Global Lactic Acid Market - Growth, Trends, and Forecast (2022-2030)
Market Insights
The global lactic acid market is expected to register a CAGR of 12.4%, during the forecast period (2018 - 2023).
Lactic acid are available in various grades depending upon its purity and its application. Lactic acid demand in food & beverages market are growing with the emerging technology and the growing demand in applications. Due to various functional properties of lactic acid it is used as a key ingredient in food & beverages products.
Market Dynamics
The major drivers for the lactic acid market are increased demand in food applications of lactic acid, availability of cheap raw materials, various functional properties of lactic acid and the regulatory approval by international regulations. The low cost of raw materials, such as molasses, starch, sugarcane, and other carbohydrates, has been a big advantage for industries as it directly lowers the final cost of the product. Also, these raw materials are abundant and easily available in the domestic regions for production, which is driving the market. The regulatory approval of lactic acid to be used as a food additive has boosted its applications in food products market. However, the large capital investment and the fluctuations in raw material prices are being the restraints for the market.
Market Segmentation
The segmentation of lactic acid market is done by application type, function type, source type, and by geography. Market segmentation on the application type includes meat, poultry and fish, dairy, beverages, fruits and vegetables, bakery and confectionery. Dairy and meat products applications consists of high demand among others in application segment. The market segmentation on the source type consists of natural and synthetic source. The natural source type is further sub segmented into milk source or plant source. The natural lactic aciddominates the market while the synthetic production is less common due to its sustainable factor. Lactic acid market segmentation on the function type in food & beverages includes its function as preservative, pH regulator, antimicrobial agent, flavor, and mineral fortification. Lactic acid is more commonly used as pH regulator in various foods and as an antimicrobial agent in meat and poultry products, which is the second major category of application after dairy.
Regional Analysis
The market is further segmented on the region basis into North America, Europe, Asia Pacific, Africa, and South America. North America holds the largest share of the lactic acid market in food applications followed by Europe and Asia pacific. The EU regulatory environment has supported the market growth in the region.
Key Developments
• April 2015 – Corbion N.V. acquired the lactic acid business from Archer Daniels Midland Company for an undisclosed cash sum.
Major players - ADM, CARGILL, CELLULAC, CORBION, GALACTIC, HENAN JINDAN LACTIC ACID CO. LTD., NINGXIA HYPOW BIO-TECHNOLOGY CO. LTD., PURAC, among others.
Reasons to Purchase this Report
• Analyzing outlook of the market with the recent trends and Porters five forces analysis
• Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
• Market segmentation analysis, including qualitative & quantitative research incorporating the impact of economic & non-economic aspects
• Regional and Country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
The global lactic acid market is expected to register a CAGR of 12.4%, during the forecast period (2018 - 2023).
Lactic acid are available in various grades depending upon its purity and its application. Lactic acid demand in food & beverages market are growing with the emerging technology and the growing demand in applications. Due to various functional properties of lactic acid it is used as a key ingredient in food & beverages products.
Market Dynamics
The major drivers for the lactic acid market are increased demand in food applications of lactic acid, availability of cheap raw materials, various functional properties of lactic acid and the regulatory approval by international regulations. The low cost of raw materials, such as molasses, starch, sugarcane, and other carbohydrates, has been a big advantage for industries as it directly lowers the final cost of the product. Also, these raw materials are abundant and easily available in the domestic regions for production, which is driving the market. The regulatory approval of lactic acid to be used as a food additive has boosted its applications in food products market. However, the large capital investment and the fluctuations in raw material prices are being the restraints for the market.
Market Segmentation
The segmentation of lactic acid market is done by application type, function type, source type, and by geography. Market segmentation on the application type includes meat, poultry and fish, dairy, beverages, fruits and vegetables, bakery and confectionery. Dairy and meat products applications consists of high demand among others in application segment. The market segmentation on the source type consists of natural and synthetic source. The natural source type is further sub segmented into milk source or plant source. The natural lactic aciddominates the market while the synthetic production is less common due to its sustainable factor. Lactic acid market segmentation on the function type in food & beverages includes its function as preservative, pH regulator, antimicrobial agent, flavor, and mineral fortification. Lactic acid is more commonly used as pH regulator in various foods and as an antimicrobial agent in meat and poultry products, which is the second major category of application after dairy.
Regional Analysis
The market is further segmented on the region basis into North America, Europe, Asia Pacific, Africa, and South America. North America holds the largest share of the lactic acid market in food applications followed by Europe and Asia pacific. The EU regulatory environment has supported the market growth in the region.
Key Developments
• April 2015 – Corbion N.V. acquired the lactic acid business from Archer Daniels Midland Company for an undisclosed cash sum.
Major players - ADM, CARGILL, CELLULAC, CORBION, GALACTIC, HENAN JINDAN LACTIC ACID CO. LTD., NINGXIA HYPOW BIO-TECHNOLOGY CO. LTD., PURAC, among others.
Reasons to Purchase this Report
• Analyzing outlook of the market with the recent trends and Porters five forces analysis
• Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
• Market segmentation analysis, including qualitative & quantitative research incorporating the impact of economic & non-economic aspects
• Regional and Country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Frequently Asked Questions
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