HomePress-release

Redding, California - November 8, 2024

Lactic Acid Market to Reach $10.64 Billion by 2031

Lactic Acid Market Size, Share, Forecast, & Trends Analysis by Source (Sugarcane, Corn, Cassava, Yeast Extract), Form (Liquid, Dry), Application (Polylactic Acid, Food & Beverages, Pharmaceuticals, Personal Care, Industrial) - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled "Lactic Acid Market—Global Opportunity Analysis and Industry Forecast (2024-2031).’ According to this latest publication from Meticulous Research^®, the lactic acid market is expected to reach $10.64 billion by 2031, at a CAGR of 13.6% from 2024 to 2031.

The growing personal care industry, increasing adoption of lactic acid in the food & beverage sector, and rising government support for eco-friendly products are driving the growth of the lactic acid market. However, fluctuating raw material prices and the availability of cheaper synthetic alternatives are restraining market growth.

Additionally, the increasing demand for sustainably sourced and environmentally friendly products, along with emerging economies in Asia-Pacific and Latin America, is creating significant opportunities for market players. However, the high cost of production is a significant challenge affecting the market’s growth.

The rising adoption of clean-label products and sustainably sourced ingredients is a prominent trend in the lactic acid market.

Key Players:

The lactic acid market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the lactic acid market are Corbion NV (Netherlands), BASF SE (Germany), Galactic (Belgium), Cargill, Incorporated (U.S.), Musashino Chemical Laboratory, Ltd. (Japan), CELLULAC (U.K.), Jungbunzlauer Suisse AG (Switzerland), Henan Jindan lactic acid Technology Co., Ltd. (China), Foodchem International Corporation (China), Godavari Bio-refineries (India), Sulzer Ltd (Switzerland), Spectrum Chemical Mfg. Corp. (U.S.), ProAgro GmbH (Austria), and Vaishnavi Biotech (India), among others.

The lactic acid market is segmented based on source, form, and application. The report also evaluates industry competitors and analyzes the market at the regional and country levels.

By source, in 2024, the sugarcane segment is expected to account for the largest share of the lactic acid market. This segment's large market share is primarily due to the abundant availability of sugarcane biomass for lactic acid production. Major producers, such as Brazil and India, contribute significantly to global sugar production. The diverse byproducts of sugarcane, including molasses and bagasse, support the production of high-purity lactic acid while providing economic benefits through lower raw material costs. Additionally, sugarcane molasses and juices are often more cost-effective than synthetic or non-renewable sources.

By form, in 2024, the liquid segment is expected to account for the larger share of the lactic acid market. This segment’s large market share is attributed to the growing demand for and preference for liquid lactic acid across industries such as food & beverage, personal care, and pharmaceuticals. Its high solubility makes it easy to incorporate into various formulations, while the wide range of liquid products offered by different manufacturers further enhances its market appeal.

By application, in 2024, the polylactic acid segment is expected to account for the largest share of the lactic acid market. This segment’s large market share is attributed to the growing awareness of biodegradable plastics, the increasing adoption of PLA as an alternative to petroleum-based plastics, and rising government regulations targeting non-biodegradable materials. Additionally, the growing use of PLA in various applications across industries such as automotive, medical & healthcare, textiles & fibers, and consumer goods further contributes to the segment’s growth.

Geographic Review:

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, Indonesia, Malaysia, Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), and the Middle East & Africa (Saudi Arabia, South Africa, UAE, Rest of Middle East & Africa).

By geography, in 2024, North America is expected to account for the largest share of the lactic acid market, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa. North America’s major market share can be attributed to several factors, including the growing demand for lactic acid in pharmaceuticals, personal care products, and food & beverages, as well as increasing government initiatives to reduce carbon footprints and the rising demand for biodegradable packaging materials. North America is also home to many major pharmaceutical and personal care product manufacturers, such as Unilever, Procter & Gamble, Colgate-Palmolive, and Pfizer Inc., all of which are significant consumers of lactic acid, further driving the region's market growth.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=6081

Key Questions Answered in the Report:

What is the revenue generated from the sales of lactic acid?
At what rate is the global demand for lactic acid projected to grow for the next five to seven years?
What is the historical market size and growth rate for the lactic acid market?
What are the major factors impacting the growth of this market at global and regional levels?
What are the major opportunities for existing players and new entrants in the market?
Which source, form, and application segments create major traction for the manufacturers in this market?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the lactic acid market?
Who are the major players in the lactic acid market? What are their specific product offerings in this market?
What recent developments have taken place in the lactic acid market? What impact have these strategic developments created on the market?

Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research

3D Printing

5G Technology

Advanced Chemical & Materials

Agrochemicals

Algae Products

Alternative Proteins

Animal Health

Artificial Intelligence

Automotive Technologies

Big Data Analytics

Climate Technologies

Edible Insects

Electric Vehicle

Food & Agriculture Technologies

Hydrogen Technologies

Internet Of Things

In Vitro Diagnostics

Laboratory Instrumentation

Language Learning Technologies

Medical Technologies

Next Generation Technologies

Processing & Packaging Technologies

Robotics & Automation

Smart Technologies

Water & Wastewater Technologies

Miscellaneous / Others

Redding, California - November 8, 2024

Lactic Acid Market to Reach $10.64 Billion by 2031

Lactic Acid Market Size, Share, Forecast, & Trends Analysis by Source (Sugarcane, Corn, Cassava, Yeast Extract), Form (Liquid, Dry), Application (Polylactic Acid, Food & Beverages, Pharmaceuticals, Personal Care, Industrial) - Global Forecast to 2031

Recommended Readings

Advanced Chemical &
Materials

Food & Agriculture
Technologies

Next Generation
Technologies

Processing & Packaging
Technologies

Water & Wastewater
Technologies