Lactic Acid Market - Forecast(2021 - 2026)
Lactic Acid Market Overview:
According to the findings by the International Dairy Federation (IDF), the global per capita dairy products consumption in 2017 was valued to be 113 kg among 7,700 million inhabitants[1]. Some part of this consumption is attributed to yogurt, cheese, buttermilk, and other dairy products that make use of lactic acid in the manufacturing stage particularly for fermentation purpose as the chemical contains useful microorganisms that aid to the process. The manufacturing of dairy products and the projected growth of the same owing to the catapulting demand is a boon to the lactic acid market which was valued to be around $3.54 billion in 2018. Furthermore, the demand for lactic acid will observe a healthy compound annual growth rate (CAGR) of 7.85% during the forecast period of 2019 to 2025.
Apparently, meat consumption in the Americas is more than that in any other region in the world owing to the major fraction of the non-vegetarian population. Moreover, the Americas is one of the dominant suppliers of meat products across the globe. Meat products are incorporated with lactic acid because it has antimicrobial qualities. So, the massive production of meat products in Americas chiefly supports the lactic acid market. Furthermore, the food and beverages industry in Americas also depicts inundated consumption dairy products because of which the lactic acid market is booming in the region that was leading the market with a market share of 38%.
Lactic Acid Market Outlook:
Frequently used as an example for optical isomers, lactic acid is a chiral organic acid with a conjugate base of lactate which is produced in animals from pyruvate by using the enzyme lactate dehydrogenase (LDH). It is also documented as alpha-hydroxy acid (AHA) due to the presence of carboxyl group which is adjacent to the hydroxyl group. Lactic acid finds applications in a gamut of industries that include chemical, pharmaceutical, and biodegradable products.
Key application segments for the lactic acid market are food and beverages and pharmaceuticals. The food and beverages industry will observe a massive growth in the future owing to the incremented demand from the growing population. This is coupled with the demand for preserved food in which lactic acid is used as a food preservative. This application is significantly supporting the lactic acid market. Additionally, there is also a discernible growth in the pharmaceutical sector, and that is also creating a marketplace for the vendors. The application of lactic acid in the F&B and pharmaceutical will observe an impressive CAGR of 8.12% through to 2025.
Lactic Acid Market Growth Drivers:
The Increasing Demand from the Textile Industry –
The perpetually developing economy is imbuing a demand influx in the textile industry. This attributes to the fact that the rise in per capita income will lead to demand growth of not only wearable textile products but also the household ones. Evidently, this is followed by the escalation in the disposable personal income that will bring upon a need for various textile companies to reinvent their product portfolio with different colors combinations. Lactic acid is widely used as a mordant in the textile industry wherein it also fulfills the function of chrome level effluent control during the process of dye application, which leads to better dye-yields. Considering that there is no other sustainable solution for the process coupled with the fact that textile manufacturing units will continue to use lactic acid, there will be growth prospects in the lactic acid market for the existing vendors and the emerging entrants.
The Demand Influx in the Polylactic Acid (PLA) Market –
The demand for bioplastics is going uphill for environmental reasons as they are found to leave lower carbon footprints as compared to their counterparts. PLA, made from its monomer lactic acid, is a kind of bio-plastic which finds application in packaging of food and beverages that have a short shelf life. Additionally, PLA is also becoming a preferred material used in the under-hood and external parts in vehicles, and the growth of the automotive industry is creating a continuous demand of the same. The applications of PLA is evidently flourishing the lactic acid market.
The Application in Cosmetics –
Lactic acid has anti-acne effect for which it is used as an ingredient in the lotion that is prescribed for the treatment of acne. Moreover, it is prevalently used as a moisturizer in many cosmetic products as it has property need for healing dry skin. As a result of aging, a lot of people suffer from conditions such as dry skin and wrinkles which can be treated with lotions that contain lactic acid. Given that the population fraction of people with age beyond 60 years will rise from 12% in 2015 to 22% in 2050[2] as per the findings by the World Health Organization (WHO), there will be a perceptible growth in the demand for such skin care products which will have a positive effect on the lactic acid market revenue.
Lactic Acid Market Trends:
The latest trend in the lactic acid market is observed to be the application of PLA in 3D printing. 3D printers are capable of printing a myriad of materials, especially metals. Moreover, the product is also getting traction from the Industry 4.0 market which is poised to grow at a CAGR of 15% to 20% through to 2025 according to a business intelligence report by Industry. This will create more requirement for 3D printers, and resultantly, the lactic acid will observe an upsurge in demand.
