Lactic Acid Market Strategic Insights and Updates by 2031
The Lactic Acid Market size is projected to reach US$ 3.09 billion by 2031 from US$ 1.48 billion in 2023. The market is expected to register a CAGR of 9.6% in 2023–2031. Growing product innovations and advancement in technologies, are likely to remain key lactic acid market trends.
Lactic Acid Market Analysis
Lactic acid has wide range of applications across various end-use industries, which has aided the market growth of lactic acid. Lactic acid, an essential organic acid produced by lactic acid bacteria, finds application in various industries such as food & beverages, textile, personal care & cosmetics, and pharmaceuticals. It is naturally present in several foodstuffs and is used in an extensive range of food applications, including bakery & confectionery products, dairy products, meat products, and beverages. Lactic acid is also used in the dairy industry in making cheese and yogurt. Lactic acid is used in food products primarily as a pH regulator, preservative, and flavoring agent. Furthermore, lactic acid is used to formulate cleansing products, shampoos, moisturizers, hair dyes, and other skin care and hair care products in the personal care & cosmetics industry. Lactic acid is also used in the pharmaceutical sector.
Lactic Acid Market Overview
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. Surging global demand for processed food is boosting the application of lactic acid in the food industry. In meat, poultry, & 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.
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Lactic Acid Market: Strategic Insights
Market Size Value in US$ 1,069.84 Million in 2019 Market Size Value by US$ 2,217.88 Million by 2027 Growth rate CAGR of 9.6% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Lactic Acid Market: Strategic Insights
| Market Size Value in | US$ 1,069.84 Million in 2019 |
| Market Size Value by | US$ 2,217.88 Million by 2027 |
| Growth rate | CAGR of 9.6% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Lactic Acid Market Drivers and Opportunities
Multi-functionalities of Lactic Acid to Favor Market
Lactic acid is usually preferred over synthetic chemicals in the food & beverage sector, as they alter the flavor and texture of products while enhancing their shelf life. Lactic acid is used to produce cheese flavors in the dairy industry. Furthermore, in the brewing industry, lactic acid promotes starch conversion in beer, hence increasing the yield. In the baking industry, lactic acid helps control the dough's acidity and enhances the shelf life of baked products. Additionally, lactic acid is also used to produce emulsifiers such as calcium and sodium stearoyl lactylates, which function as dough conditioners. The multi-functionalities are one of the major drivers of global lactic acid market share.
Increasing Demand for Biodegradable Polymers – An Opportunity in Lactic Acid Market
Polylactic acid (PLA) is the highest potential biopolymer and is most extensively used eco-friendly polymer. Polylactic acid finds a wide range of applications in long-term and temporary implantable devices, tissue engineering, drug delivery systems, and various other emerging areas owing to its biodegradable property. Moreover, in the recent times, it is also being used in foodservice wares, packaging films, and bottles with short shelf life. Since polylactic acid is obtained from 100% natural sources, it has multiple advantages in the packaging industry over petrochemical-based polymers. Using lactic acid in biodegradable polymers is growing significantly, primarily due to the surge in awareness among consumers and increased use of biodegradable plastic packaging in the food application. Therefore, the increasing demand for biodegradable polymers is expected to have a positive impact on the lactic acid market.
Lactic Acid Market Report Segmentation Analysis
Key segments that contributed to the derivation of the lactic acid market analysis are product type, category, and end user.
- Based on form, the lactic acid market is divided into dry, and liquid. Dry segment held a larger market share in 2023.
- Based on application, the lactic acid market is divided into food & beverages, pharmaceuticals, personal care, and others. Food & beverages segment held a larger market share in 2023.
Lactic Acid Market Share Analysis by Geography
The geographic scope of the lactic acid market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Asia Pacific held the significant share in the lactic acid market. The rising usage of lactic acid in various applications such as food & beverages, pharmaceuticals, personal care, and others have resulted in increasing demand for lactic acid, which has anticipated to boost the growth of the market in Asia Pacific. China, India, and Japan are the major markets for lactic acid in the region. China is the largest exporter and manufacturer of lactic acid in the region and the second-largest exporter in the world. Further, Asia Pacific has high concentration of food & beverage, pharmaceuticals and personal care companies. The region also marks presence of polylactic acid manufacturers such as Highchem Co Ltd, Musashino Chemical Laboratory Ltd, Corbion, and NatureWorks LLC, among others.
Lactic Acid Market Report Scope
Lactic Acid Market News and Recent Developments
The lactic acid market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion and strategies:
- In August, 2022, LG Chem and ADM announced two joint ventures for the US production of lactic acid and polylactic acid, in order to cater growing demand for a wide variety of plant-based products, including bioplastics. The targeted annual production by two joint ventures was 150,000 tons of lactic acid and 75,000 tons of polylactic acid. (Source: ADM, Press Release)
- In March, 2021, Corbion planned to boost lactic acid capacity through concurrent expansion projects. These productivity initiatives will increase supply of lactic acid, a nature-based ingredient, for the company's customers in Europe and other regions. (Source: Corbion, Press Release)
Lactic Acid Market Report Coverage and Deliverables
The “Lactic Acid Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Form and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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