boosted demand for lactic acid from the pharmaceutical sector and is expected to fuel revenue growth of the market going ahead. Lactic acid and its esters are also commercially used as cleaning agents in semiconductor and electronic manufacturing, in leather tanning, and in biodegradable polymers for medical packaging and devices. Lactic acid also finds application as a decontaminant during meat processing, as a food preservative, curing agent, and flavoring agent. It has been approved as a food additive for use in the European Union, Australia, the United States, and New Zealand. These key factors are expected to contribute to revenue growth of the market going ahead.

Lactic acid is extensively used in over-the-counter skincare and cosmeceutical products along with professional peels and treatment to exfoliate the skin, lighten dark spots, reduce fine lines and wrinkles, and improve overall appearance of the skin. Over the recent past, global production of lactic acid has increased significantly owing to rising demand for green products derived from lactic acid such as ethyl lactate, which is used in a number of green solvents, and polylactic acid, which is considered as a viable alternative to petroleum-derived plastics owing to its biodegradability and low carbon footprint. Increasing demand for and consumption of biodegradable plastic packaging due to rising focus on environment friendly products is expected to drive demand for polylactic acid, and in turn, is contributing to revenue growth of the lactic acid market.

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COVID-19 Impact Analysis

• Social distancing and restrictions severely disrupted businesses and operations
• Lockdowns caused disruptions in transportation and logistics
• Impacted manufacturing activities and mining operations globally
• Took a toll on economy of various countries
• Caused sudden and drastic downturn in economic activity
• Disrupted agriculture, fisheries, dairy, and other sectors
• Caused loss of employment and financial crisis
• Supply impacts were further compounded owing to reduced disposable income
• Emergence of variants continue to cause concerns and impact normal routines

Increasing Use of Lactic Acid in Food & Beverages to Drive Market Growth:

Food & beverages segment among the application segments is expected to register significantly rapid revenue growth over the forecast period owing to increasing use of lactic acid in cheeses, yogurt, carbonated beverages, and frozen confectionery, among other foods due to its antibacterial property and ability to increase shelf life of products. In addition, lactic acid adds taste and flavor to products without masking original flavors, and this is a key factor driving its demand in the food & beverages industry.

Powder Segment to Account for a Significantly Large Revenue Share:

Powder form segment is expected to account for a significantly large revenue share over the forecast period, attributed to increasing utilization lactic powder as food and feed additive, as taste enhancer in canned foods, breads, and pastry, among others, and maintaining acidity of certain food products to prevent microbial contamination.

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Agriculture Segment to Register Robust Revenue Growth:

Agriculture segment is expected to register robust revenue growth over the forecast period attributable to rising application of polylactic acid sheets or molded shapes for controlled release of fertilizers. Polylactic acid-based mulch films provide wider weed barrier, control soil erosion, and act as netting for vegetation. Increasing demand for polylactic acid mulch films is expected to further contribute to revenue growth of this segment.

North America to Account for Largest Revenue Share:

North America is expected to account for largest revenue share in the global market over the forecast period, attributed to increasing demand for lactic acid from pharmaceutical and food & beverages industries, shifting focus of consumers towards biodegradable plastic and packaging materials, and increasingly stringent regulations related to production of chemicals. In addition, presence of key market players in the region is a key growth driving factor.

Asia Pacific to Lead in Terms of Revenue CAGR:

Asia Pacific is expected to register robust revenue CAGR over the forecast period owing to increasing commercial production of lactic acid due to rising demand from food & beverages, cosmetics, and pharmaceutical industries, increasing number of strategic alliances to strengthen manufacturing capacity and expand product portfolio, and establishment of lactic acid and polylactic acid manufacturing facilities in countries in the region.

Major Companies in the Market Include:

• Corbion
• Dupont
• Cargill
• Galactic
• DOW
• Unitika Ltd.
• Henan Jindan Lactic Acid Technology
• Sulzer
• Musashino Chemical
• Vigon International
• Danimer Scientific
• FoodChem International

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Market Segmentation:

For the purpose of this study, Reports and Data has segmented lactic acid market on the basis of application, form, end-use and region:

Application Outlook (Revenue, USD Billion; 2018–2028)

• Biodegradable Polymers
• Food & Beverages
• Personal Care Products
• Pharmaceutical Products
• Others

Form Outlook (Revenue, USD Billion; 2018–2028)

• Liquid
• Dry

End-Use Outlook (Revenue, USD Billion; 2018–2028)

• Packaging
• Fiber & Fabrics
• Automobiles
• Electronics & Electricals
• Agriculture
• Others

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Regional Outlook (Revenue, USD Billion; 2018–2028)

• North America
• U.S.
• Canada
• Mexico
• Europe
• German
• Franc
• U.K.
• Italy
• Spain
• Sweden
• BENELUX
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• U.A.E.
• South Africa
• Israel
• Rest of MEA

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Some points on how the report benefits stakeholders:

• The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
• Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
• The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
• The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
• Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements, and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
• The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.

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About Reports and Data        

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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