In June 2016, NatureWorks signed a contract to license Plaxica’s Optipure chemical processing technology for the manufacturing of D-lactic acid.
Lactic Acid Market Challenges:
The biggest challenge in front of the vendors in the lactic acid market is maintaining supply to demand. New applications of lactic acid are being discovered every year, and the prospective customers show a predilection for the product because it complies with the environmental regulations. So, it’s difficult for the vendors to suffice the demand, and this subsequently warrants the expansion in terms of more manufacturing units which will need further investment, but the continuous demand in the future will ensure that the vendors will get the desired return on investment and attain the breakeven point.
Lactic Acid Market Key Players Perspective:
The key players crusading for the lactic acid market share are Corbian Purac NV, Galactic SA, FDC ltd., H.K Goel & Co. Pvt. Ltd., and Henan Jindan Lactic Acid Technology Co. Ltd.
Lactic Acid Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the lactic acid market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of lactic acid market, and their specific applications in chemicals, food and beverages, pharmaceuticals, and biodegradable products.
Lactic Acid Market Report: Industry Coverage
The report analyses the product demands by their functions as preservatives, pH regulators, and anti-microbial agent in various applications.
The lactic acid market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
North America: The U.S., Canada, Mexico
South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Lactic Acid Market Report
Is the market demand for lactic acid growing? How long will it continue to grow and at what rate?
Which type of home security system presents the major growth opportunities?
Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
What is our Vision 2030 for lactic acid market?
A Few Focus Points Of This Research Are Given Below:
Give a deep-dive analysis of the key operational strategies with a focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
Provide an overview of the product portfolio, including product planning, development, and positioning
Discuss the role of technology companies in partnerships
Explore the regional sales activities
Analyze the market size and giving the forecast for the current and future global lactic acid market during the forecast 2018–2023
Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures
Reference:
[1]https://store.fil-idf.org/wp-content/uploads/2018/10/WDS2018Preview-1.pdf
[2]https://www.who.int/news-room/fact-sheets/detail/ageing-and-health
According to the findings by the International Dairy Federation (IDF), the global per capita dairy products consumption in 2017 was valued to be 113 kg among 7,700 million inhabitants[1]. Some part of this consumption is attributed to yogurt, cheese, buttermilk, and other dairy products that make use of lactic acid in the manufacturing stage particularly for fermentation purpose as the chemical contains useful microorganisms that aid to the process. The manufacturing of dairy products and the projected growth of the same owing to the catapulting demand is a boon to the lactic acid market which was valued to be around $3.54 billion in 2018. Furthermore, the demand for lactic acid will observe a healthy compound annual growth rate (CAGR) of 7.85% during the forecast period of 2019 to 2025.
Apparently, meat consumption in the Americas is more than that in any other region in the world owing to the major fraction of the non-vegetarian population. Moreover, the Americas is one of the dominant suppliers of meat products across the globe. Meat products are incorporated with lactic acid because it has antimicrobial qualities. So, the massive production of meat products in Americas chiefly supports the lactic acid market. Furthermore, the food and beverages industry in Americas also depicts inundated consumption dairy products because of which the lactic acid market is booming in the region that was leading the market with a market share of 38%.
Lactic Acid Market Outlook:
Frequently used as an example for optical isomers, lactic acid is a chiral organic acid with a conjugate base of lactate which is produced in animals from pyruvate by using the enzyme lactate dehydrogenase (LDH). It is also documented as alpha-hydroxy acid (AHA) due to the presence of carboxyl group which is adjacent to the hydroxyl group. Lactic acid finds applications in a gamut of industries that include chemical, pharmaceutical, and biodegradable products.
Key application segments for the lactic acid market are food and beverages and pharmaceuticals. The food and beverages industry will observe a massive growth in the future owing to the incremented demand from the growing population. This is coupled with the demand for preserved food in which lactic acid is used as a food preservative. This application is significantly supporting the lactic acid market. Additionally, there is also a discernible growth in the pharmaceutical sector, and that is also creating a marketplace for the vendors. The application of lactic acid in the F&B and pharmaceutical will observe an impressive CAGR of 8.12% through to 2025.
