cft
Become a CreatorSign inGet Started

Lactic Acid Market Revenue, Future Growth, Trends, Top Key Players, Business Opportunities, Industry Share, Size Analysis by Forecast 2028

Companies covered in lactic acid market are BASF SE (Ludwigshafen, Germany), Corbion (The Netherlands), NatureWorks LLC (Minnesota, U.S.), CELLULAC (London, U.K.), Galactic (Escanaffles, Belgium), Sulzer Ltd (Winterthur, Switzerland), GODAVARI BIOREFINERIES LTD. (Mumbai, India), Cargill, Incorporated (Minnesota, U.S.), Kemin Industries, Inc. (Iowa, U.S.), Henan Jindan Lactic Acid Technology Co. Ltd (Hertogenbosch, The Netherlands), and more players profiled


user

business fortune

3 months ago | 4 min read
Follow

lactic-acid-market-revenue-future-growth-qracd



According
to Fortune Business Insights™, the global
lactic
acid market

size was USD 1.18 billion in 2020. The market is projected to grow from USD
1.28 billion in 2021 to USD 2.43 billion in 2028 at a CAGR of 9.6% during the
2021-2028 period.



According
to our researchers, lactic acid or 2-Hydroxypropanoic acid is a natural
biological acid with several applications in the food, pharmaceutical,
chemical, cosmetic, and medical industries. It is formed by fermenting sugar
acquired from renewable means, terming it as an eco-friendly creation. The
product is generally utilized in polylactic acid (PLA) formation, a compostable
thermoplastic and recyclable polymer created from renewable mediums.



 



List
of Key Players Covered in Lactic Acid Market Report are: 




  • BASF SE
    (Ludwigshafen, Germany)

  • Corbion (The
    Netherlands)

  • NatureWorks LLC
    (Minnesota, U.S.)

  • CELLULAC
    (London, U.K.)

  • Galactic
    (Escanaffles, Belgium)

  • Sulzer Ltd
    (Winterthur, Switzerland)

  • GODAVARI
    BIOREFINERIES LTD. (Mumbai, India)

  • Cargill,
    Incorporated (Minnesota, U.S.)

  • Kemin
    Industries, Inc. (Iowa, U.S.)

  • Henan Jindan
    Lactic Acid Technology Co. Ltd (Hertogenbosch, The Netherlands)



 



Report
Coverage



The
market report provides a rounded evaluation of the market segments. A
wide-ranging study of the modern trends and impending opportunities in the
market is offered in the report. It offers an exhaustive analysis of the
regional insights and how they form the market in particular regions. The
impact of the COVID-19 pandemic is mentioned for further comprehension of the
conceivable threats in the market. The proficient strategies of the best
players and how they accelerate the market growth are discussed in the
following report



 



Drivers
and Restraints



Growing
Cosmetic and Personal Care Industry to Drive Market Growth



Lactic
acid is used as a humectant, exfoliator, pH adjuster, and skin prepping agent
in various beautifying and personal maintenance products. It smoothens,
revitalizes, and sets an even skin texture while appearing firmer. It aids in
declining the look of acne spots, wrinkles, and fine lines on the skin.
Additionally, the product is incorporated in hair products because of its
capability to reinforce fragile hair. Moreover, the upsurge in user
consciousness and augmented disposable income are anticipated to amplify the
demand for cosmetics and individual maintenance products and further thrust the
market development.



Moreover,
the promptly increasing number of social media handlers, tailored ads, and
celebrated social influencers recommending several cosmetic products
through these mediums are expected to boost cosmetic and personal care products
sales. Further, brands with online websites and e-commerce businesses such
as Alibaba Express and Amazon have amplified online shopping, which, in turn,
may bolster the demand for cosmetic and personal care products. This factor may
boost the lactic acid market growth in the long term.



 



Regional
Insights



Rising
Demand for Acid from Several Industries to Bolster Market Growth in North
America



North
America held the largest lactic acid market share and controlled the global
market in 2020. Rising demand for acid from the food & beverage,
pharmaceutical, and cosmetics industries. The pharmaceutical segment is
expected to develop as an outcome of R&D and developments in drug
transfer systems. These improvements are then estimated to fuel the market
growth.



Europe
is projected to display substantial development owing to increasing demand from
the bioplastic industry. Escalating worries regarding the harmful impacts and
ecological destruction of non-biodegradable plastics and ecological destruction
is estimated to upsurge the demand for biodegradable plastics as a substitute.



The
Asia Pacific region is predicted to observe a considerable growth rate due to
intensifying demand from the food & beverages industry. The requirement for
food and beverage goods is further estimated to inflate as people's purchasing
power and living standards progress.



 



Segmentation



Based
on raw materials, the global market is segregated into sugarcane, corn, yeast
extract, and others. In terms of region, the market is bifurcated into North
America, Europe, Asia Pacific, South America, and the Middle East & Africa.



Based
on application, the market is classified into PLA, food & beverages,
cosmetics & personal care, pharmaceutical, and others. PLA application
segment is expected to be responsible for the principal market share during the
mentioned period. PLA is a biodegradable thermoplastic polymer acquired from
the fermentation of renewable resources such as sugarcane, cassava, corn,
cassava, and potato.



 



Competitive
Landscape



Bulk
Development Strategies Applied by Players to Maintain Market Position



Most
of the crucial players are financing the acid's R&D activities to transform
novel and reputable technologies. For example, in April 2019, Asahi Group, a
Japanese brewery business, introduced the Asahi Quality and Innovations Co.
(AQI) as it pursues to progress its proficiency in yeast and LAB and implement
novel digital technologies. This R&D is expected to advance novel health
food elements, generate fresh business, and decrease the general ecological
impact.



 



Major
Table of Content For Lactic Acid Market:




  • Introduction


  • Executive
    Summary

  • Market Dynamics


  • Key Insights


  • Qualitative
    Insights – Impact of COVID-19 on Global Lactic Acid Market



 



Key
Industry Development




  • June 202: Praj
    Industries Ltd. and Lygos, Inc. signed a Memorandum of Understanding (MOU)
    to develop the registered yeast of Lygos for the creation of the acid
    jointly.



Browse
Detailed Summary of Research Report:



https://www.fortunebusinessinsights.com/lactic-acid-market-102119



 



 



About
Us:



Fortune
Business Insights™ delivers
accurate data and innovative corporate analysis, helping organizations of all
sizes make appropriate decisions. We tailor novel solutions for our clients,
assisting them to address various challenges distinct to their businesses. Our
aim is to empower them with holistic market intelligence, providing a granular
overview of the market they are operating in.



Address:



Fortune
Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –



Mahalunge
Road, Baner, Pune-411045,



Maharashtra,
India.



Phone:



US:
+1 424 253 0390



UK:
+44 2071 939123



APAC:
+91 744 740 1245



Email: sales@fortunebusinessinsights.com



LinkedIn Facebook Twitter



 



 



 







Upvote


user
Created by

business fortune

Follow

people
Post

Upvote

Downvote

Comment

Bookmark

Share


Related Articles