Lactic Acid Market Report
RA06569
Lactic Acid Market by Raw Material (Corn, Sugarcane, Cassava, and Other Crops), Application (Industrial, Food & Beverages, Pharmaceuticals, Personal Care, PLA, and Other Applications), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Lactic Acid Overview
Lactic acid, also known as milk acid, is an organic acid that is produced naturally in the body and found in some foods. Chemically classified as an alpha hydroxy acid (AHA), its chemical formula is C₃H₆O₃. Lactic acid exists in two forms L-lactic and D-lactic, the former being the most common. It is used in the food industry as a flavoring agent, preservative and pH regulator, as well as in the production of biodegradable plastics, pharmaceuticals, cosmetics and cleaning products. Lactic acid is also important in making polylactic acid (PLA), a biodegradable polymer. In the human body, lactic acid plays a role in energy metabolism. During exercise, muscles produce lactic acid as a byproduct of anaerobic metabolism, leading to muscle weakness and soreness. However, the body clears lactic acid through metabolic processes, including liver oxidation. Thus, lactic acid serves industrial and biological functions, showcasing its versatility and significance.
Global Lactic Acid Market Analysis
The global lactic acid market size was $3.11 billion in 2022 and is predicted to grow at a CAGR of 8.2%, by generating a revenue of $6.51 billion by 2032.
COVID-19 Impact on Global Lactic Acid Market
The COVID-19 pandemic has had significant impacts on the lactic acid market. Lockdown measures and disruptions in global supply chains caused production and distribution challenges for lactic acid and related products. With the closure of businesses and reduced manufacturing, the demand for lactic acid likely declined across industries such as food and beverages, pharmaceuticals, and personal care. However, increased focus on hygiene and sanitation might have led to higher demand for disinfectants and lactic acid cleaning agents. The production process faced challenges due to labor shortages and limited availability of raw materials. As the world recovers from the pandemic, the lactic acid market is expected to rebound, driven by the resumption of economic activities and the growing demand for sustainable and bio-based alternatives.
Increasing Demand in Food and Beverage Industry to Drive the Market Growth
The lactic acid market is driven by several key components. Firstly, the demand for lactic acid in the food and refreshment industry is growing due to its applications as a food-added substance, conservative, and flavoring specialist. Secondly, the developing bioplastics industry is boosting the demand for lactic acid, a vital raw fabric for producing biodegradable polymers like polylactic acid (PLA). Thirdly, lactic acid is broadly utilized in personal care items, benefiting from the rising consumer preference for natural and organic cosmetics. Additionally, lactic acid finds applications in various industrial sectors, including pharmaceuticals, detergents, and leather tanning, contributing to its market growth. Government regulations promoting eco-friendly products, technological advancements in production processes, increasing environmental concerns, and growing consumer awareness about sustainability are significant drivers shaping the lactic acid market.
High Production Costs to Restrain the Market Growth
There are many factors which can restrain the growth of the lactic acid market. High production costs, stemming from raw material expenses, energy requirements, and specialized equipment, can limit market development. Additionally, the availability and price fluctuations of natural materials like sugar, corn, and cassava can challenge lactic acid production. Competition from alternative products, such as citric acid and acetic acid, which may offer similar functionalities, can impede market growth. Government regulations related to safety, labeling, and environmental concerns can further constrain the market by requiring additional investments and resources for compliance. Limited awareness and understanding of lactic acid's benefits and applications among end-users can slow adoption. Inadequate transportation and storage infrastructure, technological limitations in production processes, and purification techniques can also hinder market expansion.
Rising Demand in Personal Care and Pharmaceutical Industries to Drive Excellent Opportunities
lactic acid market presents several opportunities for growth and expansion. One such opportunity lies in the rising demand in the personal care and pharmaceutical industries. The personal care and pharmaceutical industries offer avenues for lactic acid utilization due to its moisturizing, exfoliating, and pH-adjusting properties. The growing demand for eco-friendly, natural, and unique personal care items has made a profitable market for lactic acid. In expansion, great opportunities are presented for producing biodegradable plastics and polymers from lactic acids, such as polylactic acid (PLA). Moreover, adopting lactic acid in various industrial applications, such as metal cleaning and textile dyeing, offers potential for market expansion. As advancements in production technology continue and the environmental benefits of lactic acid become more evident, it can find widespread use in different industrial sectors. Furthermore, emerging markets provide new avenues for lactic acid producers to tap into growing economies and meet the rising demand for consumer goods.
