Press release
Lactic Acid Market Size Worth USD 5.17 Billion by 2030 With CAGR of 8.23 Percent
Lactic Acid Market: Global Industry Analysis and Forecast to 2020 is a market research report available at US $ 3795 for a Single User PDF at MarketsandMarketsLactic Acid Market: Global Industry Analysis and Forecast to 2020Global Lactic Acid Market Overview The global lactic acid market is anticipated to grow at a significant rate over the forecast period owing to its widespread application in different sectors such as food and beverage, pharmaceuticals, personal care and biodegradable plastics. This press release covers the current valuation of the market alongside growth drivers, opportunities, segmentation, competitive landscape, regional insights, and future outlook.
Request Sample Link For More Details:https://www.maximizemarketresearch.com/request-sample/13414/
Estimation of Market, Growth Facilitating Elements, and Chances
In 2024, the overall lactic acid market was estimated to value USD 4.07 billion, and soon its value is predicted to reach at the value of around USD 9.36 billion by 2034 with the compound annual growth rate (CAGR) of 8.70% during the forecast period.
There are several reasons for this dramatic growth:
Increasing Applications in Food and Beverage Industries: Used as a food preservative, flavouring agent, and pH regulating agent lactic acid enhances the shelf life, taste, and consistency of different food products. Its demand has increased owing to the rising consumer inclination towards processed and convenience foods.
Rising Application in Pharmaceutical and Personal Care Programs: The expansion of the business in topical ointments and lotions, anti-acne solutions, and humectants signifies its importance in the mentioned industries. With the meteoric rise of skin care and health, there is also an increase in the usage of it.
Focus on Green Plastics: Environmental concerns related to conventional plastics have created a distinct preference for biodegradable substitutes, such as polylactic acid (PLA), which is made from lactic acid. This change is supposed to reduce with sustainability efforts worldwide.
Improved Production Technologies: Innovations in fermentation and purification processes have increased the efficiency and cost-effectiveness of lactic acid production, further boosting its adoption across diverse sectors.
The United States lactic acid market exhibited growth in 2024, recording a revenue of USD 1.31 billion.
This increase is due to:
Growing Consumer Awareness: The health and wellness trend has increased the demand for natural and organic products, which relies heavily on lactic acid.
Technological Advancements: By investing in state-of-the-art production methods, companies have been able to increase yield and lower costs, thereby making lactic acid more available for a wider range of applications.
Strategic Collaborations: The partnerships among lactic acid producers and the end-user industries have simplified supply chains, providing constant quality and availability.
Market Segmentation and Leading Segments
The lactic acid market research report is segmented based on its raw materials, application, and regions. Emphasize the segments with the highest market share:
By Raw Material: In 2023, sugarcane is estimated to dominate the market by accounting for more than 39.0% share.
It is highly abundant and affordable, thus making it one of the most sought after sources for the production of lactic acid.
Want to access more insights? The journey starts from requesting a sample:https://www.maximizemarketresearch.com/request-sample/13414/
Market Segmentation: The industrial application segment is expected to be the fastest growing segment during the forecast period, at a CAGR of 8.1%.
Lactic acid's high durability, mechanical strength, and transparency have made it suitable for various industrial applications, thus driving its growth.
Competitive Analysis
The global lactic acid market has strong presence of key players. The top five companies by market share and recent activity are:
BASF SE: This energy company is a significant player worldwide and has been developing a range of sustainable offerings, inclusive of lactic acid-derived biodegradable plastics. Their market position today has a lot to do with our commitment to innovation.
Corbion N.V.: Corbion specializes in lactic acid and its derivatives, and has concentrated on increasing production capabilities and upgrading product quality to accommodate increasing demand.
NatureWorks LLC : A pioneer in the production of PLA, NatureWorks has been leading the charge for sustainable materials used primarily in the packaging and textile industries.
Cargill, Incorporated: Cargill introduced lactic acid to its diverse agricultural supply chain, predicated on renewable raw materials and sustainable production methods.
Galactic: Leveraging a research and development-driven approach, Galactic has launched fermentation innovations that enhance efficiency and minimize environmental footprint.
