The global lactic acid market is set to witness momentous growth opportunities in the food and beverages industry. Lactic acid, with its non-toxic and generally recognized as safe (GRAS) status granted by the US FDA, has become a preferred additive in various food applications. Its versatility has led to its adoption in bakery products, beverages, meat products, confectioneries, ready meals, salads, and dairy products. Lactic acids natural origin and ability to alter flavor and enhance shelf life have positioned it as a superior choice over synthetic chemicals. It is notably used in cheese production, beer brewing, and various other food applications, driving the growth of the lactic acid market in terms of both value and volume.
Rising Demand in Cosmetics and Personal Care
Lactic acids functional characteristics have opened doors for applications in the pharmaceuticals and cosmetics industry. It plays a critical role in various biochemical pathways, making it valuable in pharmaceutical and agrochemical manufacturing. In the cosmetics and personal care sector, lactic acid finds use as an exfoliator, humectant, skin prepping agent, and pH adjuster. It revitalizes the skin, maintains even skin texture, and is known for its exfoliating and moisturizing properties. Furthermore, lactic acids presence in hair products strengthens fragile hair. These attributes are driving its adoption in the cosmetics and personal care industry, contributing to the growth of the lactic acid market.
Rising Polylactic Acid (PLA) Demand Driving Opportunities
The increasing demand for polylactic acid (PLA) is creating potential growth opportunities for the lactic acid market. PLA, a biodegradable polymer obtained from natural renewable resources, is gaining traction across applications such as packaging, textiles, automotive, agriculture, and construction. Its biodegradability and reduced carbon footprint make it an attractive choice. The growing demand for PLA across various industries is set to benefit the lactic acid market by extension.
Asias Role in Lactic Acid Market Growth
Asias demand for lactic acid has been on the rise, particularly in the food industry where it is used in meat products and other applications. The regions expanding food industry, coupled with affordable raw materials and technological advancements, has created substantial growth opportunities for the lactic acid market. Moreover, the production of polylactic acid is expected to increase in Asia due to significant investments in production facilities, notably in China. As a result, China is projected to emerge as a leading exporter of lactic acid in the Asia Pacific region and globally. Additionally, lactic acids applications in cosmetics, pharmaceuticals, personal care, and packaging industries are contributing to growth, with Asias large population providing a substantial consumer base.
Competitive Landscape
Key players in the lactic acid market are actively engaging in joint ventures, product launches, partnerships, and collaborations to leverage growth opportunities. LG Chem and ADM signed an MoU in 2021 to explore lactic acid production opportunities in the United States. Total Corbion PLA, NatureWorks, FUTERRO, and others are investing in PLA production facilities to meet the rising demand. International Flavours and Fragrances introduced YO-MIX ViV, a lactic acid culture, to penetrate the Asia Pacific market, particularly China.
Major Players in the Global Lactic Acid Market
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.
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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