Global Lactic Acid Market Share, by Raw Material, 2022
The sugarcane sub-segment accounted for the highest market share in 2022. Sugarcane has established a dominant position in the lactic acid market due to its various factors. Firstly, sugarcane is an attractive raw material for lactic acid production due to its abundance and profitability. Thanks to its high sugar content, sugarcane provides much fermentable sugar needed for conversion to lactic acid. In addition, sugarcane benefits from established infrastructure for cultivation, processing, and transportation in sugarcane-producing regions, facilitating efficient and profitable production. The supportive regulatory environment and policies promoting the use of renewable resources further contribute to sugarcane's dominance in the market.
Global Lactic Acid Market Share, by Application, 2022
The PLA sub-segment accounted for the highest market share in 2022. PLA (polylactic acid) has risen as a prevailing player in the bioplastics industry due to its sustainability and biodegradability. Derived from renewable resources like corn starch or sugarcane, PLA has gained ubiquity as an eco-friendly alternative to traditional plastics. The growing concern for the environment and the need for sustainable materials have increased the demand for PLA. Governments worldwide have implemented regulations and initiatives to reduce plastic waste, further driving the demand for biodegradable options like PLA. Consumers, too, are actively seeking eco-friendly products, and PLA's renewable and compostable nature makes it an appealing choice. Technological advancements have improved production efficiency and reduced costs, making PLA more economically viable and competitive.
Global Lactic Acid Market Share, by Region, 2022
The North America lactic acid market generated the highest revenue in 2022. North America has dominated the lactic acid market due to several key factors. Firstly, the region benefits from an established infrastructure that supports efficient production and distribution of lactic acid products. The manufacturing sector in North America is well-developed, incorporating advanced technologies and effective supply chain networks. This allows for cost-effective production and quick delivery of lactic acid. Investments in research and development have resulted in innovation and efficiency. Currently, North America is at the forefront of technological progress in lactic acid production, particularly in the United States. Its manufacturing processes give North American companies a competitive edge in product quality, profitability, and sustainability. In addition, the high demand for lactic acid from various industries, such as food and beverage, pharmaceutical, personal care, and industrial applications, contributes to North America's dominance—the region's large consumer base and high purchasing power drive lactic acid demand. Moreover, North America benefits from a supportive regulatory environment that promotes the use of lactic acid in different applications, further boosting its demand and market growth.
Competitive Scenario in the Global Lactic Acid Market
Investment and agreement are common strategies followed by major market players. One of the leading market players in the industry is Corbion. For instance, in April 2019, Corbion and Total announced a joint venture to build a PLA bioplastic plant in Europe. The plant is expected to have an annual production capacity of 100,000 tons and will be operational from 2024. Corbion also appointed IMCD (a prominent distributor of food ingredients and specialty chemicals) in New Zealand and Australia.
Some of the leading lactic acid market players are BASF SE, Galactic, Musashino Chemical (China) Co., Ltd., Futerro, Corbion, Dow, TEIJIN LIMITED, Nature Works LLC, Henan Jindan Lactic Acid Technology Co. Ltd., ThyssenKrupp AG, and Cellulac.
| Aspect | Particulars |
| Historical Market Estimations | 2020-2022 |
| Base Year for Market Estimation | 2022 |
| Forecast Timeline for Market Projection | 2023-2032 |
| Geographical Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Segmentation by Raw Material |
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| Segmentation by Application |
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| Key Companies Profiled |
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Q1. What is the size of the global lactic acid market?
A. The size of the global lactic acid market was over $3.11 billion in 2022 and is projected to reach $6.51 billion by 2032.
Q2. Which are the major companies in the lactic acid market?
A. ThyssenKrupp AG and Cellulac are some of the key players in the global lactic acid market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The North America region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What are the strategies opted by the leading players in this market?
A. Agreement and investment are the two key strategies opted by the operating companies in this market.
Q5. Which companies are investing more in R&D practices?
A. Musashino Chemical (China) Co., Ltd., Futerro, Corbion, Dow, TEIJIN LIMITED, and Nature Works LLC are the companies investing more in R&D activities for developing new products and technologies.
