USD 3.49 billion
Lactic Acid Market Size, Share, Growth Analysis, By Application(Food and beverages, Pharmaceuticals, Personal care products, biodegradable plastics), By Source(Natural, synthetic, and others), By Function(Acidulants, preservatives, flavor enhancer, PH adjuster), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15E2152 |
Region:
Global |
Published Date: July, 2024
Pages:
184
|Tables:
94
|Figures:
77
Lactic Acid Market Insights
Global Lactic Acid Market size was valued at USD 3.49 billion in 2022 and is poised to grow from USD 3.80 billion in 2023 to USD 7.52 billion by 2031, growing at a CAGR of 6.80% during the forecast period (2024-2031).
Lactic Acid is becoming popular since It has various industrial applications. The various advantages offered by lactic acid are biodegradability, non-toxicity, versatility, cost-effectiveness, and health benefits.
Lactic acid is an eco-friendly material due to its biodegradability and compostability, which makes it a favorable alternative to traditional petroleum-based plastics. This property of lactic acid is significant in the reduction of plastic waste and pollution in the environment. Moreover, lactic acid finds applications in the production of biodegradable and sustainable products, such as food packaging, disposable tableware, and even medical implants. Its biocompatibility and ability to be broken down by natural processes also make it an attractive material for various medical and pharmaceutical applications. Its versatility extends to a wide range of applications, making it an attractive and useful material in several industries. One of its most significant applications is in the production of biodegradable plastics, which have the potential to replace traditional petroleum-based plastics that contribute to the pollution of the environment. In addition to its application in the plastics industry, lactic acid is also commonly used in the production of pharmaceuticals, cosmetics, and food products. For example, it can be used as a preservative in food products due to its antimicrobial properties. It can also act as a pH regulator and an exfoliant in cosmetics, while in the pharmaceutical industry, it is used in the production of medical implants and drug delivery systems.
US Lactic Acid Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
synthetic
Fastest Growth
synthetic
Growth Rate
6.80% CAGR
Global Lactic Acid Market ($ Bn)
Country Share for Asia pacific Region (%)
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Lactic Acid Market Segmental Analysis
Global Lactic Acid market is segmented on the basis of Application, source, function, and region. By Application, the Lactic Acid Market is segmented into Food and beverages, Pharmaceuticals, Personal care products, biodegradable plastics, and others. By Source, the Lactic Acid Market is segmented into Natural, synthetic, and others. By Function, the Lactic Acid Market is segmented into Acidulants, preservatives, flavor enhancers, pH adjuster, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Lactic Acid Market Analysis by Application
The biodegradable plastics segment is the leading application segment in the lactic acid market. It includes the production of biodegradable packaging materials, disposable tableware, and other plastic products. This segment is projected to maintain its dominance in the market during the forecast period.
The personal care and cosmetics segment is the fastest-growing application segment in the lactic acid market. It involves the use of lactic acid in skin care, hair care, and other personal care products. The rising demand for natural and organic ingredients in personal care products, along with the various skin and hair benefits provided by lactic acid, is driving the demand for lactic acid in this segment.
Global Lactic Acid Market By source
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Lactic Acid Market Regional Insights
The Asia-Pacific region dominates the global lactic acid market as it is the largest producer and consumer of lactic acid. This can be attributed to several factors such as the increasing population, higher disposable incomes, and the growing demand for biodegradable plastics, cosmetics, and personal care products. The major countries contributing to the growth of the lactic acid market in the Asia-Pacific region include China, India, Japan, and South Korea.
However, the North American region is currently experiencing a high growth rate in the lactic acid market, primarily due to the rising demand for biodegradable plastics, particularly in the packaging industry. Furthermore, the increasing demand for sustainable and eco-friendly products in the region is also driving the growth of the lactic acid market. The United States is the largest consumer of lactic acid in North America, with industry giants such as Cargill, DuPont, and NatureWorks LLC among the leading players in the industry.
