Lactic Acid MarketThe worldwideLactic Acid Marketwas valued at USDUSD 1.19 Billionbillion in 2021 andis anticipatedto reach USDUSD 3.55 Billion by 2028at a compound annualgrowth rate(CAGR) of16.9% between 2022 to 2028. The use of lactic acid in decaying polymers is growing exponentially, mainly due to increased consumer awareness among consumers and increased use of decaying plastic packaging in the food packaging component. With the development of new technologies, the use of lactic acid in the food and beverage sector helps to prevent the deterioration of food quality. The Asia Pacific region is growing rapidly due to new technologies, government support, and increased exports of food and beverages.
The market for lactic acid has seen emerging trends in recent years. Manufacturers of food packaging are already focusing on the inclusion of polylactic acid (PLA) in the packaging for common packaging purposes, such as trays and cups of yogurt. These are just some of the goal-setting shareware that one can use. In the food and beverage industry, lactic acid is preferred over synthetic chemicals, as it alters taste, texture, or product characteristics to extend its shelf life. In the dairy industry, lactic acids are used to bind milk and produce cheese flavors. In the brewing industry, lactic acid promotes the conversion of starch to beer thus, increasing yields. While, in the baking industry, lactic acid helps regulate the acidity of the dough and improves the shelf life of baked goods. The major uses of lactic acid in the food industry are found in cheese production, baking, confectionery production, minced meat, and vegetable processing.
Although, a major obstacle to the growth of the Lactic Acid Market is that production costs are seeing significant increases due to the high cost of raw materials, transportation, energy, and chemicals, leading to a decline in gene production for manufacturers. Therefore, leading to higher prices for the user app. In addition, one of the key barriers to the growth of the lactic and polylactic Acid Market is regulation regarding the number of acids that produce acid by effectively regulating metabolic activity.
The global Lactic Acid Market is divided on the basis of raw materials into corn, sugarcane, cassava, and other crops. On the basis of consumption, the Lactic Acid Market is divided into industries, food & beverage, pharmaceuticals, personal care, polylactic acid, and more. Lactic acid is further broken down into perishable polymers, personal care products, pharmaceutical products, and other lactic acid applications. Food & beverages are further divided into beverages, bakery & confectionery products, dairy products, meat products, and other food products. According to the source, the Lactic Acid Market is divided into natural and synthetic. On the basis of the end-user, the Lactic Acid Market is divided into packaging, textiles, electronics, automotive, biomedical and more.
The market of lactic acid has registered a great demand, especially in the regions of North America and Europe, due to increased consumer awareness among consumers. In recent times, the rise in environmental concerns and waste management issues have led to a shift in the focus of consumers toward sustainable and environment-friendly plastics, particularly for packaging. The global market for lactic acid further includes Asia Pacific, South America, the Middle East, and the rest of the world.
Some of the major players operating within the global Lactic Acid Market include DuPont (US), Corbion (Netherlands), Cargill (US), DOW (US), Galactic (Belgium), Unitika (Japan), Sulzer (Switzerland), Henan Jindan Lacic Acid Technology (China), Mushashino Chemical (Japan), Danimer Scientific (US), Vigon International (US), Henan Xinghan Biology Technology (China), COFCO BioChemical (China), Vaishnavi Biotech (India), Spectrum Chemicals (US), Jungbunzlauer (Switzerland), FoodChem International (China), Godavari Bio-refineries (India), Qingdao Abel Technology (US), and ProAgro GmbH (Austria)..
Nov 23, 2021