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1. RESEARCH METHODOLOGY
1.1. Desk Research
1.2. Real time insights and validation
1.3. Forecast model
1.4. Assumptions and forecast parameters
1.5. Market size estimation
1.5.1. Top-down approach
1.5.2. Bottom-up approach
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2. REPORT SCOPE
2.1. Market definition
2.2. Key objectives of the study
2.3. Report overview
2.4. Market segmentation
2.5. Overview of the impact of COVID-19 on Global Lactic Acid Market
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3. EXECUTIVE SUMMARY
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4. MARKET OVERVIEW
4.1. Introduction
4.2. Growth impact forces
4.2.1. Drivers
4.2.2. Restraints
4.2.3. Opportunities
4.3. Market value chain analysis
4.3.1. List of raw material suppliers
4.3.2. List of manufacturers
4.3.3. List of distributors
4.4. Innovation & sustainability matrices
4.4.1. Technology matrix
4.4.2. Regulatory matrix
4.5. Porter’s five forces analysis
4.5.1. Bargaining power of suppliers
4.5.2. Bargaining power of consumers
4.5.3. Threat of substitutes
4.5.4. Threat of new entrants
4.5.5. Competitive rivalry intensity
4.6. PESTLE analysis
4.6.1. Political
4.6.2. Economical
4.6.3. Social
4.6.4. Technological
4.6.5. Environmental
4.7. Impact of COVID-19 on Lactic Acid Market
4.7.1. Pre-covid market scenario
4.7.2. Post-covid market scenario
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5. Lactic Acid Market, By Type
5.1. Overview
5.2 Industrial
5.2.1 Definition, key trends, growth factors, and opportunities
5.2.2 Market size analysis, by region, 2020-2027
5.2.3 Market share analysis, by country, 2020-2027
5.3 Food & Beverages
5.3.1 Definition, key trends, growth factors, and opportunities
5.3.2 Market size analysis, by region, 2020-2027
5.3.3 Market share analysis, by country, 2020-2027
5.4 Pharmaceuticals
5.4.1 Definition, key trends, growth factors, and opportunities
5.4.2 Market size analysis, by region, 2020-2027
5.4.3 Market share analysis, by country, 2020-2027
5.5 Personal Care
5.5.1 Definition, key trends, growth factors, and opportunities
5.5.2 Market size analysis, by region, 2020-2027
5.5.3 Market share analysis, by country, 2020-2027
5.6 Polylactic Acid
5.6.1 Definition, key trends, growth factors, and opportunities
5.6.2 Market size analysis, by region, 2020-2027
5.6.3 Market share analysis, by country, 2020-2027
5.7 Others
5.7.1 Definition, key trends, growth factors, and opportunities
5.7.2 Market size analysis, by region, 2020-2027
5.7.3 Market share analysis, by country, 2020-2027
5.8 Research Dive Exclusive Insights
5.8.1 Market attractiveness
5.8.2 Competition heatmap
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6. Lactic Acid Market, By Raw Material
6.1. Overview
6.2 Corn
6.2.1 Definition, key trends, growth factors, and opportunities
6.2.2 Market size analysis, by region, 2020-2027
6.2.3 Market share analysis, by country, 2020-2027
6.3 Sugarcane
6.3.1 Definition, key trends, growth factors, and opportunities
6.3.2 Market size analysis, by region, 2020-2027
6.3.3 Market share analysis, by country, 2020-2027
6.4 Cassava
6.4.1 Definition, key trends, growth factors, and opportunities
6.4.2 Market size analysis, by region, 2020-2027
6.4.3 Market share analysis, by country, 2020-2027
6.5 Other Crops
6.5.1 Definition, key trends, growth factors, and opportunities
6.5.2 Market size analysis, by region, 2020-2027
6.5.3 Market share analysis, by country, 2020-2027
6.6 Research Dive Exclusive Insights
6.6.1 Market attractiveness
6.6.2 Competition heatmap
7. Lactic Acid Market, By Region
7.1 North America
7.1.1 U.S
7.1.1.1 Market size analysis, By Type, 2020-2027
7.1.1.2 Market size analysis, By Raw Material, 2020-2027
7.1.2 Canada
7.1.2.1 Market size analysis, By Type, 2020-2027
7.1.2.2 Market size analysis, By Raw Material, 2020-2027
7.1.3 Mexico
7.1.3.1 Market size analysis, By Type, 2020-2027
