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| Lactic Acid Market |
Market Overview:
The global Lactic Acid Market is estimated to be valued at US$3,124.0 million in 2022 and is expected to exhibit a CAGR of 8.2% over the forecast period
from 2023 to 2030, according to a new report published by Coherent Market
Insights. Lactic acid is a key organic acid used in various industries,
including food and beverages, pharmaceuticals, and personal care products. Its
biodegradability, non-toxic nature, and ability to enhance product quality and
performance are driving its demand. Lactic acid is widely used as a
preservative, pH regulator, flavor enhancer, and antimicrobial agent in the
food and beverage industry. Moreover, growing awareness regarding personal
hygiene and increasing demand for natural and organic personal care products
are driving the demand for lactic acid in the personal care industry.
Market Key Trends:
In the global lactic acid market, one key trend is the increasing adoption of
lactic acid-based polylactic acid (PLA) in the packaging industry. PLA, a
renewable bioplastic derived from lactic acid, offers various advantages such
as biodegradability, mechanical strength, heat resistance, and versatility.
With the rising focus on sustainable and eco-friendly packaging solutions, the
demand for PLA-based packaging is witnessing significant growth. PLA-based
packaging materials are being widely used in the food and beverage industry as
they provide excellent barrier properties, which helps in preserving the
freshness and quality of products. Additionally, PLA-based packaging reduces
the carbon footprint and environmental impact compared to conventional
petroleum-based packaging materials. The increasing popularity of PLA-based
packaging materials is not only driven by environmental concerns but also by
the stringent regulations regarding plastic waste management. Hence, the
adoption of lactic acid-based PLA in the packaging industry is expected
Segment Analysis:
The lactic acid market can be segmented based on source, application, and
region. Based on source, the market can be divided into natural and synthetic
sources. The natural source segment is dominating the market due to the
increasing consumer preference for natural and organic products. Natural lactic
acid is derived from renewable resources such as cornstarch, sugarcane, and
beet sugar. The demand for natural lactic acid is also driven by the rising
awareness about the environmental impact of synthetic products.
In terms of application, the lactic acid market can be categorized into food
and beverages, pharmaceuticals, personal care products, and others. The food
and beverages segment is the dominating sub-segment due to the wide range of
applications of lactic acid in this industry. Lactic acid is used as a
preservative, pH regulator, flavor enhancer, and binder in food and beverage
products. Growing consumer demand for processed foods and beverages that are
safe and have increased shelf life is driving the growth of this segment.
Key Takeaways:
The global lactic
acid market Share is expected to
witness high growth, exhibiting a CAGR
of 8.2% over the forecast period. The market is driven by several factors,
including increasing consumer preference for natural and organic products,
rising awareness about the environmental impact of synthetic products, and
growing demand for processed foods and beverages with increased shelf life.
In terms of regional analysis, North America is the fastest-growing and
dominating region in the lactic acid market. The region is witnessing high
demand for natural and organic products, especially in the food and beverages
industry. The presence of major players in the region and favorable government
regulations supporting the use of natural ingredients are also contributing to
the growth of the market in North America.
Key players operating in the lactic acid market include Futerro, BASF SE,
Galactic, Henan Jindan Lactic Acid Technology Co. Ltd., Musashino Chemical
(China) Co., Ltd., Corbion, thyssenkrupp AG, Dow, Cellulac, and Jungbunzlauer
Suisse AG. These key players are focusing on product innovations, strategic
partnerships, and mergers and acquisitions to strengthen their market presence
and gain a competitive advantage.
Read More,
https://www.newsstatix.com/lactic-acid-market-size-market-share-analysis/
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