The global lactic acid market size is likely to experience high growth owing to increasing demand for processed foods across several economies. Fortune Business Insights, published this information in its latest report, titled “Lactic Acid Market Size, Share and Industry Analysis, By Source (Synthetic, Natural), By Application (Food and Beverages, Chemicals, Pharmaceuticals, Personal Care, Others) Others and Regional Forecast, 2019-2026.”
A type of hydroxycarboxylic acid, Lactic acid is commercially used across several sectors such as food, pharmaceutical, and chemical industry. The formation of lactic acid is caused due to the process of breaking up of glucose in the absence of oxygen. Furthermore, Lactic acid is commonly found in dairy products such as yogurt, cottage cheese, among others. Moreover, there are several health benefits owing to consumption of foods having presence of lactic acid. Among these, controlled cholesterol levels, improved level of digestion of lactose, improved nutritional content of the food, and controlled intestinal infections are some of the striking health benefits of consuming foods laced with lactic acid. Increasing preference for healthy processed foods is expected to drive the growth of the market during the forecast period.
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What does the Report Include?
The lactic acid market report offers a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. In addition to this, the report includes information sourced from advice of expert professionals from the industry by our research analyst using several research methodologies for the forecast between 2019 and 2026.
Drivers and Restraints:
Increasing Preference for Fermented Food to Drive Market
In 2018, Upserve, a technological restaurant management platform, analyzing its customer base data reported that consumption of fermented foods has increased by a remarkable 149%. Furthermore, in Iceland the people gorge on the famous fermented shark, while people in Sardina are believed to be a huge fan of eating cheese with maggots. Increasing preference of fermented foods across several regions will drive the growth of the market during the forecast period. For instance, Kathy Sargent, strategic innovation director of Corbion, pointed out the benefits of lactic acid to reduce pH value in baked products at the American Society of Baking’s BakingTech 2020. Furthermore, she states, “Lactic acid provides the sweet, fruity and diary-like flavors to the baked products and is effective in providing balance to the flavors.” Moreover, consumers preferring clean label, healthy fermented foods will boost the growth of the market during the forecast period.
Increasing Demand for Processed Foods in Europe to Augur Growth
Among the regions, Europe will remain at the forefront owing to increasing demand for processed foods during the forecast period. Furthermore, strict rules regarding use of synthetic materials for packaging of food in Europe will surge the demand for the market in Europe during the forecast period. The market in North America is anticipated to rise backed by increasing demand of lactic acid for cosmetics and pharmaceuticals industry.
On the other hand, the market in Asia-Pacific will witness substantial growth during the projected horizon. This is ascribable to factors such as rising demand for lactic acid in food products by countries such as China, India, Malaysia, and others in Asia-pacific between 2019 and 2026.
Corbion Planning to Build Lactic Acid Plant to Promote Growth
Corbion, a Dutch-based biomaterials manufacturer, in March 2020, announced its plan to build a 125,000 metric ton every year lactic acid plant at Thailand by the year 2023. The $190 million plant is expected to be the largest lactic acid production plant globally. The rising demand for lactic acid worldwide is propelling the companies to focus on expansion that will drive the growth of the market during the forecast period. Moreover, adoption of strategies such as such as product launches and development, and merger and acquisition by the companies to gain maximum lactic acid market revenue is expected to boost demand for the market during the projected horizon. Below is an industrial development for the market:
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- July 2019: QRxLabs, a leading cosmetics manufacturer, announces its launch of new professional skin peel-offs that include 50% lactic acid gel to its product line. The product is vital for skin condition by promoting a lighter and even skin complexion. Additionally, it also helps to fade away dark spots on the skin.
List of the Companies Proliferating in the Market:
- Corbion NV
- Jungbunzlauer AG
- CSM N.V.
- The Dow Chemical Company
- Henan Jindan Lactic Acid Co. Ltd.
- BASF SE
- Galactic S.A.
- Among others
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