7.1.3.2 Market size analysis, By Raw Material, 2020-2027
7.1.4 Research Dive Exclusive Insights
7.1.4.1 Market attractiveness
7.1.4.2 Competition heatmap
7.2 Europe
7.2.1 Germany
7.2.1.1 Market size analysis, By Type, 2020-2027
7.2.1.2 Market size analysis, By Raw Material, 2020-2027
7.2.2 UK
7.2.2.1 Market size analysis, By Type, 2020-2027
7.2.2.2 Market size analysis, By Raw Material, 2020-2027
7.2.3 France
7.2.3.1 Market size analysis, By Type, 2020-2027
7.2.3.2 Market size analysis, By Raw Material, 2020-2027
7.2.4 Spain
7.2.4.1 Market size analysis, By Type, 2020-2027
7.2.4.2 Market size analysis, By Raw Material, 2020-2027
7.2.5 Italy
7.2.5.1 Market size analysis, By Type, 2020-2027
7.2.5.2 Market size analysis, By Raw Material, 2020-2027
7.2.6 Rest of Europe
7.2.6.1 Market size analysis, By Type, 2020-2027
7.2.6.2 Market size analysis, By Raw Material, 2020-2027
7.2.7 Research Dive Exclusive Insights
7.2.7.1 Market attractiveness
7.2.7.2 Competition heatmap
7.3 Asia-Pacific
7.3.1 China
7.3.1.1 Market size analysis, By Type, 2020-2027
7.3.1.2 Market size analysis, By Raw Material, 2020-2027
7.3.2 Japan
7.3.2.1 Market size analysis, By Type, 2020-2027
7.3.2.2 Market size analysis, By Raw Material, 2020-2027
7.3.3 India
7.3.3.1 Market size analysis, By Type, 2020-2027
7.3.3.2 Market size analysis, By Raw Material, 2020-2027
7.3.4 Australia
7.3.4.1 Market size analysis, By Type, 2020-2027
7.3.4.2 Market size analysis, By Raw Material, 2020-2027
7.3.5 South Korea
7.3.5.1 Market size analysis, By Type, 2020-2027
7.3.5.2 Market size analysis, By Raw Material, 2020-2027
7.3.6 Rest of Asia-Pacific
7.3.6.1 Market size analysis, By Type, 2020-2027
7.3.6.2 Market size analysis, By Raw Material, 2020-2027
7.3.7 Research Dive Exclusive Insights
7.3.7.1 Market attractiveness
7.3.7.2 Competition heatmap
7.4 LAMEA
7.4.1 Brazil
7.4.1.1 Market size analysis, By Type, 2020-2027
7.4.1.2 Market size analysis, By Raw Material, 2020-2027
7.4.2 Saudi Arabia
7.4.2.1 Market size analysis, By Type, 2020-2027
7.4.2.2 Market size analysis, By Raw Material, 2020-2027
7.4.3 UAE
7.4.3.1 Market size analysis, By Type, 2020-2027
7.4.3.2 Market size analysis, By Raw Material, 2020-2027
7.4.4 South Africa
7.4.4.1 Market size analysis, By Type, 2020-2027
7.4.4.2 Market size analysis, By Raw Material, 2020-2027
7.4.5 Rest of LAMEA
7.4.5.1 Market size analysis, By Type, 2020-2027
7.4.5.2 Market size analysis, By Raw Material, 2020-2027
7.4.6 Research Dive Exclusive Insights
7.4.6.1 Market attractiveness
7.4.6.2 Competition heatmap
8. Competitive Landscape
8.1 Top winning strategies, 2020-2027
8.1.1 By strategy
8.1.2 By year
8.2 Strategic overview
8.3 Market share analysis, 2020-2027
9. Company Profiles
9.1 Futerro
9.1.1 Overview
9.1.2 Business segments
9.1.3 Product portfolio
9.1.4 Financial performance
9.1.5 Recent developments
9.1.6 SWOT analysis
9.2 Galactic
9.2.1 Overview
9.2.2 Business segments
9.2.3 Product portfolio
9.2.4 Financial performance
9.2.5 Recent developments
9.2.6 SWOT analysis
9.3 Henan Jindan Lactic Acid Technology Co., Ltd.
9.3.1 Overview
9.3.2 Business segments
9.3.3 Product portfolio
9.3.4 Financial performance
9.3.5 Recent developments
9.3.6 SWOT analysis
9.4 Musashino Chemical (China) Co., Ltd
9.4.1 Overview
9.4.2 Business segments
9.4.3 Product portfolio
9.4.4 Financial performance
9.4.5 Recent developments
9.4.6 SWOT analysis
9.5 Corbion
9.5.1 Overview
9.5.2 Business segments
9.5.3 Product portfolio
9.5.4 Financial performance
9.5.5 Recent developments
9.5.6 SWOT analysis
9.6 Thyssenkrupp AG
9.6.1 Overview
9.6.2 Business segments
9.6.3 Product portfolio
9.6.4 Financial performance
9.6.5 Recent developments
9.6.6 SWOT analysis
9.7 Vaishnavi Bio-Tech Ltd.
9.7.1 Overview
9.7.2 Business segments
9.7.3 Product portfolio
9.7.4 Financial performance
9.7.5 Recent developments
9.7.6 SWOT analysis
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