report-image

Global Lactic Acid Market Size By Segmentations, Top Key Players, Trend, Future Development & Forecast 2024-2035

  • PUBLISHED ON
  • 11/23/2022
  • NO OF PAGES
  • 259
  • CATEGORY
  • Chemicals & Materials

Market Overview:

Lactic acid is a naturally occurring organic acid that is widely used in various industries such as food and beverages, pharmaceuticals, personal care, and biodegradable polymer manufacturing. It is produced through the fermentation process of carbohydrates, primarily sugars. Lactic acid is used as a preservative, pH regulator, and flavoring agent in the food and beverage industry. It is also used as an active ingredient in skin care products and as a monomer in the production of biodegradable polymers.

The global lactic acid market is expected to witness significant growth during the forecast period, driven by the growing demand for biodegradable polymers and the increasing use of lactic acid in the food and beverage industry. The market is also expected to be driven by the growing awareness about the benefits of lactic acid in personal care products and the increasing demand for lactic acid-based products in the pharmaceutical industry.

Geographically, the Asia Pacific region is expected to witness the highest growth rate during the forecast period, owing to the growing demand for lactic acid-based products in countries such as China, India, and Japan, as well as the increasing adoption of biodegradable polymers in the region. North America and Europe are also expected to witness significant growth due to the growing demand for lactic acid in the food and beverage industry and the increasing focus on sustainability and eco-friendliness.

Covid-19 Impact:

The COVID-19 pandemic has had a mixed impact on the global lactic acid market. The pandemic has led to a slowdown in economic activity, which has had a negative impact on the market. However, the demand for lactic acid-based products has remained stable or even increased in certain applications.

In the food and beverage industry, the demand for lactic acid has increased due to the growing trend of consuming healthy and natural products. Lactic acid is used as a natural preservative and flavoring agent, which has led to an increase in demand for lactic acid-based products such as cheese, yogurt, and other fermented products. The demand for lactic acid in the personal care industry has also increased, as consumers are increasingly looking for natural and organic products.

On the other hand, the supply chain disruptions caused by the pandemic have led to a shortage of raw materials required for lactic acid production, which has affected the production of lactic acid. Moreover, the restrictions on international trade and transportation have led to a slowdown in the export and import of lactic acid.

Overall, the impact of the pandemic on the global lactic acid market has been mixed, with both positive and negative effects. However, the long-term outlook for the market remains positive, as the demand for lactic acid-based products is expected to continue growing due to increasing consumer awareness about natural and sustainable products.

Market Dynamics:

Drivers:

The global lactic acid market is expected to grow during the forecast period due to several drivers.

  1. Increasing Demand for Biodegradable Polymers: Lactic acid is used as a raw material in the production of biodegradable polymers. The growing concern about the environmental impact of non-biodegradable plastics is driving the demand for biodegradable polymers, which is expected to drive the growth of the lactic acid market.
  2. Growing Use in Food and Beverages Industry: Lactic acid is used as a natural preservative, pH regulator, and flavoring agent in the food and beverage industry. The growing demand for natural and organic food and beverage products is driving the demand for lactic acid-based products, which is expected to drive the growth of the lactic acid market.
  3. Increasing Demand in the Personal Care Industry: Lactic acid is used in the personal care industry as an active ingredient in skin care products. The growing awareness about the benefits of lactic acid in skin care products, such as its exfoliating and moisturizing properties, is driving the demand for lactic acid in the personal care industry.
  4. Government Regulations and Initiatives: Government regulations and initiatives, such as the ban on single-use plastics and the promotion of eco-friendly products, are driving the demand for biodegradable polymers, which is expected to drive the growth of the lactic acid market.
  5. Increasing Health Consciousness: Lactic acid is a natural and healthy alternative to synthetic preservatives and flavoring agents. The growing health consciousness among consumers is driving the demand for natural and organic products, which is expected to drive the growth of the lactic acid market.

