Global Lactic Acid Market Outlook
Association of well-being with aesthetic feasibility is a major trend globally. Citizens today are deeply concerned about the significance of personal health and physical appearance. Owing to this rising awareness, the opportunity in the personal care and the cosmetics industry is flourishing. These demands surfacing the personal care industry are driving the global lactic acid market owing to its rejuvenating, moisturizing, and antimicrobial features. According to a market analysis report by IndustryARC, the global lactic acid market size was around $3.54 billion as of 2018. And as per the ongoing market trends, the opportunities in the global Lactic acid market is expected to grow at a healthy CAGR of 7.85% during the forecast period of 2019 to 2025.
Browse 63 Market Tables, 179 Figures spread through 153 slides and an in-depth TOC “Lactic Acid Market (2019 - 2025)”
Global Lactic Acid Market: Leading Segments
Considering the applications, the densest demands for the lactic acid market is being conceived from the food and beverage industry, increasing with an application CAGR of around 8.12% going through 2025. This demand is induced largely because of the fermentation qualities of lactic acids. Lactic acid is an essential element for fermentation of breads, soft drinks, sweets, and beer. According to the National Beer Wholesalers Association (NBWA), the U.S. beer industry sells more than $119.3 billion worth of beer to the U.S. consumers annually. Such soaring demands for beer is augmented to escalate the adjacent lactic acid market.
The current market is dominated by the Americas region, with a market share of around 38% of the global lactic acid market. However, the demands are seen increasing from the developing economies as well. The increasing demands for biodegradable polylactic acid-based plastic products in the packaging and the polymers industries is responsible for the growing opportunities for lactic acid in the developing and the developed economies.
Global Lactic Acid Market Demand Analysis
The pharmaceuticals industry has numerous opportunities for lactic acid. It is used as a pH regulator, chiral intermediate, and metal sequestration in the pharmaceutical industry. The rapidly growing innovations in the pharmaceutical industry are projected to expand the market value for the lactic acid market.
Lactic acid has extensive applications in the food and beverage industries as food preservatives and helps to regulate microflora in the food. It uses natural fermentation process for preservatives in food products such as soy sauce, cheese, and pickled vegetables. The sheer growth in the global dairy products are also one of the growth driver for the global lactic acid market. According to the Food and Agriculture Organization of the United Nations, the world milk production is estimated to increase by 177 million tonnes by 2025 which further is expected to create opportunities in the global lactic acid market.
Global Lactic Acid Market Trends
Due to the presence of adjacent carboxyl group to the hydroxyl group, lactic acid is considered as an alpha-hydroxy acid (AHA). Polylactic acid (PLA) is one of the branches of lactic acid, it is a biodegradable aliphatic polyester derived from sugar beets and sugarcane. PLAs are used as a feedstock material in desktop fused filament fabrication 3D printers. 3D printing is being considered as one of the biggest markets in the forecast period. The rise in demands for biodegradable plastics such as PLA is projected to propel the lactic acid market growth.
Global Air Conditioning Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global air-conditioning market are Corbian Purac NV, Galactic SA, FDC ltd., H.K Goel & Co. Pvt. Ltd., Henan jindan, and Lactic Acid Technology Co. Ltd.
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Polylactic Acid Market: By Color (Grey, Brown), By Type of Production (Electric Arc Furnace, Standard Process, Using Water), By Application (Metallurgical Applications, Chemical Applications, Cutting & Welding, Synthesis of Solvents, Production of Chemicals)By End User Industry (Pharmaceuticals, Plastics Industry, Steel Industry, Food & Beverages, Cosmetics), By Geography - Forecast (2018-2023)
Food Acidulants Market: By Application (Beverages, Convenience Food, Sauces & Seasonings, Bakery, Confectionery) Type (Acid Types: Lactic, Malic, Citric, Phosphoric, Tartaric and Acetic Acid) Source (Natural, Synthetic) & Geography - Forecast(2018 - 2023)
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