Lactic Acid Market Growth Drivers:
The Increasing Demand from the Textile Industry –
The perpetually developing economy is imbuing a demand influx in the textile industry. This attributes to the fact that the rise in per capita income will lead to demand growth of not only wearable textile products but also the household ones. Evidently, this is followed by the escalation in the disposable personal income that will bring upon a need for various textile companies to reinvent their product portfolio with different colors combinations. Lactic acid is widely used as a mordant in the textile industry wherein it also fulfills the function of chrome level effluent control during the process of dye application, which leads to better dye-yields. Considering that there is no other sustainable solution for the process coupled with the fact that textile manufacturing units will continue to use lactic acid, there will be growth prospects in the lactic acid market for the existing vendors and the emerging entrants.
The Demand Influx in the Polylactic Acid (PLA) Market –
The demand for bioplastics is going uphill for environmental reasons as they are found to leave lower carbon footprints as compared to their counterparts. PLA, made from its monomer lactic acid, is a kind of bio-plastic which finds application in packaging of food and beverages that have a short shelf life. Additionally, PLA is also becoming a preferred material used in the under-hood and external parts in vehicles, and the growth of the automotive industry is creating a continuous demand of the same. The applications of PLA is evidently flourishing the lactic acid market.
The Application in Cosmetics –
Lactic acid has anti-acne effect for which it is used as an ingredient in the lotion that is prescribed for the treatment of acne. Moreover, it is prevalently used as a moisturizer in many cosmetic products as it has property need for healing dry skin. As a result of aging, a lot of people suffer from conditions such as dry skin and wrinkles which can be treated with lotions that contain lactic acid. Given that the population fraction of people with age beyond 60 years will rise from 12% in 2015 to 22% in 2050[2] as per the findings by the World Health Organization (WHO), there will be a perceptible growth in the demand for such skin care products which will have a positive effect on the lactic acid market revenue.
Lactic Acid Market Trends:
The latest trend in the lactic acid market is observed to be the application of PLA in 3D printing. 3D printers are capable of printing a myriad of materials, especially metals. Moreover, the product is also getting traction from the Industry 4.0 market which is poised to grow at a CAGR of 15% to 20% through to 2025 according to a business intelligence report by Industry. This will create more requirement for 3D printers, and resultantly, the lactic acid will observe an upsurge in demand.
In June 2016, NatureWorks signed a contract to license Plaxica’s Optipure chemical processing technology for the manufacturing of D-lactic acid.
Lactic Acid Market Challenges:
The biggest challenge in front of the vendors in the lactic acid market is maintaining supply to demand. New applications of lactic acid are being discovered every year, and the prospective customers show a predilection for the product because it complies with the environmental regulations. So, it’s difficult for the vendors to suffice the demand, and this subsequently warrants the expansion in terms of more manufacturing units which will need further investment, but the continuous demand in the future will ensure that the vendors will get the desired return on investment and attain the breakeven point.
Lactic Acid Market Key Players Perspective:
The key players crusading for the lactic acid market share are Corbian Purac NV, Galactic SA, FDC ltd., H.K Goel & Co. Pvt. Ltd., and Henan Jindan Lactic Acid Technology Co. Ltd.
Lactic Acid Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the lactic acid market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of lactic acid market, and their specific applications in chemicals, food and beverages, pharmaceuticals, and biodegradable products.
Lactic Acid Market Report: Industry Coverage
The report analyses the product demands by their functions as preservatives, pH regulators, and anti-microbial agent in various applications.
The lactic acid market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
North America: The U.S., Canada, Mexico
South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Lactic Acid Market Report
Is the market demand for lactic acid growing? How long will it continue to grow and at what rate?
Which type of home security system presents the major growth opportunities?
Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
What is our Vision 2030 for lactic acid market?
A Few Focus Points Of This Research Are Given Below:
Give a deep-dive analysis of the key operational strategies with a focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
Provide an overview of the product portfolio, including product planning, development, and positioning
Discuss the role of technology companies in partnerships
Explore the regional sales activities
Analyze the market size and giving the forecast for the current and future global lactic acid market during the forecast 2018–2023
Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures
Reference:
[1]https://store.fil-idf.org/wp-content/uploads/2018/10/WDS2018Preview-1.pdf
[2]https://www.who.int/news-room/fact-sheets/detail/ageing-and-health
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