Rising consumption of
cosmetics and personal care products is boosting the demand of lactic acid owing to its antimicrobial, moisturizing, and rejuvenating properties. The demand
from personal, cosmetic, and oral care market is also supporting the market
growth. Moreover, as per the newly compiled market intelligence report by
IndustryARC, the global Lactic Acid Market size was evaluated to be $3.54
billion and the opportunities are projected to increase at a CAGR of 7.85%,
during the forecast period 2019-2025.
According to the Food
and Agriculture Organization (FAO), in 2017, the global dairy exports reached
up to 71.6 million tons, which was 1.3% higher than in 2016. The key factor
that influenced the growth of the lactic acid market is due to an increase
in export for dairy products such as cheese, butter, and
yogurt in the UAE, China, Mexico, Japan, and Australia. Moreover, rise in
consumption of food that has probiotics such as yogurt, kombucha, and kefir are
boosting the lactic acid demand in the food industry in these countries.
The lactic acid has
various properties because of this it has become a key ingredient in the food
and beverage products. It has tremendous scope of application in the food and
beverage industry along with huge functional benefits. These functional benefits
are provided by the food acidulates, which are the key factors driving the
growth of global food acidulants market. Owing to this, the lactic acid is
experiencing wide application growth in the preservative market.
Global Lactic Acid
Market: Leading Segments
North America
dominated the lactic acid market, with a regional share of 38% in 2018.
According to FAO, in 2018, the U.S. and Canada observed an increase of 1.1%
from 2017 in milk output of 108.6 million tons. Moreover, Canada observed an
increase in the milk output capacity by 2.7% to 9.9 million tons in 2017. North
America has witnessed the growth in milk products consumption in recent
times. Moreover, the antimicrobial agents on meat products and meat are
prevalently used in North America. Hence, above mentioned factors are
cumulatively influencing the lactic acid market growth.
On the other hand, the
key application segments of the lactic acid market are food & beverages and
pharmaceutical sectors. These sectors register high demand of lactic acid,
owing to its metabolic and functional properties. Hence, the segments are
expected to grow at a profitable CAGR of 8.12%, during the forecast period.
Global Lactic Acid
Market: Market Trends and Growth Drivers
· Bio-Preservation using Lactic Acid Bacteria
Bio-preservation is a
process that improves the shelf life of products. The bacteria’s in lactic
acid are pursue major potential for use in bio preservation as they are
considered safe for the consumption and for storage they naturally maintain the
microflora of various food. Hence, bio-preservation is widely adopted by
food industry for preservation and processing, which uses lactic acid as a
major ingredient. High demand of lactic acid in bio-preservation boost the
market demand over the forecast period.
· Metabolic Models for Lactic Acid
Lactic acid is being
used for chemical synthesis and
fermentation in the chemical industry for decades. But
their cell factories are emerging because of this, there is an optimal growth
and increase in its value in the chemical industry. Lactic acid is an alpha-hydroxy
acid as it contains carboxyl, and hydroxyl.The acid is utilized in the
mentioned industry as it is used as a monomer to produce bio degradable poly
lactic acid (PLA).
· Growing Demand in Cosmetic Industry
There are various cosmetic
products containing pumpkin enzyme peel that is being used by millennial and
geriatric population and gaining huge traction in recent years. These product
have gained traction in the market due to its impressive effects to the skin.
The peel is infused with a limited amount of lactic acid that helps in
brightening the skin tone. Thus, the demand for such beauty and personal care products
is influencing growth in the lactic acid market.
Global Lactic Acid
Market: Major Frontrunners
Some of the key
companies that are currently holding major shares in the global lactic acid
market are Galactic SA, FDC ltd., H.K Goel & Co. Pvt. Ltd., Corbian Purac
NV, and Henan Jindan Lactic Acid Technology Co., Ltd.
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Related Reports:
Polylactic Acid Market
https://www.industryarc.com/Report/17684/polylactic-acid-market.html
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