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Lactic acid is one of the widely occurring hydroxycarboxylic acids which is used across industries such as food, chemical, and pharmaceutical for different product formulations. Lactic acid is formed by the process of breaking down of glucose in the absence of oxygen. At present, various grades of lactic acid are commercially produced at large scales and are available in the global marketplace. Market growth of lactic acid can be attributed to the fast-growing application areas such as cosmetics, food, chemical industry, and others.
One of the significant reasons for the growth of the global lactic acid market is increasing consumer interest in health-promoting and natural products. Additionally, increasing usage of lactic acid in the production of personal care, oral hygiene, and cosmetics products are also propelling the growth of the global lactic acid market.
Product launches, increased investment in research & development on ingredients that can be used for the production of lactic acid, and expansion of product portfolio are the key strategies adopted by the leading global lactic acid-producing companies. For instance; In September 2017, Kabaya Foods Corporation launched a new product named Lactobacillus tablets which claims to contain Lactobacillus sporogenes that are rich in oligosaccharides and several important dietary fibres.
Key Market Driver -
Increased demand for lactic acid as food preservative is expected to drive the market.
Key Market Restraint -
High manufacturing Cost of Lactic Acid.
The rising demand for lactic acid from food and beverage industries along with various non-food industry, including agriculture, cosmetics, and others are raising its popularity and utility throughout the globe. In various food products, such as meat & poultry products, pickles, and other addition of lactic acid can prevent the spoilage of the food product. The pharmaceutical industry is using lactic acid for the preparation of different medicines and medicinal creams owing to its anti-microbial property, which is further expected to fuel the demand for lactic acid across the pharmaceutical industry during the forecast period.
However, the high manufacturing cost of lactic acid is one of the factors that can negatively impact the market growth of lactic acid. Also, the fermentation process of lactic acid requires product purification and technological optimization which is another crucial factor that can hamper the global lactic acid market growth.
Some of the key players performing in the global lactic acid market to cater to the demand from the consumers and food manufacturers include Corbion NV, Jungbunzlauer AG, CSM N.V., The Dow Chemical Company, Henan Jindan Lactic Acid Co., Ltd., Nature Works LLC, Musashino Chemical Laboratory, Ltd., Teijin Ltd., BASF SE, and Galactic S.A. among others.
By the source segment, the natural segment is expected to hold the largest share in terms of value throughout the forecast years from 2019 to 2026. This is owing to increasing consumer’s inclination towards health-enhancing and functional food products that include properties, such as immune-modulatory, anti-inflammatory, anti-hypertensive, anti-oxidative, microbiome modulation, anti-diabetic, and anti-cholesterolemic. Rising demand for organic food products is further predictable to amplify the demand for lactic acid made up through natural sources.
Based on application, the global lactic acid market has been classified into food and beverages, chemicals, pharmaceuticals, personal care, and others. Food and beverages application segment is one of the dominating segment in the global market as the product has a wide scope of application in various food and beverage product formulation. Also, increasing the use of lactic acid as an anti-microbial and preservative agent is one of the factors driving the growth of the segment. Moreover, increasing research on lactic acid for the development of novel products such as biocompatible and biodegradable polymers, and solvents can further contribute in enhancing the market demand for lactic acid.
Europe dominates the global lactic acid market attributed to high demand for processed as well as functional food products in the region. Increasing stringency on the use of synthetic materials for food packaging is boosting the demand for environment-friendly and safe packaging materials, which is further expected to drive the lactic acid market in Europe as it is compostable bio-based material. In North America the demand for lactic acid is increasing, one of the leading reasons for this growth is the rising demand for lactic acid by well-established cosmetics and pharmaceutical industries of the region.
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Developing economies such as India, China, Malaysia, and others in the Asia Pacific is expected to be one of the global hotspots of the lactic acid market during the forecast period. This is owing to the rising demand for lactic acid due to its usefulness in many food products in extending the shelf life of food products and keeping them fresh for longer.
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