According to our latest report, the Lactic Acid Market is expected to reach by 2028, growing at a CAGR of between 2022 and 2028. The chemical has reorganized safe and has higher market potential for the food and beverages industry, it can be produced alternatively by chemical synthesis.
- The sugarcane segment is projected to grow at a substantial CAGR over the forecast period. Sugarcane plays a vital role in the development of bioplastics and the growth of food and biochemical industries. Raw sugar that is extracted is a major feedstock used in the manufacturing of lactic acid.
- The polylactic acid segment held a significant market share in 2021. The growth is driven by its mechanical strength, durability, and transparency in comparison to other biodegradable plastics. Additionally, the demand for bio-degradable plastic materials is increasing coupled with the growth of automotive and demand from end-users are the factors driving segmental growth.
- Asia Pacific is expected to grow at a significant CAGR from 2022 to 2028. The growth in the personal care and the food and beverages sector coupled with expenditures on medicines is expected to have a positive impact on market growth.
Some of the major players in the Lactic Acid Market include - .
Lactic Acid is one of the well-known organic acids that have a wide range of industrial applications. Lactic acid is used in the food, pharmaceutical, chemical, and cosmetics industries. In addition, acid plays a vital role in the preparation of wine, pickling of vegetables, fermented dairy products, and curing items like meat, fish, and sausages. It is used as an acidulant and preservative in pickled vegetables and olives. Lactic acid is one of the organic acids which are produced at a large scale. In comparison to mineral acids, organic acids like formic acid & lactic acid do not dissociate in water completely.
projected to hold the largest share in 2021. This is owing to the presence of several big players in the personal care and cosmetic markets, such as Procter & Gamble, Maybelline New York, Colgate-Palmolive Company, Avon, and Johnson & Johnson Private Limited. In-country like the U.S. is about to promote higher demand for personal care products in North America.