Lactic Acid Market Size, Global Demand & Future Analysis 2032
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According to Fortune Business Insights™, the global lactic acid market size was valued at USD 7.14 billion in 2023 and is projected to grow from USD 8.37 billion in 2024 to USD 31.84 billion by 2032, exhibiting a CAGR of 18.0% during the forecast period.
According to our researchers, lactic acid or 2-Hydroxypropanoic acid is a natural biological acid with several applications in the food, pharmaceutical, chemical, cosmetic, and medical industries. It is formed by fermenting sugar acquired from renewable means, terming it as an eco-friendly creation. The product is generally utilized in polylactic acid (PLA) formation, a compostable thermoplastic and recyclable polymer created from renewable mediums.
List of Key Players Covered in Lactic Acid Market Report are:
- BASF SE (Ludwigshafen, Germany)
- Corbion (The Netherlands)
- NatureWorks LLC (Minnesota, U.S.)
- CELLULAC (London, U.K.)
- Galactic (Escanaffles, Belgium)
- Sulzer Ltd (Winterthur, Switzerland)
- GODAVARI BIOREFINERIES LTD. (Mumbai, India)
- Cargill, Incorporated (Minnesota, U.S.)
- Kemin Industries, Inc. (Iowa, U.S.)
- Henan Jindan Lactic Acid Technology Co. Ltd (Hertogenbosch, The Netherlands)
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Report Coverage:
The market report provides a rounded evaluation of the market segments. A wide-ranging study of the modern trends and impending opportunities in the market is offered in the report. It offers an exhaustive analysis of the regional insights and how they form the market in particular regions. The impact of the COVID-19 pandemic is mentioned for further comprehension of the conceivable threats in the market. The proficient strategies of the best players and how they accelerate the market growth are discussed in the following report
Drivers and Restraints:
Q1: What is driving the growth of the lactic acid market?
- Growing Cosmetic and Personal Care Industry:
Lactic acid plays a crucial role as a humectant, exfoliator, pH adjuster, and skin-prepping agent in skincare products.- Smoothens and revitalizes skin for an even texture.
- Reduces acne spots, wrinkles, and fine lines.
- Strengthens fragile hair when used in hair care products.
Rising disposable incomes and growing awareness of personal grooming are expected to boost the demand for cosmetics, thereby driving the lactic acid market.
Q2: How is e-commerce influencing demand?
- The rapid growth of online shopping platforms such as Amazon and Alibaba Express has boosted sales of cosmetics and personal care products.
- Social media marketing, influencer promotions, and personalized ads are encouraging consumers to purchase more beauty products, indirectly fueling lactic acid demand.
Segmentation Analysis:
Q3: What are the key raw materials used in lactic acid production?
- Sugarcane
- Corn
- Yeast extract
- Others
Q4: What are the main applications of lactic acid?
- PLA (Polylactic Acid): Largest segment, used to produce biodegradable plastics from renewable resources (corn, cassava, potato).
- Food & Beverages
- Cosmetics & Personal Care
- Pharmaceutical
- Others
Regional Insights:
Q5: Which region holds the largest share of the lactic acid market?
- North America:
- Dominates the global market due to rising demand from food & beverages, pharmaceutical, and cosmetics industries.
- Growth supported by advancements in drug delivery systems and pharmaceutical R&D.
Q6: Which regions are expected to show the fastest growth?
- Europe: Increasing demand for biodegradable plastics due to environmental concerns.
- Asia Pacific: Rapidly expanding food & beverage sector, coupled with rising purchasing power and improved living standards.
Competitive Landscape:
Bulk Development Strategies Applied by Players to Maintain Market Position
Most of the crucial players are financing the acid's R&D activities to transform novel and reputable technologies. For example, in April 2019, Asahi Group, a Japanese brewery business, introduced the Asahi Quality and Innovations Co. (AQI) as it pursues to progress its proficiency in yeast and LAB and implement novel digital technologies. This R&D is expected to advance novel health food elements, generate fresh business, and decrease the general ecological impact.
Key Industry Development:
- June 2021: International Flavors and Fragrances (IFF) launched YO-MIX ViV, an “extremely robust” LAB culture for ambient yoghurt and other fermented drinks products. The launch of the product will expand the brand in China.
- March 2021: Sandoz Inc. launched AmLactin, a new Rapid Relief Restoring Cream. The cream consists of 15% lactic acid, used as an everyday moisturizing cream.
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