by A recent preliminary research report by Fairfield Market Research highlights a promising growth trajectory for the global lactic acid market over the next few years. Lactic acid, celebrated for its non-toxic nature and recognition as generally recognized as safe (GRAS) by the US FDA, has emerged as a key player in several industries, fueling its remarkable expansion.
Food and Beverages Industry Driving Growth
Lactic acid has witnessed significant traction in the food and beverages industry, where it is utilized as an additive in various products, including bakery items, beverages, meat products, confectioneries, ready-to-eat meals, salads, and dairy products. This natural alternative to synthetic chemicals enhances texture, alters flavor, and extends product shelf life. Notably, it is a crucial ingredient in cheese flavoring and milk coagulation in the dairy sector, and it aids in starch conversion for beer production in breweries. These advantages have positioned lactic acid as a preferred choice in the food industry, contributing to its substantial growth in both value and volume.
Cosmetics and Personal Care: A Growing Market Segment
Lactic acids functional characteristics have opened new doors in the pharmaceuticals and cosmetics industry. It plays a vital role in various biochemical pathways and is utilized in pharmaceutical manufacturing, skincare products, and haircare items. Lactic acid serves as an exfoliator, humectant, skin prepping agent, and pH adjuster in cosmetics, promoting skin revitalization and texture improvement while reducing wrinkles, fine lines, and acne spots. Moreover, it strengthens fragile hair. The expanding applications in the personal care and cosmetic sector are expected to further drive the lactic acid markets growth.
Rising PLA Demand Fuels Opportunities
The growing demand for polylactic acid (PLA) in various applications presents potential opportunities for the lactic acid market. PLA, derived from natural renewable resources like cassava, sugarcane, potato, and corn, is biodegradable and environmentally friendly. It finds use in packaging, textiles, automotive, agriculture, and construction, among other sectors. PLA is also used in disposable products such as cups, glasses, bottles, mulch films, and tea bags due to its safety and biodegradability. The increasing global demand for PLA across industries is expected to bolster the markets revenue growth.
Asian Markets on the Rise
Lactic acid demand in Asian countries, particularly China and India, has been on the rise, driven by its use as a food additive and increasing investments in various industries. The availability of low-cost raw materials and technological innovations in the food sector has propelled market growth in the Asia Pacific region. Additionally, the production of PLA in Asia is set to increase, further stimulating demand. Manufacturers and distributors of lactic acid are poised to benefit from this optimistic outlook in the coming years.
Competitive Landscape
Key players in the lactic acid market have been actively pursuing joint ventures, launching new products, and entering partnerships and collaborations. For instance, LG Chem and ADM signed an agreement in 2021 to explore lactic acid production in the United States, aiming to meet growing customer demands. Total Corbion PLA is designing a PLA factory in France with operations expected to commence by 2024. NatureWorks expanded its PLA facility in Thailand, set to open in 2024, with a substantial annual output. IFF introduced YO-MIX ViV, a lactic acid culture for yogurt and fermented drinks, to penetrate the Asia Pacific market, focusing on China.
Prominent players in the global lactic acid market include BASF SE, Corbion NC, VIGON International Inc., Cargill Inc., Henan Jindan Lactic Acid Technology Co. Ltd., DuPont de Nemours Inc., NatureWorks LLC, Kemin Industries Inc., Godavari Biorefineries Ltd., CELLULAC, FUTERRO, and Musashino Chemical Laboratory.
The future of the lactic acid market looks exceptionally promising, with opportunities spanning various industries and regions, particularly in Asia.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/lactic-acid-market
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This press release first seen on Brilad
COMTEX_442430678/2840/2023-10-25T09:54:58
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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