According to Fortune Business Insights the lactic acid market size was valued at USD 7.14 billion in 2023 and is projected to grow from USD 8.37 billion in 2024 to USD 31.84 billion by 2032, exhibiting a CAGR of 18.0% during the forecast period.
According to our researchers, lactic acid or 2-Hydroxypropanoic acid is a natural biological acid with several applications in the food, pharmaceutical, chemical, cosmetic, and medical industries. It is formed by fermenting sugar acquired from renewable means, terming it as an eco-friendly creation. The product is generally utilized in polylactic acid (PLA) formation, a compostable thermoplastic and recyclable polymer created from renewable mediums.
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Drivers and Restraints
Growing Cosmetic and Personal Care Industry to Drive Market Growth
Lactic acid is used as a humectant, exfoliator, pH adjuster, and skin prepping agent in various beautifying and personal maintenance products. It smoothens, revitalizes, and sets an even skin texture while appearing firmer. It aids in declining the look of acne spots, wrinkles, and fine lines on the skin. Additionally, the product is incorporated in hair products because of its capability to reinforce fragile hair. Moreover, the upsurge in user consciousness and augmented disposable income are anticipated to amplify the demand for cosmetics and individual maintenance products and further thrust the market development.
Moreover, the promptly increasing number of social media handlers, tailored ads, and celebrated social influencers recommending several cosmetic products through these mediums are expected to boost cosmetic and personal care products sales. Further, brands with online websites and e-commerce businesses such as Alibaba Express and Amazon have amplified online shopping, which, in turn, may bolster the demand for cosmetic and personal care products. This factor may boost the lactic acid market growth in the long term.
List of Key Players Covered in Lactic Acid Market Report are:
- BASF SE (Ludwigshafen, Germany)
- Corbion (The Netherlands)
- NatureWorks LLC (Minnesota, U.S.)
- CELLULAC (London, U.K.)
- Galactic (Escanaffles, Belgium)
- Sulzer Ltd (Winterthur, Switzerland)
- GODAVARI BIOREFINERIES LTD. (Mumbai, India)
- Cargill, Incorporated (Minnesota, U.S.)
- Kemin Industries, Inc. (Iowa, U.S.)
- Henan Jindan Lactic Acid Technology Co. Ltd (Hertogenbosch, The Netherlands)
Lactic Acid Market Segmentation Analysis:
Rising Adoption of Sugarcane in Food and Biochemical Industries to Propel Sugarcane Segment Growth
By raw materials, the market is divided into sugarcane, corn, yeast extract, and others. The sugarcane segment is expected to lead the market due to the rising adoption of sugarcane in the food and biochemical industries and increasing bioplastics development.
Rapid Food and Pharmaceutical Industries Expansion to Drive Liquid Segment Growth
Based on form, the market is bifurcated into liquid and dry. The liquid segment held the largest lactic acid market share. The segment’s growth is attributed to the rapid expansion of the pharmaceutical and food industries, boosting the adoption of the product’s liquid form.
Polylactic Acid’s Growth is Driven by its Increasing Demand in Different Industries
By application, the market is classified into polylactic acid, food & beverages, pharmaceutical, cosmetics & personal care, and others. The polylactic acid segment held the largest market share due to its growing demand in the food packaging, automotive, textile, and engineering plastic industries.
Geographically, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Regional Insights
Rising Demand for Acid from Several Industries to Bolster Market Growth in North America
North America held the largest lactic acid market share and controlled the global market in 2020. Rising demand for acid from the food & beverage, pharmaceutical, and cosmetics industries. The pharmaceutical segment is expected to develop as an outcome of R&D and developments in drug transfer systems. These improvements are then estimated to fuel the market growth.
Europe is projected to display substantial development owing to increasing demand from the bioplastic industry. Escalating worries regarding the harmful impacts and ecological destruction of non-biodegradable plastics and ecological destruction is estimated to upsurge the demand for biodegradable plastics as a substitute.
The Asia Pacific region is predicted to observe a considerable growth rate due to intensifying demand from the food & beverages industry. The requirement for food and beverage goods is further estimated to inflate as people's purchasing power and living standards progress.
Competitive Landscape
Bulk Development Strategies Applied by Players to Maintain Market Position
Most of the crucial players are financing the acid's R&D activities to transform novel and reputable technologies. For example, in April 2019, Asahi Group, a Japanese brewery business, introduced the Asahi Quality and Innovations Co. (AQI) as it pursues to progress its proficiency in yeast and LAB and implement novel digital technologies. This R&D is expected to advance novel health food elements, generate fresh business, and decrease the general ecological impact.
Key Industry Development
- June 202: Praj Industries Ltd. and Lygos, Inc. signed a Memorandum of Understanding (MOU) to develop the registered yeast of Lygos for the creation of the acid jointly.
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