The Global Lactic Acid Market has been projected to grow at the CAGR of 17.6% market during 2017-2025. In 2016, the market has generated the revenue of $ 1.65 billion and is expected to reach $ 4 billion in terms of revenue by 2025.
Lactic acid is widely used as flavor enhancer, preservative and acidulant in food and beverages. Lactic acid also aids as starting material for polylactic acid (PLA), a biodegradable polymer. Growing environmental concerns and rising demand for green packaging are some of the majors driving the market growth. Moreover, volatility the prices of crude oil is another major factor contributing towards market growth.
Market Segment Insights
Based on applications, the lactic acid market is classified into food & beverages, pharmaceuticals, industrial applications and personal care products. The market was dominated by food and beverages application but growth is projected to the fastest from the industrial application. The volatility in the prices of crude oil and rising demand for environment friendly products are the major factors contributing towards the market growth. Also, rising demand of polylactic acid (PLA) is projected to fuel the market demand for lactic acid.
In 2016, by region, North America and Asia Pacific together accounted for more than 60% share of the pie in terms of revenue. North America is the largest market globally and is projected to grow at a second highest rate in terms of revenue from 2017 to 2025. Asia Pacific region is projected to witness fastest growth rate in terms of revenue and volume. In, Asia Pacific, China accounted for the largest share. Europe and RoW is projected to witness moderate growth rate. Economies such as Thailand, other Asian countries and Eastern Europe offers huge untapped market opportunities.
Market Competition Assessment:
The major players currently operating in the global lactic acid market include BASF, Jungbunzlauer, NatureWorks LLC, Archer Daniels Midland Company, Galactic S.A, Synbra Technology B.V., The DOW Chemical Company, Corbion N.V., Teijin Ltd, and Plaxica.
Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Research Methodology
1.3.1 Phase I – Secondary Research
1.3.2 Phase II – Primary Research
1.3.3 Phase III – Expert Panel Review
Chapter 2 Executive Summary
2.1 Lactic Acid Market Portraiture
2.2 Lactic Acid Market, by Application, 2016 (Kilo Tons and $ Million)
2.3 Lactic Acid Market, by Geography, 2016 (Value %)
Chapter 3 Global Lactic Acid Market Analysis
3.1 Global Lactic Acid Market Overview
3.2 Prevalence of Lactic Acid
3.3 Market Dynamics
3.3.1 Market Drivers
22.214.171.124 Increasing demand for lactic acid as pH regulator and preservative for food & beverages sector
126.96.36.199 Technological development for glucose fermentation has minimized manufacturing cost resulting in lowering lactic acid and PLA market price trend
3.4 Attractive Investment Proposition
3.5 Competitive Analysis: Global Lactic Acid Market, 2015 (Value %)
Chapter 4 Global Lactic Acid Market, by Application, 2015-2025 (Kilo Tons and $ Million)
4.2 Food & Beverages
4.4 Industrial applications
4.5 Personal Care Products
Chapter 5 Global Lactic Acid Market, by Geography, 2015-2025 ($ Million)
5.1 North America (U.S. & Canada)
5.2 Europe (U.K., Germany & Rest of Europe)
5.3 Asia Pacific (China, Japan, Singapore, South Korea and Rest of APAC)
5.4 Latin America (Mexico, Brazil and Rest of LATAM)
5.5 Middle East and Africa
Chapter 6 Company Profiles
6.1 Archer Daniels Midland Company
6.3 Corbion N.V.
6.4 Galactic S.A
6.6 NatureWorks LLC
6.8 Synbra Technology B.V.
6.9 Teijin Ltd
6.10 The DOW Chemical Company