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

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.