IMARC Group has recently released a new research study titled “Lactic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How much is the lactic acid market worth?
The global lactic acid market size reached US$ 1.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.8 Billion by 2028, exhibiting a growth rate (CAGR) of 9.7% during 2023-2028.
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| Lactic Acid Industry Report |
What is lactic acid?
Lactic acid is a naturally occurring organic acid produced by the fermentation of carbohydrates, such as glucose or lactose, by certain bacteria, fungi, and other microorganisms. It is an alpha-hydroxy acid (AHA) that is commonly found in dairy products, particularly sour milk and yogurt, as well as in fruits, vegetables, and other fermented foods. It is widely used as a food additive and preservative, acidity regulator, and flavor enhancer in various dairy products, baked goods, beverages, processed meats, and salad dressings. It is also used as a biodegradable and environmentally friendly solvent for the production of bioplastics, coatings, and resins. It possesses antimicrobial properties, which make it suitable for manufacturing various cleaning and disinfection products.
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Lactic Acid Market Trends and Growth Drivers:
At present, the increasing awareness about the beneficial aspects of lactic acid, as it helps to improve gut health and enhances nutrient absorption, represents one of the crucial factors impelling the market growth. Besides this, the rising utilization of lactic acid in manufacturing various skincare products, such as serums, lotions, facewashes, creams, and facemasks, as it possesses exfoliating properties and assists in removing dead skin cells is contributing to the growth of the market.
In addition, the growing consumption of lactic acid supplements, as they act as antioxidants to protect against cell damage and prevent the occurrence of chronic diseases, is offering a favorable market outlook. Apart from this, the increasing demand for bioplastics for manufacturing containers, coatings, and adhesives is supporting the growth of the market. Additionally, the rising employment of lactic acid as an additive in animal feed is strengthening the growth of the market.
Who are the key players operating in the industry?
The report covers the major market players including:
- Cellulac plc
- Corbion N.V. (OTCMKTS: CSNVF)
- Dupont De Nemours Inc. (NYSE: DD)
- Foodchem International Corporation
- Galactic (NYSE: SPCE)
- Godavari Biorefineries Ltd. (Somaiya Group).
- Henan Jindan Lactic Acid Technology Co. Ltd. (SHE: 300829)
- Jungbunzlauer Suisse AG
- Musashino Chemical Laboratory Ltd.
- Spectrum Chemical Mfg. Corp.
- Vaishnavi Bio Tech International Limited
- Vigon International Inc. (Azelis Americas LLC)
Lactic Acid Market Segmentation:
The report has segmented the global lactic acid market on the basis of raw material, form, application and region.
Breakup by Raw Material:
- Corn
- Sugarcane
- Cassava
- Others
Breakup by Form:
- Liquid
- Solid
Breakup by Application:
- Industrial
- Food and Beverages
- Pharmaceuticals
- Personal Care
- Polylactic Acid (PLA)
- Others
Breakup by Geographical Analysis:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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