Regional Analysis
A look at some key regions shows:
United States: The U.S. lactic acid market is anticipated to grow at a CAGR of 8.3% during the forecast period, to reach a projected revenue of USD 2,422.6 million by 2030.
The growing government projects for sustainable practices along with the rising demand for bio-degradable plastics are vital growth drivers.
United Kingdom: Governments in the UK focus on lowering carbon footprint with lactic acid being used in several industries, with bioplastic being promoted by authorities.
Germany: Being the center of automotive and packaging industries, the drift towards sustainable materials has burgeoned the lactic acid market, with the government promoting incentives for eco-friendly products.
France: The French government has built a more conscious environment of conservation practices that promotes the use of biodegradable materials and this is expected to drive the lactic acid market, particularly the packaging industry.
Japan: As a hub of innovation and technology, lactic acid is used across multiple industries in Japan, including textiles and electronics; government policies encourage sustainable technologies.
China: Multiple industries in China have embraced lactic acid due to its rapid industrialization as well as environmental challenges. Market growth has also been fueled by government regulations designed to decrease plastic pollution.
To Gain More Insights into the Market Analysis, Browse Summary of the Research Report :https://www.maximizemarketresearch.com/market-report/lactic-acid-market/13414/
Conclusion
Lactic acid is much required globally and is expected to see increasing demand as customers are moving towards sustainable products. Key growth factors include:
Environmental Regulations: Due to stricter policies, companies around the world are motivated to go for biodegradable materials, making lactic acid a go-to option.
Technology: Improvements in production methods are leading to the greater availability and lower cost of lactic acid.
Changing Consumer Behavior: The changing consumer behavior towards natural and organic products is expected to drive the demand for lactic acid in food, beverages, and personal care industries.
In summary, unique prerequisites in the lactic acid market are anticipated to expand all over the sector. By adopting sustainable practices, focusing on research and development, and establishing strategic partnerships, organizations can position themselves for success in the face of this growth trajectory.
More Trending Reports by Maximize Market Research :
♦ Dioxolane Market : https://www.maximizemarketresearch.com/market-report/dioxolane-market/193991/
♦ Photocatalytic Coatings Market : https://www.maximizemarketresearch.com/market-report/global-photocatalytic-coatings-market/121580/
♦ Magnesium Fluoride Market : https://www.maximizemarketresearch.com/market-report/global-magnesium-fluoride-market/91363/
♦ Biochemical Market : https://www.maximizemarketresearch.com/market-report/biochemical-market/208693/
♦ Gadolinium Market : https://www.maximizemarketresearch.com/market-report/gadolinium-market/147249/
Contact Maximize Market Research:
MAXIMIZE MARKET RESEARCH PVT. LTD.
⮝ 3rd Floor, Navale IT park Phase 2,
Pune Banglore Highway, Narhe
Pune, Maharashtra 411041, India.
✆ +91 9607365656
🖂 sales@maximizemarketresearch.com
🌐 www.maximizemarketresearch.com
About Maximize Market Research:
Maximize Market Research is a rapidly expanding market research and business consulting firm, serving clients worldwide. Our commitment to revenue-driven insights and growth-focused research has established us as a trusted partner for many Fortune 500 companies. With a diverse portfolio, we cater to a wide range of industries, including IT & telecom, chemicals, food & beverages, aerospace & defense, healthcare, and more.
Request Sample Link For More Details:https://www.maximizemarketresearch.com/request-sample/13414/
Estimation of Market, Growth Facilitating Elements, and Chances
In 2024, the overall lactic acid market was estimated to value USD 4.07 billion, and soon its value is predicted to reach at the value of around USD 9.36 billion by 2034 with the compound annual growth rate (CAGR) of 8.70% during the forecast period.
There are several reasons for this dramatic growth:
Increasing Applications in Food and Beverage Industries: Used as a food preservative, flavouring agent, and pH regulating agent lactic acid enhances the shelf life, taste, and consistency of different food products. Its demand has increased owing to the rising consumer inclination towards processed and convenience foods.
Rising Application in Pharmaceutical and Personal Care Programs: The expansion of the business in topical ointments and lotions, anti-acne solutions, and humectants signifies its importance in the mentioned industries. With the meteoric rise of skin care and health, there is also an increase in the usage of it.
