Evolve Business Intelligence has published a research report on the Global Lactic Acid Market, 2021–2034. The global Lactic Acid market is projected to exhibit a CAGR of around 18.25%during the forecast period of 2021 to 2034.
Evolve Business Intelligence has recognized the following companies as the key players in the global Lactic Acid Market: Corbion, DuPont, Cargill, Galactic, DOW, Unitika, Henan Jindan Lacic Acid Technology, Sulzer, Mushashino Chemical, VIGON INTERNATIONAL.
Market Highlights
The Lactic Acid Market size accounted for USD 7.41 Billion in 2023 and is estimated to account for 8.37 Billion in 2024. The Market is expected to reach USD 32.56 Billion by 2034 growing at a compound annual growth rate (CAGR) of 18.25% from 2024 to 2034. The Lactic Acid Market is the global Market for lactic acid, a naturally occurring organic acid with a wide range of applications in various industries. It is produced by the fermentation of sugars using bacteria and has several advantages, including being biodegradable, biocompatible, and derived from renewable resources.
The increasing demand for bio-based products, rising health consciousness, and growing applications in the food and beverage industry are expected to drive the lactic acid Market growth. However, factors like fluctuating raw material prices and strict regulations can hamper the Market growth.
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Segmental Analysis
The global Lactic Acid market has been segmented based on Raw Material, Application
Based on Raw Material, the Market is segmented based on Corn, Sugarcane, Cassava and Other. The sugar cane segment has dominated the Market. The raw sugar which is derived from a sugar cane is one of them most important raw material used for the production of lactic acid. Grow sugar is available on a large scale and it is widely used in the manufacturing of lactic acid has the sugar cane segment is expected to dominate the Market in the coming years.
Based on Application, the Market has been divided into the Industrial, Food & Beverages, Pharmaceuticals, Personal Care, polylactic acid and Others. the Poly lactic acid segment will dominate the Market. There is a wide range of biodegradable plastic available across the globe but this segment is expected to have the largest Market share due to its characteristics of being strong as well as durable. There has been an increase in the demand for the biodegradable plastics due to its use in the automotive Market. There is a growing demand for various lightweight materials which could be used in the interior of the automobiles or the automotives.
Regional Analysis
The Lactic Acid market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa North America holds a dominant position in the Lactic Acid Market. North America region is expected to dominate the lactic acid Market due to the large consumer base of packaged foods and a well-established production infrastructure. The United States is one of the largest consumers and producers of lactic acid globally, with companies like ADM and LG Chem involved in its production for applications like food and plant-based plastics. The Asia-Pacific region has indeed emerged as the fastest-growing Market for the Lactic Acid Market industry. Asia Pacific region is anticipated to witness the fastest growth in the lactic acid Market owing to the rising disposable income, increasing urbanization, and growing demand for processed and convenience foods. China is a major producer and consumer of lactic acid in this region.
