29th April 2019 – The Global Lactic Acid Market is anticipated to rise at a significant CAGR of 12.88% during the forecast period. Lactic acid is characterized by its importance in food industry and correlated chemical and physical properties. Pure lactic acid is a colourless and hydroscopic liquid and chemically named as milk acid, which is also an inorganic acid.
The drivers for lactic acid market include rising use of shampoos, creams and body care products and increase in R&D techniques for formulation of personal care products. Consumer approach towards modernized beauty products and rise in formulation development is likely to propel the market growth for the forecast period.
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Increase in bioplastic applications along with favourable regulations for use of bio-based materials contributes in enlarging the market demand for lactic acid. Further, rise in consumer awareness pertaining to sustainability, green packaging and recyclability is another reason for growth of market. However, significant pricing and volatility in raw material prices is likely to hinder the market growth during the forecast period.
Application segment for market includes food & beverages, pharmaceuticals and personal care. Food & Beverages account for a significant market share due to rise in population and enlarged food demands. Geographical segmentation for market includes North America, South America, Europe, Asia-Pacific, Middle East and Africa. North America dominates the global market due to substantial growth and high demand for personal care products. Increase in production of pharmaceutical and personal care products have enlarged the market demand during the forecast period.
Asia-Pacific regions are likely to witness a significant growth rate due to presence of manufacturing base in India, China and Singapore. European regions are likely to gain a significant share in the global market owing to technological enhancements and price volatility. The key players in the lactic acid market include Cargill, Corbion, Galactic, NatureWorks LLC and Pyramid Bioplastics.
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