Report : Lactic Acid Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Form (Dry and Liquid) and Application (Food & Beverages, Pharmaceuticals, Personal Care, and Others)
Multi-Functionalities of Lactic Acid to Escalate Lactic Acid Market Growth
According to our latest market study on “Lactic Acid Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Form (Dry and Liquid) and Application (Food & Beverages, Pharmaceuticals, Personal Care, and Others),” the 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. The report highlights key factors driving the market growth and prominent players, along with their developments, in the market.
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.
Surging demand for lactic acid is attributed to its multi-functionalities. 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 lactic acid market growth. Lactic acid is usually preferred over synthetic chemicals in the food & beverages 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-functionality is the prime factor anticipated to drive the lactic acid market growth during the forecast period.
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. are among the well-established players in the lactic acid market.
Impact of COVID-19 Pandemic on Lactic Acid Market
Coronavirus outbreak first began in Wuhan (China) in December 2019, and since then, it has spread across the globe. As of February 2021, the US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are some of the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global food & beverages industry is one of the significant sectors suffering severe disruptions, such as supply chain breaks, technology event cancellations, and office shutdowns, as a result of this outbreak. Several companies have already announced possible delays in product deliveries and slump in future sales of their products. Besides, the global travel bans imposed by countries in Europe, Asia, and North America are affecting business collaborations and partnership opportunities. All these factors are expected to affect the food & beverages industry negatively and thus act as a restraining factor for the growth of various markets related to this industry in the coming months.
The report includes the segmentation of the global lactic acid market as follows:
Lactic Acid Market, by Form
Lactic Acid Market, by Application
Lactic Acid Market, by Geography
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