The global lactic acid market size was valued USD 1.28 billion in 2022 and is projected to grow USD 2.43 billion in 2030 at a CAGR of 9.6% during the 2021-2030 period. The global lactic acid market is expected to grow at a significant pace in the coming years. Lactic acid is a type of organic acid that is produced through the fermentation of carbohydrates. It is widely used in various applications such as food and beverage, pharmaceuticals, personal care, and biodegradable polymers.

Lactic acid is used as a preservative, flavor enhancer, and acidulant in various food products such as dairy, baked goods, and meat products. With the growing demand for processed and packaged food products, the demand for lactic acid in the food and beverage industry is expected to increase.

Browse 218 market data Tables and 98 Figures spread through 317 Pages and in-depth TOC on "Lactic Acid Market Size, Share & Trends Estimation Report By Outlook, By Region, And Segment Forecasts, 2022 - 2030" View detailed Table of Content here-https://www.contrivedatuminsights.com/product-report/lactic-acid-market-248635/

Lactic acid is used as a raw material in the production of biodegradable polymers such as polylactic acid (PLA), which is widely used in the packaging industry. With the increasing focus on sustainability and environmental concerns, the demand for biodegradable polymers is expected to increase, which will drive the demand for lactic acid. Lactic acid has several substitutes such as citric acid, malic acid, and phosphoric acid, which may limit the demand for lactic acid in some applications.

Market Dynamics

Lactic acid is produced through the fermentation of carbohydrates such as corn, sugarcane, and cassava. The price volatility of these raw materials may affect the production cost of lactic acid, which may impact its market growth.

The prices of raw materials used in the production of lactic acid such as corn and sugarcane are subject to fluctuation. This may lead to instability in the supply chain and impact the profitability of the producers.

Lactic acid faces competition from other organic acids such as citric acid, malic acid, and acetic acid. These organic acids have similar properties and can be used in similar applications, which may limit the demand for lactic acid.

Consumers are increasingly looking for organic and natural ingredients in their food and personal care products. Lactic acid is a natural and organic acid that can be used in a wide range of applications. The growing demand for natural and organic ingredients presents an opportunity for the growth of the lactic acid market.

Biotechnology is opening up new opportunities for the production of lactic acid. Advances in biotechnology are making it possible to produce lactic acid from non-food sources such as biomass and industrial waste. This presents an opportunity for the development of new products and applications for lactic acid.

The growing demand for lactic acid in the food and beverage industry is one of the major factors driving the market growth. Lactic acid is used as a preservative, flavor enhancer, and acidulant in various food products such as dairy, baked goods, and meat products.

In addition, the increasing demand for biodegradable polymers is also expected to fuel the growth of the lactic acid market. Lactic acid is used as a raw material in the production of biodegradable polymers such as polylactic acid (PLA), which is widely used in the packaging industry.

Corn is the most commonly used raw material for lactic acid production, accounting for the majority of the market share. This is due to the availability of corn and its relatively low cost. However, the use of corn has raised concerns about food security and sustainability, as it competes with food and animal feed production.

Cassava is a lesser-known raw material for lactic acid production. It is a tropical crop that is widely grown in Africa, Asia, and Latin America. Cassava has the advantage of being a non-food crop, which does not compete with food production. However, its use for lactic acid production is limited due to its relatively low yield compared to corn and sugarcane.

Regional Analysis

Asia-Pacific is the fastest-growing market for lactic acid due to the growing demand for lactic acid in various industries such as food and beverages, pharmaceuticals, and personal care products. China is the largest consumer of lactic acid in this region, followed by Japan and India.

Latin America is a significant market for lactic acid, driven by the increasing demand for biodegradable polymers and sustainable products. Brazil is the largest consumer of lactic acid in this region.

Geographically, Asia Pacific is expected to be the fastest-growing market for lactic acid due to the increasing demand from various end-use industries such as food and beverage, pharmaceuticals, and personal care. North America and Europe are also significant markets for lactic acid due to the presence of key players and the growing demand for biodegradable polymers.

Competitive Analysis

Some of the major players operating in the global lactic acid market include Corbion, BASF SE, Galactic, Henan Jindan Lactic Acid Technology Co. Ltd., Cargill, and NatureWorks LLC. These players are adopting various strategies such as mergers and acquisitions, partnerships, and product launches to expand their market presence and increase their customer base.

In 2021, DuPont Nutrition & Biosciences announced plans to invest $10 million to expand its lactic acid production capacity in Europe, Middle East, and Africa (EMEA). The expansion is expected to meet the growing demand for lactic acid in various industries.

In 2020, Cargill, Incorporated announced the acquisition of Leman Decoration Group, a leading supplier of cake decorations, bakery ingredients, and specialty decorations. The acquisition is expected to strengthen Cargill's position in the food and beverage industry.

In 2019, Corbion N.V. announced the acquisition of Granotec do Brazil, a leading supplier of functional blends and ingredients for the bakery industry in Brazil. The acquisition is expected to expand Corbion's presence in the Brazilian market.

In 2018, DowDuPont completed the merger of Dow Chemical Company and DuPont de Nemours, Inc., creating a new company named Dow Inc. The merger is expected to create a leading player in the global lactic acid market with a strong presence in various industries.

In 2017, BASF SE announced the acquisition of Spanish company, Ingredion Spain S.A.U., a leading producer of vegetable-based emulsifiers for the food industry. The acquisition is expected to strengthen BASF's position in the food industry.

Segmentation Analysis of The Global Advanced Wound Care Market 2016-2030

The report forecasts revenue growth at global, regional, and country matrics and analyzes the latest industry trends in each of the sub-segments ranging from 2016-2030. For this, CDI has segmented the global lactic acid market report based on capacity, vehicle, application, and propulsion type along with regional analysis. 

Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

• Corn
• Sugarcane
• Cassava
• Other Crops

Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

• Industrial
• Food & Beverages
• Pharmaceuticals
• Personal Care
• Polylactic Acid (PLA)
• Others

Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Nordic Countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America