Robust growth in the food and beverage sector and increasing use of lactic as food preservative and in production of biodegradable poly lactic acid are some key factors expected to drive market growth.
Robust growth in the food and beverage sector and increasing use of lactic as food preservative and in production of biodegradable poly lactic acid are some key factors expected to drive market growth
New York, December 13, 2021 – 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-User, and By Region, Global Forecast to 2028”
According to the latest report by Reports and Data, the global 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.
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Drivers, Restraints, and Opportunities
Lactic acid, C3H6O3, is an organic acid produced in red blood cells and muscle cells. It is produced industrially by chemical synthesis from acetaldehyde or by bacterial fermentation of carbohydrates. The molecular mass of lactic acid is 90.08 g/mol and is also refer to as 2-Hydroxypropanoic acid (IUPAC name). Lactic acid comes in two forms: white powder and colourless to yellow syrupy liquid. It has a density of 1.029gmL1, melting point of 18 °C, and boiling point of 122 °C.
The widespread application of lactic acid in pharmaceutical and cosmetics industry is a major factor expected to boost market revenue growth. Lactic acid is used in pharmaceutical industry to convert ordinarily insoluble active compounds into water-soluble lactates. The acid is also used in topical preparations and cosmetics for its antibacterial and keratolytic properties, as well as to balance acidity. Skincare and cosmetics products that contain lactic acid are used extensively to exfoliate the skin, lighten dark spots, and improve overall appearance. The acid also an important component of fermented foods like butter, yoghurt, and canned veggies which drives market revenue growth. Tools such as genetic engineering are used for strain improvement to enhance the productivity of the lactic acid.
However, risk associated with lactic acid is a major factor expected to restrain lactic acid market revenue growth during the forecast period. Lactic acid, when present in high proportions, can irritate the eyes and the mucous membrane. In addition, if ingested in large concentrations, this acid can be corrosive. When lactic acid is heated in the presence of a diazo compound, flammable or poisonous fumes can be produced. It can produce harmful gases when it reacts with sulfites, nitrites, and thiosulfates and has the ability to corrode a variety of metals.
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
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Pharmaceutical Products Segment to Lead in Terms of Revenue Share:
Pharmaceutical products segment is expected to account for largest revenue share in the global market over the forecast period due to widespread of applications. Lactic acid is utilized in implants, tablets, surgical sutures, dialysis, and controlled medication release systems in the pharmaceutical sector. Because of its biocompatibility and biodegradability, lactic acid polymerization produces polylactic acid, which has a wide range of applications in pharmaceuticals.
Agriculture Segment to Register Significant Revenue Growth:
Agriculture segment is expected to register significant revenue growth over the forecast period. Lactic Acid Bacteria (LAB) or lactobacilli have been utilized to enhance soils, prevent disease, and boost plant development in agricultural systems for decades. Lactobacillus is a helpful bacterium that aids in the sterilisation of soil and the removal of byproducts that cause an unhealthy environment. Lactobacillus limits the number of unwanted organisms in the soil. This results in a more balanced ecosystem that can support plant life.
North America to Register Robust Revenue Growth:
North America is expected to register robust revenue growth over the forecast period attributable to robust growth in pharmaceutical and food industries, rising expenditures on medicines, increasing number of research activities, presence of well-established healthcare and rising demand for wearable technologies in the region. The market is regulated, with the United States’ Environmental Protection Agency who look after the chemical product monitoring and marketing. As environmental concerns and waste management issues have developed in recent years, individual’s attention has switched to ecologically friendly plastics. Because of these factors, regulatory bodies such as the Environmental Protection Agency (EPA) are increasingly favoring biodegradable polymers and emphasizing the necessity of creating public awareness about the need for biodegradable products.
Asia Pacific Accounted for Largest Revenue Share in 2020:
Asia Pacific is expected to account for largest revenue share in the global market in 2020 over the forecast period attributable to growth of the pharmaceutical and cosmetic or beauty care industries as individuals have started focusing on building immunity, Further, rapid expansion of food and beverage industries due to increasing growth of targeted population, especially in emerging economies including India, Thailand, and China, drive revenue growth of the APAC market.
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Major Companies in the Market Include:
- Corbion (Netherlands)
- DuPont (U.S.)
- Cargill (U.S.)
- Galactic (Belgium)
- Dow (U.S)
- Unitika Ltd. (Japan)
- Henan Jindan Lactic Acid (China)
- Sulzer (Switzerland)
- Musashino Chemical (China)
- Vigon International (U.S.)
Market Segmentation:
For the purpose of this report, Reports and Data has segmented global lactic acid market on the basis of application, form, end-user 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-User 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
- Germany
- U.K.
- France
- 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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