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, t...