Regional Analysis:

The global lactic acid market can be segmented into regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

  1. North America: The North American region dominates the lactic acid market due to the growing demand for biodegradable polymers and the increasing use of lactic acid in the food and beverage industry. The region is also home to several major players in the lactic acid market.
  2. Europe: The European region is expected to witness significant growth in the lactic acid market due to the stringent regulations and initiatives by the European Union to promote the use of eco-friendly products.
  3. Asia Pacific: The Asia Pacific region is expected to witness significant growth in the lactic acid market due to the increasing demand for lactic acid-based products in countries such as China, Japan, and India. The region is also home to several major players in the lactic acid market.
  4. Latin America: The Latin American region is expected to witness significant growth in the lactic acid market due to the increasing demand for biodegradable polymers and the growing use of lactic acid in the food and beverage industry.
  5. Middle East and Africa: The Middle East and Africa region is expected to witness moderate growth in the lactic acid market due to the growing demand for natural and organic products and the increasing use of lactic acid in the personal care industry.

Market Segmentation:

The global lactic acid market can be segmented based on source, application, and region.

  1. By Source:
  • Natural
  • Synthetic
  1. By Application:
  • Food and Beverages
  • Pharmaceutical
  • Personal Care
  • Biodegradable Polymers
  • Others
  1. By Region:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

The food and beverages segment is the largest application segment for lactic acid due to its use as a preservative, flavoring agent, and pH regulator in food and beverages. The pharmaceutical segment is also expected to witness significant growth due to the increasing use of lactic acid in drug delivery systems and as a raw material in the production of biodegradable polymers. The biodegradable polymers segment is expected to witness significant growth due to the increasing demand for eco-friendly products.

Competitive Landscape:

Some of the major players operating in the global lactic acid market are:

  1. Corbion
  2. Cargill, Inc.
  3. Galactic
  4. Henan Jindan Lactic Acid Technology Co. Ltd.
  5. Archer Daniels Midland Company
  6. Dow Chemical Company
  7. BASF SE
  8. Musashino Chemical Laboratory, Ltd.
  9. Futerro
  10. NatureWorks LLC

These companies are focusing on expanding their product portfolios and developing new applications of lactic acid to cater to the growing demand from various end-use industries. They are also investing in research and development activities to improve their product offerings and gain a competitive edge in the market.

Top of Form

 

Base Year: 2023
Historic Year: 2016-2022
Forecast: 2024-2035
1 Lactic Acid Market Overview
1.1 Product Overview and Scope of Lactic Acid
1.2 Lactic Acid Segment by Type
1.2.1 Global Lactic Acid Market Size Growth Rate Analysis by Type 2022 VS 2030
1.2.2 Food Grade
1.2.3 Industrial Grade
1.2.4 Pharmaceutical Grade
1.3 Lactic Acid Segment by Application
1.3.1 Global Lactic Acid Consumption Comparison by Application: 2016 VS 2021 VS 2030
1.3.2 Pharmaceutical
1.3.3 Home & personal Care
1.3.4 Industrial Applications
1.3.5 Food & Beverage
1.3.6 Others
1.4 Global Market Growth Prospects
1.4.1 Global Lactic Acid Revenue Estimates and Forecasts (2016-2030)
1.4.2 Global Lactic Acid Production Capacity Estimates and Forecasts (2016-2030)
1.4.3 Global Lactic Acid Production Estimates and Forecasts (2016-2030)
1.5 Global Lactic Acid Market by Region
1.5.1 Global Lactic Acid Market Size Estimates and Forecasts by Region: 2016 VS 2021 VS 2030
1.5.2 North America Lactic Acid Estimates and Forecasts (2016-2030)
1.5.3 Europe Lactic Acid Estimates and Forecasts (2016-2030)
1.5.5 China Lactic Acid Estimates and Forecasts (2016-2030)
1.5.5 Japan Lactic Acid Estimates and Forecasts (2016-2030)

2 Market Competition by Manufacturers
2.1 Global Lactic Acid Production Capacity Market Share by Manufacturers (2016-2021)
2.2 Global Lactic Acid Revenue Market Share by Manufacturers (2016-2021)
2.3 Lactic Acid Market Share by Company Type (Tier 1, Tier 2 and Tier 3)
2.4 Global Lactic Acid Average Price by Manufacturers (2016-2021)
2.5 Manufacturers Lactic Acid Production Sites, Area Served, Product Types
2.6 Lactic Acid Market Competitive Situation and Trends
2.6.1 Lactic Acid Market Concentration Rate
2.6.2 Global 5 and 10 Largest Lactic Acid Players Market Share by Revenue
2.6.3 Mergers & Acquisitions, Expansion

