By 2030, Demand for Lactic Acid Market Will Surpass $6.23 Billion at 8.6% CAGR Growth | Vantage Market Research
WASHINGTON, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The Global Lactic Acid Market is valued at USD 3.5 Billion in 2022 and is projected to reach a value of USD 6.23 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 8.6% over the forecast period 2023-2030.One of the most significant economic areas is the Lactic Acid business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for lactic acid, including rising investment requirements, developing technology, and new laws.
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*Market Overview *
According to Vantage Market Research, some of the key factors anticipated to accelerate the Lactic Acid market growth over the forecast period. One of the main factors favorably affecting the demand for Lactic Acid is the increasing awareness and demand for eco-friendly and biodegradable products.
We forecast that the food & beverages category in Lactic Acid market sales will account for more than 30% of total sales by 2030 due to increasing demand for organic and natural food products. Lactic acid is a key ingredient in the production of fermented foods such as yogurt, cheese, and pickles. It is also used as a preservative and flavoring agent in processed foods such as sauces, dressings, and baked goods.
The Asia Pacific region dominates the market, and this trend of dominance will continue throughout the projection period. Factors like the rapid growth in population, urbanization, and industrialization in countries like China, India, and Japan, and the increasing demand for lactic acid in food and beverage, personal care, and pharmaceutical industries drive increased demand for Lactic Acid in this region.
*Top Players in the Global Lactic Acid Market *
· Futerro Group (Belgium)
· BASF SE (Germany)
· Galactic (Belgium)
· Henan Jindan Lactic Acid Technology Co. Ltd. (China)
· Musashino Chemical Co. Ltd. (China)
· Corbion (Netherlands)
· Thyssenkrupp AG (Germany)
· The Dow Chemical Company (U.S.)
· Cellulac (UK)
· Jungbunzlauer Suisse AG (Switzerland)
· Vaishnavi Bio Tech. (India)
· TEIJIN Ltd. (Japan)
· Danimer Scientific (U.S.)
· NatureWorks LLC (U.S.)
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*Market Dynamics*
*Growing Demand for Lactic Acid-based Products to Drive the Market*
Lactic acid is a versatile and environmentally friendly chemical that can be derived from renewable resources such as cornstarch, sugarcane, and cassava. Due to its biodegradability, it is increasingly being used as a substitute for conventional petroleum-based chemicals in a wide range of applications, such as packaging, personal care, and agricultural products.
*Increasing use of lactic acid as a preservative to Promote Market Growth*
The global lactic acid market is expected to grow significantly in the coming years, driven by the increasing use of lactic acid as a preservative in various industries. One of the biggest advantages of lactic acid as a preservative is its ability to inhibit the growth of bacteria, fungi, and other microorganisms that can cause spoilage in food and beverages. Lactic acid works by lowering the pH of the product, making it more acidic and less hospitable for microorganisms to survive and multiply.
*Top Trends in Global Lactic Acid Market *
· One trend that Vantage Market Research (VMR) expects to see in the Lactic Acid industry is the growing demand from the food and beverage industry. The increasing demand for lactic acid as a food preservative, flavoring agent, and pH regulator in the food and beverage industry is driving the growth of the global lactic acid market.
· Another trend that VMR predicts will continue in the Lactic Acid industry is rising demand for biodegradable plastics. The increasing demand for biodegradable plastics made from lactic acid is driving the growth of the global lactic acid market. Lactic acid is used as a building block in the production of biodegradable plastics that can be used in various applications.
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*Top Report Findings *
· Based on source, most of the Lactic Acid market's revenue is controlled by the natural category. Factors include the growing consumer demand for natural ingredients and products, rising awareness about the health benefits of natural ingredients, increasing government regulations on the use of synthetic ingredients driving its significant market share.
· Based on application, the food and beverage category dominated the Lactic Acid market. This trend is anticipated to continue because it is widely used as a natural preservative and acidulant in food and beverage products such as yogurt, pickles, sauces, and dressings.
*Natural Source Category in Lactic Acid Market to Generate Over 30% Revenue *
Lactic Acid is an expensive investment. Vantage Market Research has analyzed the market for Lactic Acid to understand its current state and potential future growth factors. For better understanding, based on source the Lactic Acid market is divided into: natural and synthetic.
During the forecast period, the market for natural is anticipated to experience the highest CAGR due to its sustainable and eco-friendly nature. Natural sources include bacterial fermentation of carbohydrates such as glucose, sucrose, and lactose, and are widely used in the production of lactic acid. The global demand for natural lactic acid is increasing in the food and beverage industry as a preservative and acidulant, and in the cosmetic industry as a skin care ingredient.
On the other hand, the synthetic category is anticipated to grow significantly over the forecast period because of the growing demand for biodegradable plastics and sustainable materials. Synthetic lactic acid has several industrial applications, including the production of biodegradable plastics, pharmaceuticals, and personal care products. It is also used as a food additive, where it acts as a preservative, flavor enhancer, and pH regulator.
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on Lactic Acid Market Forecast Report (2023-2030).
*Global Lactic Acid Market Segmentation *
*By Source*
· Natural
· Synthetic
*By Application*
· Biodegradable polymers
· Food & Beverages
· Personal care products
· Pharmaceutical products
· Other Applications*By Region*
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East & Africa*Read Full Report with TOC @ *https://www.vantagemarketresearch.com/industry-report/lactic-acid-market-1150
*Scope of the Report: *
*Report Attributes* *Details*
Market Size in 2022 USD 3.5 Billion
Revenue Forecast by 2030 USD 6.23 Billion
CAGR 8.6% from 2023 to 2030
Base Year 2022
Forecast Year 2023 to 2030
Key Players Futerro Group, BASF SE, Galactic, Henan Jindan Lactic Acid Technology Co. Ltd., Musashino Chemical Co. Ltd., Corbion, Thyssenkrupp AG, The Dow Chemical Company, Cellulac, Jungbunzlauer Suisse AG, Vaishnavi Bio Tech., TEIJIN Ltd., Danimer Scientific, NatureWorks LLC
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