The global lactic acid market was valued at US$ 1,069.84 million in 2019 and it is projected to reach US$ 2,217.88 million by 2027; it is expected to grow at a CAGR of 9.6% from 2020 to 2027.
Lactic acid is an organic acid produced during the process of fermentation.It is used in various industries including food & beverages, pharmaceuticals, personal care, and biodegradable polymers.
The multi-functionalities of lactic acid render its use in various industries.In the food & beverages industry, lactic acid is used as a preservative, curing agent, and a flavoring agent.
Surging global demand for processed food is boosting the application of lactic acid in the food industry.In meat, poultry, & and seafood products, it is majorly used as a decontaminant.
In the personal care industry, lactic acid is mainly used in anti-ageing and skin lightening products as it treats hyperpigmentation and age spots.
Based on application, the lactic acid market is segmented into food & beverages, pharmaceuticals, personal care, and others.The food and & beverages segment led the lactic acid market with the highest market share in 2019.
Lactic acid is used in a wide variety of food industries, such as baking products, beverages, fermented meat, confectionery, dairy products, salads, dressings, and ready-to-eat meals.Moreover, in the food & beverage industry, lactic acid is preferred over synthetic chemicals because lactic acid changes the taste, texture, or characteristics of products to improve their shelf life.
In the dairy industry, lactic acids are used to coagulate milk and create cheese flavors.Whereas in the brewing industry, lactic acid increases the conversion of starch in beer, thus increasing the yield.
In the baking industry, lactic acid helps regulate the acidity of the dough and increases the shelf life of the baked goods. Further, lactic acid fermentation plays an important role in the food and & beverages industry. The reason behind fermenting food is for the purpose of preservation. Lactic acid fermentation also prevents the production of undesired bacteria and moisture. Lactic acid is used as an emulsifier in the manufacture of bakery products. Thus, all these factors are expected to increase the lactic acid market growth in the food and & beverages industry.
Geographically, the lactic acid market is segmented into North America, Europe, Asia Pacific (APAC), South America, and Middle East & Africa (MEA).In 2019, North America held the largest share of the global lactic acid market, followed by Asia Pacific.
In the North America region, the US is a major market for lactic acid, followed by Canada and Mexico.The growth of the lactic acid market in this region is primarily attributed to the presence of established application industries, such as food & beverages, personal care, and pharmaceuticals.
Presence of prominent market players in the region is yet another factor driving the regional market growth.The US is the major contributing country in North America, accounting for the lion’s share in the regional market.
This trend is anticipated to positively impact the expansion of the lactic acid market in North America.
Coronavirus outbreak first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace across the globe.As of February 2021, the US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are some of the worst affected countries in terms of confirmed cases and reported deaths.
According to the latest WHO figures, there are 104,370,550 confirmed cases and 2,271,180 total deaths globally.The coronavirus outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.
The food & beverages industry is one of the major industries suffering serious disruptions, such as supply chain breaks, and production facility shutdowns, etc., because of this outbreak. The shutdown of various plants and factories in leading regions, such as North America, Europe, Asia Pacific, South America, and the Middle East, and & Africa, has affected the global supply chain and negatively affected the manufacturing, delivery schedules, and sales of various goods. Furthermore, various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to affect the food and & beverages industry in a negative manner and thus act as restraining factor for the growth of various markets related to this industry in the coming months.
Corbion; Cargill Inc.; Foodchem International Corporation; Galactic; Henan Xinghan Biotechnology; Musashino Chemical Laboratory, Ltd.; Shandong Baisheng Biotechnology Co., Ltd.; Jungbunzlauer Suisse AG; Henan Jindan Lactic Acid Technology Co., Ltd.; and Vigon International, Inc. are among the major players operating in the global lactic acid market.
The overall global lactic acid market size has been derived in accordance with to both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the global lactic acid market.
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