3 Production and Capacity by Region
3.1 Global Production Capacity of Lactic Acid Market Share by Region (2016-2021)
3.2 Global Lactic Acid Revenue Market Share by Region (2016-2021)
3.3 Global Lactic Acid Production, Revenue, Price and Gross Margin (2016-2021)
3.4 North America Lactic Acid Production
3.4.1 North America Lactic Acid Production Growth Rate (2016-2021)
3.4.2 North America Lactic Acid Production Capacity, Revenue, Price and Gross Margin (2016-2021)
3.5 Europe Lactic Acid Production
3.5.1 Europe Lactic Acid Production Growth Rate (2016-2021)
3.5.2 Europe Lactic Acid Production Capacity, Revenue, Price and Gross Margin (2016-2021)
3.6 China Lactic Acid Production
3.6.1 China Lactic Acid Production Growth Rate (2016-2021)
3.6.2 China Lactic Acid Production Capacity, Revenue, Price and Gross Margin (2016-2021)
3.7 Japan Lactic Acid Production
3.7.1 Japan Lactic Acid Production Growth Rate (2016-2021)
3.7.2 Japan Lactic Acid Production Capacity, Revenue, Price and Gross Margin (2016-2021)

4 Global Lactic Acid Consumption by Region
4.1 Global Lactic Acid Consumption by Region
4.1.1 Global Lactic Acid Consumption by Region
4.1.2 Global Lactic Acid Consumption Market Share by Region
4.2 North America
4.2.1 North America Lactic Acid Consumption by Country
4.2.2 U.S.
4.2.3 Canada
4.3 Europe
4.3.1 Europe Lactic Acid Consumption by Country
4.3.2 Germany
4.3.3 France
4.3.4 U.K.
4.3.5 Italy
4.3.6 Russia
4.4 Asia Pacific
4.4.1 Asia Pacific Lactic Acid Consumption by Region
4.4.2 China
4.4.3 Japan
4.4.4 South Korea
4.4.5 Taiwan
4.4.6 Southeast Asia
4.4.7 India
4.4.8 Australia
4.5 Latin America
4.5.1 Latin America Lactic Acid Consumption by Country
4.5.2 Mexico
4.5.3 Brazil

5 Production, Revenue, Price Trend by Type
5.1 Global Lactic Acid Production Market Share by Type (2016-2021)
5.2 Global Lactic Acid Revenue Market Share by Type (2016-2021)
5.3 Global Lactic Acid Price by Type (2016-2021)

6 Consumption Analysis by Application
6.1 Global Lactic Acid Consumption Market Share by Application (2016-2021)
6.2 Global Lactic Acid Consumption Growth Rate by Application (2016-2021)

