A Review Of Recent Trends In The Global Lactic Acid Market And Its Demand
Anamika Tawar
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The global lactic acid market is expected to reach a value of nearly $7.2 billion by 2031, increasing at a compound annual growth rate of 7.4% from 2023 to 2031.
In the upcoming years, the lactic acid market is anticipated to expand significantly. The main reason for this is the rising need for biodegradable polymers across a range of sectors, including textiles, personal care, and packaging. The industry is also expanding as a result of growing environmental concerns related to the usage of non-biodegradable polymers.
Additionally, lactic acid is widely used in a variety of sectors, including the food and beverage, pharmaceutical, and personal care industries. Additionally, it is anticipated that the market will continue to expand due to its expanding use as a preservative in food and beverage goods. In the upcoming years, it is anticipated that the market would continue to expand due to the rising need for biodegradable polymers in the automobile industry.
Due to its acidity, which aids in food preservation and extends shelf life, lactic acid is increasingly used in the food and beverage industry. The usage of lactic acid-based polymers in the packaging of various food items is another factor promoting the expansion of the lactic acid market. Additionally, lactic acid is a preservative that extends the shelf life of a variety of dairy products by preventing microbial growth.
Lactic acid is a common constituent in medicines manufactured by the pharmaceutical sector, including antacids and antibiotics. The global lactic acid market is expanding as a result of the use of lactic acid in the manufacture of numerous injectable medications and solutions. Lactic acid is employed in the formulation of several skincare and hair care products in the cosmetics industry, which is anticipated to drive the market's expansion in the upcoming years.
In terms of region, Asia Pacific is expected to dominate the global lactic acid market due to increasing demand for bioplastics from various countries, such as China, India, and Japan. Moreover, the presence of major lactic acid manufacturers, such as Mitsubishi Chemical Corporation, LG Chem Ltd., and Corbion, in the region is expected to further drive the growth of the market.
The competitive landscape of the market is highly fragmented, with numerous players operating in the market. Some of the major market players are Corbion, Mitsubishi Chemical Corporation, LG Chem Ltd., Cargill Inc., and Galactic. These players are focusing on strategic initiatives, such as product launches, partnerships, and collaborations, in order to gain a competitive edge in the market.
Overall, the global lactic acid market is expected to witness significant growth in the coming years, due to rising demand for bioplastics and biodegradable polymers. Moreover, the presence of major market players is also expected to further contribute to the growth of the market.
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The food and beverages segment is the largest application segment for lactic acid due to its use as a preservative, flavoring agent, and pH regulator in food and beverages. The pharmaceutical segment is also expected to witness significant growth due to the increasing use of lactic acid in drug delivery systems and as a raw material in the production of biodegradable polymers. The biodegradable polymers segment is expected to witness significant growth due to the increasing demand for eco-friendly products.
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