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Lactic Acid Market Size to Grow at a CAGR of 9.6% by 2027

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Lactic Acid Market Size to Grow at a CAGR of 9.6% by 2027

November 26
17:34 2021
Lactic Acid Market to Grow at a CAGR of 9.6% to reach US$ 2,217.88 Mn from 2020 to 2027

According to our latest market study on “Lactic Acid Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Form and Application” the market was valued at US$ 1,069.84 million in 2019 and is projected to reach US$ 2,217.88 million by 2027.

Strategic Insights

Report Coverage

Details

Market Size Value in

US$ 1,069.84 Million in 2019

Market Size Value by

US$ 2,217.88 Million by 2027

Growth rate

CAGR of 9.6% from 2020-2027

Forecast Period

2020-2027

Base Year

2020

No. of Pages

133

No. Tables

57

No. of Charts & Figures

71

Historical data available

Yes

Segments covered

Form and Application

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

 

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Lactic acid is an organic acid produced during the process of fermentation. It is used in various industries including food & beverages, pharmaceuticals, personal care, and biodegradable polymers. The multi-functionalities of lactic acid render its use in various industries. In the food & beverages industry, lactic acid is used as a preservative, curing agent, and flavoring agent. Surging global demand for processed food is boosting the application of lactic acid in the food industry. In meat, poultry, and seafood products, it is majorly used as a decontaminant. In the personal care industry, lactic acid is mainly used in anti-ageing and skin lightening products as it treats hyperpigmentation and age spots.

Multi-Functionalities of Lactic Acid to Escalate Lactic Acid Market Growth

Surging demand for lactic acid is attributed to its multi-functionalities. Lactic acid holds multiple functionalities as it is used as a catalyst, food emulsifier, and substitute for toxic chemicals, and plastics. Lactic acid plays an indispensable role as a catalyst in the processing of various industrial products. The use of lactic acid as a substitute for toxic chemicals and plastics, especially in food & beverages and pharmaceuticals, is bolstering the lactic acid market growth. Lactic acid is usually preferred over synthetic chemicals in the food & beverages sector, as they alter the flavor and texture of products while enhancing their shelf life. Lactic acid is used to produce cheese flavors in the dairy industry. Furthermore, in the brewing industry, lactic acid promotes starch conversion in beer, hence increasing the yield. In the baking industry, lactic acid helps control the dough’s acidity and enhances the shelf life of baked products. Additionally, lactic acid is also used to produce emulsifiers, such as calcium and sodium stearoyl lactylates, which function as dough conditioners. Hence, the lactic acid’s multi-functionality is the prime factor anticipated to drive the lactic acid market growth during the forecast period.

Impact of COVID-19 on Lactic Acid Market:

Coronavirus outbreak first began in Wuhan (China) in December 2019, and since then, it has spread across the globe. As of February 2021, the US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are some of the worst affected countries in terms of confirmed cases and reported deaths. According to the latest WHO figures, there are 104,370,550 confirmed cases and 2,271,180 total deaths globally. The coronavirus outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

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Lactic Acid Market: Form

Based on form, the lactic acid market is segmented into dry and liquid. The dry segment led the lactic acid market with the highest market share in 2019. The lactic acid powder is a natural L-lactic acid powder formed by the fermentation of glucose. It is a mixture of lactic acid and L-calcium lactate. It is a white granule or powder of moderate and pure acidity, soluble in hot water and delicacy. It is also used as a food or feed additive; it can enhance the taste of food and prolong its shelf life. It is commonly used in frozen food, pasta, rice, pastry, feed, and other industries as a food flavor enhancer. Its excellent pH value control and bacteriostasis capability would effectively inhibit the growth of microorganisms and prolong the shelf life of food. For instance, Mezzoni Foods produces dry lactic acid powder, which is formed by fermentation of lactic acid with non-GMO ingredients. The white powder is available in 25 lb polyethylene lined paper sacks.

Lactic Acid Market: Competitive Landscape and Key Developments

Corbion; Cargill Inc.; Foodchem International Corporation; Galactic; Henan Xinghan Biotechnology; Musashino Chemical Laboratory, Ltd.; Shandong Baisheng Biotechnology Co., Ltd.; Jungbunzlauer Suisse AG; Henan Jindan Lactic Acid Technology Co., Ltd.; and Vigon International, Inc. are among the well-established players in the lactic acid market.

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