7 Key Companies Profiled
7.1 Corbion
7.1.1 Corbion Lactic Acid Corporation Information
7.1.2 Corbion Lactic Acid Product Portfolio
7.1.3 Corbion Lactic Acid Production Capacity, Revenue, Price and Gross Margin (2016-2021)
7.1.4 Corbion Main Business and Markets Served
7.1.5 Corbion Recent Developments/Updates
7.2 Naturework
7.2.1 Naturework Lactic Acid Corporation Information
7.2.2 Naturework Lactic Acid Product Portfolio
7.2.3 Naturework Lactic Acid Production Capacity, Revenue, Price and Gross Margin (2016-2021)
7.2.4 Naturework Main Business and Markets Served
7.2.5 Naturework Recent Developments/Updates
7.3 Galactic
7.3.1 Galactic Lactic Acid Corporation Information
7.3.2 Galactic Lactic Acid Product Portfolio
7.3.3 Galactic Lactic Acid Production Capacity, Revenue, Price and Gross Margin (2016-2021)
7.3.4 Galactic Main Business and Markets Served
7.3.5 Galactic Recent Developments/Updates
7.4 Henan Jindan Lactic Acid Technology
7.4.1 Henan Jindan Lactic Acid Technology Lactic Acid Corporation Information
7.4.2 Henan Jindan Lactic Acid Technology Lactic Acid Product Portfolio
7.4.3 Henan Jindan Lactic Acid Technology Lactic Acid Production Capacity, Revenue, Price and Gross Margin (2016-2021)
7.4.4 Henan Jindan Lactic Acid Technology Main Business and Markets Served
7.4.5 Henan Jindan Lactic Acid Technology Recent Developments/Updates
7.5 COFCO Biochemical
7.5.1 COFCO Biochemical Lactic Acid Corporation Information
7.5.2 COFCO Biochemical Lactic Acid Product Portfolio
7.5.3 COFCO Biochemical Lactic Acid Production Capacity, Revenue, Price and Gross Margin (2016-2021)
7.5.4 COFCO Biochemical Main Business and Markets Served
7.5.5 COFCO Biochemical Recent Developments/Updates
7.6 Musashino Chemical
7.6.1 Musashino Chemical Lactic Acid Corporation Information
7.6.2 Musashino Chemical Lactic Acid Product Portfolio
7.6.3 Musashino Chemical Lactic Acid Production Capacity, Revenue, Price and Gross Margin (2016-2021)
7.6.4 Musashino Chemical Main Business and Markets Served
7.6.5 Musashino Chemical Recent Developments/Updates
7.7 Yancheng Haijianuo
7.7.1 Yancheng Haijianuo Lactic Acid Corporation Information
7.7.2 Yancheng Haijianuo Lactic Acid Product Portfolio
7.7.3 Yancheng Haijianuo Lactic Acid Production Capacity, Revenue, Price and Gross Margin (2016-2021)
7.7.4 Yancheng Haijianuo Main Business and Markets Served
7.7.5 Yancheng Haijianuo Recent Developments/Updates
7.8 Wuhan Sanjiang Space Good Biotech
7.8.1 Wuhan Sanjiang Space Good Biotech Lactic Acid Corporation Information
7.8.2 Wuhan Sanjiang Space Good Biotech Lactic Acid Product Portfolio
7.8.3 Wuhan Sanjiang Space Good Biotech Lactic Acid Production Capacity, Revenue, Price and Gross Margin (2016-2021)
7.8.4 Wuhan Sanjiang Space Good Biotech Main Business and Markets Served
7.7.5 Wuhan Sanjiang Space Good Biotech Recent Developments/Updates
7.9 Shanxi Biochemical
7.9.1 Shanxi Biochemical Lactic Acid Corporation Information
7.9.2 Shanxi Biochemical Lactic Acid Product Portfolio
7.9.3 Shanxi Biochemical Lactic Acid Production Capacity, Revenue, Price and Gross Margin (2016-2021)
7.9.4 Shanxi Biochemical Main Business and Markets Served
7.9.5 Shanxi Biochemical Recent Developments/Updates
7.10 Jungbunzlauer
7.10.1 Jungbunzlauer Lactic Acid Corporation Information
7.10.2 Jungbunzlauer Lactic Acid Product Portfolio
7.10.3 Jungbunzlauer Lactic Acid Production Capacity, Revenue, Price and Gross Margin (2016-2021)
7.10.4 Jungbunzlauer Main Business and Markets Served
7.10.5 Jungbunzlauer Recent Developments/Updates
7.11 Zhengzhou Tianrun
7.11.1 Zhengzhou Tianrun Lactic Acid Corporation Information
7.11.2 Zhengzhou Tianrun Lactic Acid Product Portfolio
7.11.3 Zhengzhou Tianrun Lactic Acid Production Capacity, Revenue, Price and Gross Margin (2016-2021)
7.11.4 Zhengzhou Tianrun Main Business and Markets Served
7.11.5 Zhengzhou Tianrun Recent Developments/Updates
7.12 Shangdong Fullsail
7.12.1 Shangdong Fullsail Lactic Acid Corporation Information
7.12.2 Shangdong Fullsail Lactic Acid Product Portfolio
7.12.3 Shangdong Fullsail Lactic Acid Production Capacity, Revenue, Price and Gross Margin (2016-2021)
7.12.4 Shangdong Fullsail Main Business and Markets Served
7.12.5 Shangdong Fullsail Recent Developments/Updates
7.13 Tripura Bio Tech Limited
7.13.1 Tripura Bio Tech Limited Lactic Acid Corporation Information
7.13.2 Tripura Bio Tech Limited Lactic Acid Product Portfolio
7.13.3 Tripura Bio Tech Limited Lactic Acid Production Capacity, Revenue, Price and Gross Margin (2016-2021)
7.13.4 Tripura Bio Tech Limited Main Business and Markets Served
7.13.5 Tripura Bio Tech Limited Recent Developments/Updates