Focus on Green Plastics: Environmental concerns related to conventional plastics have created a distinct preference for biodegradable substitutes, such as polylactic acid (PLA), which is made from lactic acid. This change is supposed to reduce with sustainability efforts worldwide.
Improved Production Technologies: Innovations in fermentation and purification processes have increased the efficiency and cost-effectiveness of lactic acid production, further boosting its adoption across diverse sectors.
The United States lactic acid market exhibited growth in 2024, recording a revenue of USD 1.31 billion.
This increase is due to:
Growing Consumer Awareness: The health and wellness trend has increased the demand for natural and organic products, which relies heavily on lactic acid.
Technological Advancements: By investing in state-of-the-art production methods, companies have been able to increase yield and lower costs, thereby making lactic acid more available for a wider range of applications.
Strategic Collaborations: The partnerships among lactic acid producers and the end-user industries have simplified supply chains, providing constant quality and availability.
Market Segmentation and Leading Segments
The lactic acid market research report is segmented based on its raw materials, application, and regions. Emphasize the segments with the highest market share:
By Raw Material: In 2023, sugarcane is estimated to dominate the market by accounting for more than 39.0% share.
It is highly abundant and affordable, thus making it one of the most sought after sources for the production of lactic acid.
Want to access more insights? The journey starts from requesting a sample:https://www.maximizemarketresearch.com/request-sample/13414/
Market Segmentation: The industrial application segment is expected to be the fastest growing segment during the forecast period, at a CAGR of 8.1%.
Lactic acid's high durability, mechanical strength, and transparency have made it suitable for various industrial applications, thus driving its growth.
Competitive Analysis
The global lactic acid market has strong presence of key players. The top five companies by market share and recent activity are:
BASF SE: This energy company is a significant player worldwide and has been developing a range of sustainable offerings, inclusive of lactic acid-derived biodegradable plastics. Their market position today has a lot to do with our commitment to innovation.
Corbion N.V.: Corbion specializes in lactic acid and its derivatives, and has concentrated on increasing production capabilities and upgrading product quality to accommodate increasing demand.
NatureWorks LLC : A pioneer in the production of PLA, NatureWorks has been leading the charge for sustainable materials used primarily in the packaging and textile industries.
Cargill, Incorporated: Cargill introduced lactic acid to its diverse agricultural supply chain, predicated on renewable raw materials and sustainable production methods.
Galactic: Leveraging a research and development-driven approach, Galactic has launched fermentation innovations that enhance efficiency and minimize environmental footprint.
Regional Analysis
A look at some key regions shows:
United States: The U.S. lactic acid market is anticipated to grow at a CAGR of 8.3% during the forecast period, to reach a projected revenue of USD 2,422.6 million by 2030.
The growing government projects for sustainable practices along with the rising demand for bio-degradable plastics are vital growth drivers.
United Kingdom: Governments in the UK focus on lowering carbon footprint with lactic acid being used in several industries, with bioplastic being promoted by authorities.
Germany: Being the center of automotive and packaging industries, the drift towards sustainable materials has burgeoned the lactic acid market, with the government promoting incentives for eco-friendly products.
France: The French government has built a more conscious environment of conservation practices that promotes the use of biodegradable materials and this is expected to drive the lactic acid market, particularly the packaging industry.
Japan: As a hub of innovation and technology, lactic acid is used across multiple industries in Japan, including textiles and electronics; government policies encourage sustainable technologies.
China: Multiple industries in China have embraced lactic acid due to its rapid industrialization as well as environmental challenges. Market growth has also been fueled by government regulations designed to decrease plastic pollution.
To Gain More Insights into the Market Analysis, Browse Summary of the Research Report :https://www.maximizemarketresearch.com/market-report/lactic-acid-market/13414/
Conclusion
Lactic acid is much required globally and is expected to see increasing demand as customers are moving towards sustainable products. Key growth factors include:
Environmental Regulations: Due to stricter policies, companies around the world are motivated to go for biodegradable materials, making lactic acid a go-to option.
Technology: Improvements in production methods are leading to the greater availability and lower cost of lactic acid.
