Lactic Acid Market was valued at USD 1.98 billion in 2021 and is expected to reach USD 4.55 billion by 2029, registering a CAGR of 10.90% during the forecast period of 2023-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario. Lactic acid has widely gained popularity across moisturizing creams and lotions and other cosmetics and personal care products because it improves skin moisture, luminosity, and the elimination of dead skin cells while also aiding in skin rejuvenation. According to a Fashion Network survey, skincare and sun care products will expand by 5.6 percent annually in 2020. As a result, rising demand for cosmetics and personal care products is predicted to boost demand for lactic acid (alpha-hydroxy acid (AHA)), which is used in their manufacturing, resulting in market expansion in the future years.
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Market Analysis and Insights
Lactic acid refers to an acid generally found in sour milk and is also produced in the muscle tissue when a person exercises. The acid is colorless or yellowish in color and is also prepared by fermentation of potatoes, molasses, and cornstarch. They can be processed synthetically and naturally and widely used in applications such as personal care, polyactic acid, food and beverages, and personal care. One of the primary factors driving the growth of the lactic acid market is the rising demand in food applications around the world. The popularity of well-known organic acids with a wide range of industrial applications and increased use of the acid in the creation of PLA, a biodegradable polymer and compostable thermoplastic, are driving market expansion. The market is influenced by its widespread use in the food, chemical, pharmaceutical, and cosmetics industries and technological improvements that drive the manufacturing of lactic acid and polylactic acid.
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Lactic Acid Market Scope
The lactic acid market is segmented on the basis of type, form and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Raw Material
- Corn
- Sugarcane
- Cassava
- Other Crops
Application
- Industrial
- Food and Beverages
- Pharmaceutical
- Personal Care
- Polyactic Acid
- Lactic Acid
- Others
Source
- Natural
- Synthetic
End-User
- Packaging
- Textile
- Electronics
- Automotive
- Biomedical
- Other
Competitive Landscape and Lactic Acid Market Share Analysis
The lactic acid market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to lactic acid market.
Some of the major players operating in the lactic acid market are
- Corbion (Netherlands)
- DuPont (U.S.)
- Vaishnavi Bio Tech International Limited (India)
- GODAVARI BIOREFINERIES LTD. (India)
- Cargill Incorporated (U.S.)
- DOW (U.S.)
- Unitika Ltd., (Japan)
- Henan Jindan Lacic Acid Technology Co. Ltd., (China)
- Sulzer Ltd., (Switzerland)
- Musashino Chemical Laboratory, Ltd. (Japan)
- Vigon International LLC (U.S.)
- Henan Xinghan Biology Technology Co. Ltd., (China)
- Danimer Scientific (U.S.)
- COFCO (China)
- Jungbunzlauer Suisse AG (Switzerland)
- FoodChem International Corporation (China)
- Spectrum Chemicals (U.S.)
- ProAgro GmbH (Austria),
- QINGDAO ABEL TECHNOLOGY CO.,LTD (U.S.)
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