8 Lactic Acid Manufacturing Cost Analysis
8.1 Lactic Acid Key Raw Materials Analysis
8.1.1 Key Raw Materials
8.1.2 Key Raw Materials Price Trend
8.1.3 Key Suppliers of Raw Materials
8.2 Proportion of Manufacturing Cost Structure
8.3 Manufacturing Process Analysis of Lactic Acid
8.4 Lactic Acid Industrial Chain Analysis

9 Marketing Channel, Distributors and Customers
9.1 Marketing Channel
9.2 Lactic Acid Distributors List
9.3 Lactic Acid Customers

10 Market Dynamics
10.1 Lactic Acid Industry Trends
10.2 Lactic Acid Growth Drivers
10.3 Lactic Acid Market Challenges
10.4 Lactic Acid Market Restraints

11 Production and Supply Forecast
11.1 Global Forecasted Production of Lactic Acid by Region (2022-2030)
11.2 North America Lactic Acid Production, Revenue Forecast (2022-2030)
11.3 Europe Lactic Acid Production, Revenue Forecast (2022-2030)
11.4 China Lactic Acid Production, Revenue Forecast (2022-2030)
11.5 Japan Lactic Acid Production, Revenue Forecast (2022-2030)

12 Consumption and Demand Forecast
12.1 Global Forecasted Demand Analysis of Lactic Acid
12.2 North America Forecasted Consumption of Lactic Acid by Country
12.3 Europe Market Forecasted Consumption of Lactic Acid by Country
12.4 Asia Pacific Market Forecasted Consumption of Lactic Acid by Region
12.5 Latin America Forecasted Consumption of Lactic Acid by Country
13 Forecast by Type and by Application (2022-2030)
13.1 Global Production, Revenue and Price Forecast by Type (2022-2030)
13.1.1 Global Forecasted Production of Lactic Acid by Type (2022-2030)
13.1.2 Global Forecasted Revenue of Lactic Acid by Type (2022-2030)
13.1.3 Global Forecasted Price of Lactic Acid by Type (2022-2030)
13.2 Global Forecasted Consumption of Lactic Acid by Application (2022-2030)
14 Research Finding and Conclusion

15 Methodology and Data Source
15.1 Methodology/Research Approach
15.1.1 Research Programs/Design
15.1.2 Market Size Estimation
15.1.3 Market Breakdown and Data Triangulation
15.2 Data Source
15.2.1 Secondary Sources
15.2.2 Primary Sources
15.3 Author List
15.4 Disclaimer

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached Straits Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2028.


CHOOSE LICENSE TYPE
QLOUD
Pricing

Select a license type that suits your business needs

Single User Access

US $3950

Only Three Thousand Nine Hundred Fifty US dollar

  • 1 User access
  • 15% Additional Free Customization
  • Free Unlimited post-sale support
  • 100% Service Guarantee until achievement of ROI
Multi User Cost

US $4950

Only Four Thousand Nine Hundred Fifty US dollar

  • 5 Users access
  • 25% Additional Free Customization
  • Access Report summaries for Free
  • Guaranteed service
  • Dedicated Account Manager
  • Discount of 20% on next purchase
  • Get personalized market brief from Lead Author
  • Printing of Report permitted
  • Discount of 20% on next purchase
  • 100% Service Guarantee until achievement of ROI
Enterprise User Cost

US $5950

Only Five Thousand Nine Hundred Fifty US dollar

  • Unlimited User Access
  • 30% Additional Free Customization
  • Exclusive Previews to latest or upcoming reports
  • Discount of 30% on next purchase
  • 100% Service Guarantee until achievement of ROI