Global Lactic Acid Market By Region
- Largest
- Fastest
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Lactic Acid Market Dynamics
Lactic Acid Market Drivers
Growing Demand for Biodegradable Plastics to Bolster Market Growth
- The increasing awareness of plastic waste and pollution globally has sparked a surge in demand for sustainable alternatives to traditional petroleum-based plastics. This demand has driven the growth of the biodegradable plastics market, where lactic acid has emerged as a viable substitute. As a biodegradable material, lactic acid addresses the concerns surrounding plastic waste and pollution. It degrades naturally, without leaving harmful residues in the environment. This makes it an eco-friendly alternative to petroleum-based plastics, which are non-biodegradable and can persist in the environment for hundreds of years.
Lactic Acid Market Restraints
High Production Cost to Hinder Market Growth
- The manufacturing process of lactic acid is complicated and involves microbial fermentation, making it more costly than traditional petroleum-based materials. As a result, lactic acid-based products can be more expensive, which could limit their appeal in the market.
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Lactic Acid Market Competitive Landscape
Numerous players are vying for a significant market share in the highly competitive lactic acid market. These players are investing heavily in research and development to enhance their production processes and develop new products to meet changing customer requirements. Consolidation is becoming more frequent in the market, with major players acquiring smaller companies and expanding their product portfolios. Partnerships and collaborations are also gaining popularity, enabling firms to leverage each other's knowledge and capabilities to promote innovation and growth. Companies are striving to gain a competitive advantage by focusing on product innovation, optimizing their supply chains, and enhancing their marketing strategies. Additionally, they are implementing sustainable practices in their production processes to align with the growing demand for eco-friendly products.
Lactic Acid Market Top Player’s Company Profiles
- Corbion NV
- BASF SE
- Galactic SA
- DowDuPont Inc.
- NatureWorks LLC
- Futerro SA
- Teijin Limited
- Musashino Chemical Laboratory Ltd.
- Henan Jindan Lactic Acid Technology Co., Ltd.
- Weifang Ensign Industry Co., Ltd.
- Musashino Chemical (China) Co. Ltd.
- Anhui COFCO Biochemical Co., Ltd.
- Synbra Technology BV
- Spectrum Chemical Manufacturing Corp.
- Danimer Scientific Inc.
- TCI Chemicals (India) Pvt. Ltd.
- Jungbunzlauer Suisse AG
- Shenzhen Esun Industrial Co., Ltd.
- Zhengzhou Tianxingjian Chemical Co., Ltd.
- Yancheng Hongtai Bioengineering Co., Ltd.
Lactic Acid Market Recent Developments
- In August 2022, ADM has entered into a collaboration with LG Chem from Korea to manufacture Lactic Acid and Polylactic Acid at its US facility.
Lactic Acid Key Market Trends
- The lactic acid industry is experiencing a trend toward the development of more efficient and environmentally-friendly production processes. This is driven by the need to reduce production costs and increase production capacity while also reducing the environmental impact of the manufacturing process. These new processes incorporate advances in technology, such as the use of renewable energy sources, improved waste management practices, and more efficient production equipment. By adopting these new production processes, manufacturers are able to streamline their operations and reduce the amount of waste generated during the manufacturing process...
Lactic Acid Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
Our analysis of the global Lactic Acid market indicates that significant growth is expected during the forecast period, driven by numerous advantages such as biodegradability, non-toxicity, versatility, cost-effectiveness, health benefits, and a growing market. The growing concern about plastic waste and pollution worldwide has led to a surge in demand for sustainable alternatives to traditional petroleum-based plastics, driving the growth of the biodegradable plastics market. Lactic acid has emerged as a viable substitute in this market.
However, the higher production costs of lactic acid may hinder market growth and slow down its adoption.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 3.49 billion |
| Market size value in 2031 | USD 7.52 billion |
| Growth Rate | 6.80% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Lactic Acid Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Lactic Acid Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Lactic Acid Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Lactic Acid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Lactic Acid Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Lactic Acid Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Lactic Acid Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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