Asia Pacific Lactic Acid Market is expected to reach US$ 598.38 million by 2027

PRESS RELEASE BY The Insight Partners 10 Mar 2021

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According to the latest study on “Asia Pacific Lactic acid Market Forecast to 2027 – Covid-19 Impact and Analysis – By Form (Dry and Liquid); Application (Food & Beverages, Pharmaceuticals, Personal Care and Others); and Country,” the Asia Pacific lactic acid market was valued at US$ 280.57 million in 2019 and is projected to reach US$ 598.38 million by 2027; it is expected to grow at a CAGR of 10.0 % during 2020–2027. The report provides understanding on the key driving factors pertaining to the market growth and highlights the prominent players in the market, along with their developments.

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 chemicals & materials 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.

To gain more consumer traction and increase market share, key players are investing heavily in the research and development of lactic acid. Rise in popularity of the lactic acid has motivated the manufacturers to boost the production volume and undertake investments in research and development. Moreover, fluctuating raw materials prices and the challenge to lessen the environmental impact of lactic acid production are propelling the manufacturers to explore innovative ways to decrease ecological waste and enhance efficiency. For instance, Cargill is focusing on developing low pH tolerant yeast which is a new biocatalyst. The process substantially produces less gypsum waste and requires lower amounts of raw materials. The new biocatalyst is promoting lactic acid’s competitiveness of the company while also reducing the environmental impact of lactic acid production. Moreover, the new biocatalyst also offers cost efficiencies in the production of lactic acid. The advancement of the latest technologies can overcome notable barriers in the processing and purification of lactic acid. Advances in electrodialysis and bipolar membranes and double ED process have given encouraging results, showing great potential for an effective and cost-effective method for purification of lactic acid without producing salt waste.

The Asia Pacific Lactic acid market has been analyzed on the basis of historical, current, and future trends in countries such as Australia, China, India, Japan, South Korea, and rest of Asia Pacific. The lactic acid market in the region has experienced a huge shift over the years. It is gaining popularity amongst consumers in developed and developing Asian countries such as China, India, Japan, and Australia. This consumer shift towards lactic acid is mainly attributed to rising environmental concerns. Furthermore, the demand for lactic acid in the food & beverages industry is rising with the advent of new technologies and increasing number of applications. Owing to the different functional properties of lactic acid, it is used as a vital ingredient in food & beverages products. Further, lactic acid is commercially available in different grades depending on its purity. China, India, and Japan are the main markets for lactic acid in the region. China is the largest exporter and manufacturer of lactic acid in the region and the second-largest exporter in the world. The rising usage of lactic acid in various applications such as food & beverages, pharmaceuticals, personal care, and others have resulted in increasing demand for lactic acid, which has anticipated to boost the growth of the market in Asia Pacific.

Recently, the World Health Organization (WHO) announced the outbreak of COVID-19, the novel form of a disease caused by the virus SARS-CoV-2, as a pandemic. This outbreak started in December 2019 in Wuhan, China, and later, it turned into a pandemic, causing numerous deaths worldwide. The outbreak of COVID-19 pandemic has severely impacted the food and beverages industry. The shutdowns of this industry and supply chain disruptions due to lockdown of countries has created a strain on the supplies of the products of this industry. India has the highest number of confirmed cases of COVID-19 morbidities in Asia Pacific. Owing to this pandemic, the Asia Pacific food and beverages industry has witnessed an abrupt downturn in several major countries. The food and beverages industry in Asia Pacific suffered its one of the biggest drops in activities after the restaurants and food centers were closed, and the supply of food products and workers were disrupted due to the pandemic. The drop in the demand for food products in the region has directly affected the sales of the lactic acid products in Asia Pacific.  

The Asia Pacific lactic acid market is concentrated with several well-established players. A few of the key players in this market include are Corbion, Cargill Inc., Foodchem International Corporation, Galactic, Henan Xinghan Biotechnology, Musashino Chemical Laboratory, Ltd., Shandong Baisheng Biotechnology Co., Ltd., Jungbunzlauer Suisse AG and Henan Jindan Lactic Acid Technology Co., Ltd.

The report includes the segmentation of Asia Pacific lactic acid market as follows:

By Form
  • Dry
  • Liquid
By Application
  • Food & Beverages
  • Pharmaceuticals
  • Personal Care
  • Others
By Country
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
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