Changing Consumer Behavior: The changing consumer behavior towards natural and organic products is expected to drive the demand for lactic acid in food, beverages, and personal care industries.
In summary, unique prerequisites in the lactic acid market are anticipated to expand all over the sector. By adopting sustainable practices, focusing on research and development, and establishing strategic partnerships, organizations can position themselves for success in the face of this growth trajectory.
More Trending Reports by Maximize Market Research :
♦ Dioxolane Market : https://www.maximizemarketresearch.com/market-report/dioxolane-market/193991/
♦ Photocatalytic Coatings Market : https://www.maximizemarketresearch.com/market-report/global-photocatalytic-coatings-market/121580/
♦ Magnesium Fluoride Market : https://www.maximizemarketresearch.com/market-report/global-magnesium-fluoride-market/91363/
♦ Biochemical Market : https://www.maximizemarketresearch.com/market-report/biochemical-market/208693/
♦ Gadolinium Market : https://www.maximizemarketresearch.com/market-report/gadolinium-market/147249/
Contact Maximize Market Research:
MAXIMIZE MARKET RESEARCH PVT. LTD.
⮝ 3rd Floor, Navale IT park Phase 2,
Pune Banglore Highway, Narhe
Pune, Maharashtra 411041, India.
✆ +91 9607365656
🖂 sales@maximizemarketresearch.com
🌐 www.maximizemarketresearch.com
About Maximize Market Research:
Maximize Market Research is a rapidly expanding market research and business consulting firm, serving clients worldwide. Our commitment to revenue-driven insights and growth-focused research has established us as a trusted partner for many Fortune 500 companies. With a diverse portfolio, we cater to a wide range of industries, including IT & telecom, chemicals, food & beverages, aerospace & defense, healthcare, and more.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage
to this press release on woodPRI. woodPRI disclaims liability for any content contained in
this release.
Recommend
/newsMicroencapsulation Market Deep Analysis on Key Players - Dow Corning, Encapsys, Syngenta Crop Protection, Evonik Industries, 3M and Bayer
Market Study Report Adds Global Microencapsulation Market Size, Status and Forecast 2024 added to its database. The report provides key statistics on the current state of the industry and other analytical data to understand the market.
Extensive research is required for choosing the appropriate cor...
/newsGermany Airbag Market Size 2023: Global Share, Industry And Report Analysis By 2030 | Hyundai Mobis Co., Ltd. Key Safety Systems, Inc. Robert Bosch GmbH
Germany airbag market is expected to grow at a CAGR of around 6% during the forecast period. Germany Airbag Market research report refers to gathering and analyzing significant market data serve as best medium for various industry players to launch novel product or service. It is vital for key firms...
/newsSecurities Brokerages And Stock Exchanges Market Outlook 2021: Big Things are Happening
A new intelligence report released by HTF MI with title "Global Securities Brokerages And Stock Exchanges Market Survey & Outlook" is designed covering micro level of analysis by Insurers and key business segments, offerings and sales channels. The Global Securities Brokerages And Stock Exchange...
/newsRenewable Chemicals Market Emerging Trends and Competitive Landscape Forecast to 2028
The renewable chemicals market was valued at US$ 80,566.30 million in 2021 and is projected to reach US$ 1,76,750.76 million by 2028 it is expected to grow at a CAGR of 11.9% from 2021 to 2028. The research report focuses on the current market trends, opportunities, future potential of the market, a...
/newsHow Coronavirus is Impacting Cold Brew Coffee, Global Market Volume Analysis, Size, Share and Key Trends 2020-2026
"Market Latest Research Report 2020:
Los Angles United States, February 2020: The Cold Brew Coffee market has been garnering remarkable momentum in the recent years. The steadily escalating demand due to improving purchasing power is projected to bode well for the global market. QY Research's lates...
/newsCorporate E-Learning Market - Global Industry Size, Share, Key Players Analysis that are Infor, SkillSoft Corporation, Adrenna, CERTPOINT Systems and others with Regional Forecast to 2022
Overview:
E-Learning is used to enhance the learning procedures for newer job requirements and to make employees sound about the internal and external changes in the market and respective organizations. This method has created considerable differences in the ways of training and developing employee...
