The lactic acid market was valued at US$ 1,069.84 million in 2019 and is projected to reach US$ 2,217.88 million by 2027; it is expected to grow at a CAGR of 9.6% from 2020 to 2027. Lactic acid is an organic acid produced during the process of fermentation. It is used in various industries including food & beverages, pharmaceuticals, personal care, and biodegradable polymers. The multi-functionalities of lactic acid render its use in various industries. In the food & beverages industry, lactic acid is used as a preservative, curing agent, and flavoring agent. Surging global demand for processed food is boosting the application of lactic acid in the food industry. In meat, poultry, and seafood products, it is majorly used as a decontaminant. In the personal care industry, lactic acid is mainly used in anti-ageing and skin lightening products as it treats hyperpigmentation and age spots.
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Based on form, the lactic acid market is segmented into dry and liquid. The dry segment is expected to grow at higher CAGR during the forecast period. Dry lactic acid is majorly available in powdered form and it is convenient to use. The shelf life of dry lactic acid is enhanced and it can be stored for longer duration. Compared to its liquid counterpart, dry lactic acid can be easily transported and requires lower transportation cost. In terms of application, the food & beverages segment dominated the global lactic acid market in terms of value in 2019. However, the personal care segment is expected to register the highest CAGR during the forecast period. Growth of personal care industry is the major determinant catalyzing the demand for lactic acid in personal care industry. Increasing demand for skin lightening products is fuelling the growth of the lactic acid market as it helps in lowering the dull and uneven complexion of skin.
Lactic acid holds multiple functionalities as it is used as a catalyst, food emulsifier, and substitute for toxic chemicals, and plastics. Lactic acid plays an indispensable role as a catalyst in the processing of various industrial products. The use of lactic acid as a substitute for toxic chemicals and plastics, especially in food & beverages and pharmaceuticals, is bolstering the market growth of lactic acid. Lactic acid is usually preferred over synthetic chemicals in the food & beverage sector, as they alter the flavor and texture of products while enhancing their shelf life. Lactic acid is used to produce cheese flavors in the dairy industry. Furthermore, in the brewing industry, lactic acid promotes starch conversion in beer, hence increasing the yield. In the baking industry, lactic acid helps control the dough’s acidity and enhances the shelf life of baked products. Additionally, lactic acid is also used to produce emulsifiers such as calcium and sodium stearoyl lactylates, which function as dough conditioners. Hence, the lactic acid’s multi-functionalities are the prime factor anticipated to drive the lactic acid market growth during the forecast period.
Some of the major key players operating in the global lactic acid market include Corbion, Cargill Inc., Foodchem International Corporation, Galactic, Henan Xinghan Biotechnology, Musashino Chemical Laboratory, Ltd., Shandong Baisheng Biotechnology Co., Ltd., Jungbunzlauer Suisse AG, Henan Jindan Lactic Acid Technology Co., Ltd., and Vigon International, Inc among many others. The major players in the lactic acid market are focusing on strategies such as mergers and acquisitions and research and development to increase the geographical presence and consumer base globally.
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