By 2028, Global Demand for Lactic Acid Market Size Will Surpass USD 3.55 Billion at 16.9% CAGR Growth: Vantage Market Research

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WASHINGTON, Jan. 17, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Lactic Acid Market finds that increasing applications of lactic acid in various end-use industries is expediting market growth. Primarily driven by rise in demand for alternative environment-friendly resources, the total global Lactic Acid Market is estimated to reach USD 3.55 Billion by 2028, up from USD 1.19 Billion in 2020, at a Compound Annual Growth Rate (CAGR) of 16.9%.

Furthermore, the multi-functionalities of lactic and polylactic acids is also anticipated to augment the growth of the global Lactic Acid Market, states Vantage Market Research, in a report, titled “Lactic Acid Market by Form (Liquid, Form), by Application (Biodegradable polymers, Food & Beverages, Personal care products, Pharmaceutical products), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Our Free Sample Reports Includes:

  • In-depth Industry Analysis, Introduction, Overview, and COVID-19 Pandemic Outbreak.

  • Impact Analysis 140+ Pages Research Report (Including latest research)

  • Provide chapter-wise guidance on request 2021 Updated Regional Analysis with Graphical Representation of Trends, Size, & Share, Includes Updated List of figures and tables.

  • Updated Report Includes Major Market Players with their Sales Volume, Business Strategy and Revenue Analysis by using VMR research methodology.

(Please note that the sample of this report has been updated to include the COVID-19 impact study prior to delivery.)

List of Prominent Players in the Lactic Acid Market:

  • DuPont (US)

  • Corbion (Netherlands)

  • Cargill (US)

  • DOW (US)

  • Galactic (Belgium)

  • Unitika (Japan)

  • Sulzer (Switzerland)

  • Henan Jindan Lacic Acid Technology (China)

  • Mushashino Chemical (Japan)

  • Danimer Scientific (US)

  • Vigon International (US)

  • Henan Xinghan Biology Technology (China)

  • COFCO BioChemical (China)

  • Vaishnavi Biotech (India)

  • Spectrum Chemicals (US)

  • Jungbunzlauer (Switzerland)

  • Food Chem International (China)

  • Godavari Bio-refineries (India)

  • Qingdao Abel Technology (US)

  • ProAgro GmbH (Austria)

Market Dynamics:

Increasing Applications of Lactic Acid in Various End-Use Industries

The increasing applications of lactic acid in various end use industries like food & beverages, pharmaceuticals, personal care, industrial, and others is anticipated to augment the growth of the Lactic Acid Market during the forecast period. The use of lactic acid in food industry can extend foods’ shelf life; give products different tastes and texture and also acts as acidifier. According to FDA, lactic acid as generally safe to use in a variety of ways, including antimicrobial agent, curing and pickling agent, flavor enhancer, pH control agent and solvent. Furthermore, in cosmetics, it is used as emulsifier or for moisturizing. It is precisely used to treat hyperpigmentation, age spots, recover dull and uneven complexion, improves skin tone and reduces pore appearance, among others. Thus, owing to increasing benefits in various applications is expected to drive the Lactic Acid Market in the years to come.

Rise in Demand for Alternative Environment-friendly Resources to Stimulate Market Growth

Lactic acid is largely (90%) produced with the use of bacteria through anaerobic fermentation of sugars. Lactic acid is produced via different biomass, like starch crops, sugar crops, lignocellulosic materials and also from whey (a residue from cheese production). The bio-based production used is considered to be more economical and more environmentally friendly than the chemical process. Furthermore, PLA has also advantaged such as low energy consumption and emission of low greenhouse gas while used in production of 3D printing applications. The production of PLA offers an eco-friendly alternative over other traditional polymers. As global climate changes are becoming increasingly extreme, the use of more ecologically feasible production methods is also turning to be more important.

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COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the specialty polymers industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

  1. Impact Assessment of COVID-19 Pandemic

    1. North America

    2. Europe

    3. Asia Pacific

    4. Latin America

    5. Middle East & Africa

  2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021

  3. Key Strategies Undertaken by Companies to Tackle COVID-19

  4. Long Term Dynamics

  5. Short Term Dynamics

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The report on Lactic Acid Market highlights:

  • Assessment of the market

  • Premium Insights

  • Competitive Landscape

  • COVID Impact Analysis

  • Historic Data, Estimates and Forecast

  • Company Profiles

  • Global and Regional Dynamics

Regional Analysis:

Asia Pacific Dominates the Global Lactic Acid Market

Asia Pacific has dominated the global Lactic Acid Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increasing pharmaceutical, personal care, and food and beverages industries across the region. Furthermore, the increasing expenditures on medicines and expanding pharmaceutical industry are also expected to support the regional growth of the market.

Asia Pacific is likely to witness significant growth in the Lactic Acid Market during the forecast period. This is attributable to the increase in the application as the food additive in the region. Additionally, the availability of cheap raw materials and innovation in technology are also expected to support the growth of the Lactic Acid Market in near future.

Key questions answered in the report:

  • Which regional market will show the highest and rapid growth?

  • Which are the top five players of the Lactic Acid Market?

  • How will the Lactic Acid Market change in the upcoming six years?

  • Which application and product will take a lion’s share of the Lactic Acid Market?

  • What are the Lactic Acid market drivers and restrictions?

  • What will be the CAGR and size of the Lactic Acid Market throughout the forecast period?

Recent Developments:

October, 2020: FUTERRO announced the launch of its first fully integrated PLA plant in China in collaboration with its historical partner BBCA Biochemical. The new lactic acid and PLA units incorporate new patented technologies that allow the production of high- quality products at competitive costs.

June, 2019: Cargill’s NatureWorks announced the development of a new product with Ingeo PLA formulation for 3D printing break-away support on dual extrusion printers. This would support the technological advancements in the biopolymer industry.

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This market titled “Lactic Acid Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

Report Attribute

Details

Market Size in 2021

USD 1.19 Billion

Projected Market Size in 2028

USD 3.55 Billion

CAGR Growth Rate

CAGR of 16.9% from 2022–2028

Base Year

2021

Historic Years

2016 - 2020

Forecast Years

2022 - 2028

Segments Covered

Form: - Liquid, Form

Application: - Biodegradable polymers, Food & Beverages, Personal care products

Quantitative Data - Units

Revenue in USD Million/Billion and CAGR from 2022 to 2028

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "Lactic Acid Market by Form (Liquid, Form), by Application (Biodegradable polymers, Food & Beverages, Personal care products, Pharmaceutical products), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/lactic-acid-market-940096

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