Lactic Acid Market Size, Share, Trends, Growth 2032

Lactic Acid Market Industry Prospective

The global lactic acid market size accrued earnings worth approximately USD 1358.94 Million in 2023 and is predicted to gain revenue of about USD 2,820.11 Million by 2032, is set to record a CAGR of nearly 8.45% over the period from 2024 to 2032.

The study includes drivers and restraints of the Lactic Acid market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the Lactic Acid market on a global level.

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Global Lactic Acid Market: Overview

In order to give the users of this report a comprehensive view of the Lactic Acid market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new technology launches, agreements, partnerships, collaborations & joint ventures, research & development, technology, and regional expansion of major participants involved in the market on a global and regional basis. Moreover, the study covers price trend analysis and product portfolios of various companies according to regions.

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Global Lactic Acid Market: Growth Factors

Lactic acid is an organic chemical compound that is white in color in its solid state and soluble in water. Lactic acid in its liquid state is completely colorless. It can be produced both naturally and synthetically and is classified as an alpha-hydroxy acid (AHA) and plays a crucial role in several biochemical processes. Lactic acid is generally found in hydroxyl-carboxylic acid. Lactic acid is widely utilized in chemical, pharmaceutical, and food industries. Lactic acid is also used as a monomer for the production of polylactic acid, which is bio-degradable in nature.

The global lactic acid market is likely to be driven by growing product usage in the end-user industries, such as food, chemical, cosmetics, and pharmaceuticals, in the years ahead. The high product demand in the food industry as a preservative and antimicrobial agent is the primary growth driver anticipated to stimulate the growth of the lactic acid market globally. Lactic acid prevents the growth of bacteria and other micro-organisms and helps in increasing the shelf life of food items. The increasing manufacturing of lactate ester is likely to positively impact the global lactic acid market in the future.

Furthermore, the manufacturers and producers are spending heavily on the R&D to devise cost-effective and efficient production processes of lactic acid. However, the price volatility of raw materials might hamper this global market’s growth over the forecast time period.

Global Lactic Acid Market: Segmentation

The study provides a decisive view of the lactic acid market by segmenting the market based on source, end-user, and region.

By source, the lactic acid market is bifurcated into natural and synthetic.

On the basis of end-user, this global market is categorized into personal care, cosmetics, pharmaceutical, chemical, and food and beverage.

Lactic Acid Market : Report Scope

Global Lactic Acid Market: Regional Analysis

The regional segmentation includes the historical and forecast demand for North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.

By region, North America held an extensive revenue share in the global lactic acid market in 2018 and is expected to dominate in the upcoming years. The growth of this regional market can be attributed to the rising demand for polylactic acid in the chemical industry. Lactic acid is utilized as a monomer for the production of polylactic acid, which is anticipated to further boost this regional market in the future. Europe is projected to provide significant opportunities in the global lactic acid market over the estimated timeframe, owing to the increasing sales of pharmaceutical medicines due to the rising health consciousness of the regional population.

Moreover, the functional properties of lactic acid and favorable government policies regarding the production of lactic acid are likely to positively impact the European lactic acid market over the forecast time period.

Global Lactic Acid Market: Competitive Players

Some of the most important market players in the global lactic acid market are

• BASF SE
• CSM N.V
• The Dow Chemical Company
• Teijin Ltd
• NatureWorks LLC
• Corbion Purac
• Jungbunzlauer AG
• Musashino Chemical Laboratory, Ltd
• Galactic S.A.
• Henan Jindan Lactic Acid Co., Ltd

This report segments the global lactic acid market into:

Global Lactic Acid Market: Source Analysis

• Natural
• Synthetic

Global Lactic Acid Market: End-User Analysis

• Personal Care
• Chemical
• Pharmaceutical
• Food and Beverage
• Others

Global Lactic Acid Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa