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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