The global Lactic Acid market size is expected to be worth around US$ 5.10 billion by 2030, according to a new report by Vision Research Reports.
The global Lactic Acid market size was valued at US$ 2.10 billion in 2020 and is anticipated to grow at a CAGR of 8.04% during forecast period 2021 to 2030.
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The market growth can be attributed to the increasing demand for lactic acid in various end-use industries, including industrial, food and beverages, and pharmaceuticals, especially in emerging economies such as India, China, and Indonesia. Additionally, demand for this product as a feedstock in the production of (PLA) is anticipated to drive the market globally.
Various raw materials used for the production of lactic acid include carbohydrates such as corn, sugarcane, sugar beet, and tapioca. A large share of this product produced globally is obtained through the fermentation process owing to its lower production costs as well as rising consumer awareness regarding sustainable and environmentally friendly products. The production process is commercially mature with a significant number of manufacturers, including Corbion, NatureWorks LLC, Galactic, and Henan Jindan Lactic Acid Technology Co., Ltd., using it.
The raw materials used for the commercial synthesis of this product include maltose or starch, lactose, sucrose, and glucose. These raw materials are derived from various feedstocks, such as barley malt, whey, molasses, and beet sugar, which are used to produce lactic acid via microbial fermentation. The cost of raw material is a key factor to be considered in the fermentation process for the commercial production of this product. They may specifically cater to application areas such as industrial, food and beverage, pharmaceuticals, personal care, chemicals, and agrochemicals.
Polylactic acid is predominantly used to manufacture microwaveable containers, including disposable cutlery and food containers. Multiple beneficial properties such as improved aesthetic appeal and resistance to grease and oil are positively influencing the demand for polylactic acid in the formulation of food packaging products across the globe, further triggering the lactic acid demand.
Key PlayersBASF SE Galactic Musashino Chemical (China) Co., Ltd. Futerro Corbion Dow TEIJIN LIMITED
Market SegmentationRaw Material Outlook Corn Sugarcane Cassava Other Crops Application Outlook Industrial Food & Beverages Pharmaceuticals Personal Care Polylactic Acid (PLA) Others Regional Outlook North America U.S. Canada Mexico Europe Germany France U.K. Italy Netherlands Asia Pacific China Japan India Indonesia Malaysia Philippines Central & South America (CSA) Brazil Middle East & Africa (MEA)
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