[Research Report] The lactic acid market was valued at US$ 1,069.84 million in 2019 and it 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.
MARKET ANALYSIS
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 a flavoring agent. Surging global demand for processed food is boosting the application of lactic acid in the food industry. In meat, poultry, & 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.
GROWTH DRIVERS AND CHALLENGES
Lactic acid market comprise of wide application scope across various end-use industries and multi-functionality of lactic acid has aided the market growth of lactic acid. Lactic acid, an essential organic acid produced by lactic acid bacteria, finds application in various industries such as food & beverages, textile, personal care & cosmetics, and pharmaceuticals. It is naturally present in several foodstuffs and is used in an extensive range of food applications, including bakery & confectionery products, dairy products, meat products, and beverages. Lactic acid is also used in the dairy industry in making cheese and yogurt. Lactic acid is used in food products primarily as a pH regulator, preservative, and flavoring agent. Polylactic acid, an aliphatic polyester-based thermoplastic biopolymer, is majorly used for textile applications, including household as well as industrial wipes, diapers, and disposable garments. Furthermore, lactic acid is used to formulate cleansing products, shampoos, moisturizers, hair dyes, and other skin care and hair care products in the personal care & cosmetics industry. Lactic acid is also used in the pharmaceutical sector. Nowadays, more attention is given to lactic acid based on its use to produce polylactic acid. The fluctuating raw material prices pose a challenge to the lactic acid market. Volatility in prices of raw material, including tapioca starch and sugar, have increased lactic acid prices, which are expected to hinder the lactic acid market growth during the forecast period. A notable increase in costs for the raw materials used for lactic acid production, including cassava, corn, sugarcane, and sugar beet, has created a significant barrier for the market growth.
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Lactic Acid Market: Strategic Insights
Market Size Value in US$ 1,069.84 Million in 2019 Market Size Value by US$ 2,217.88 Million by 2027 Growth rate CAGR of 9.6% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Lactic Acid Market: Strategic Insights
| Market Size Value in | US$ 1,069.84 Million in 2019 |
| Market Size Value by | US$ 2,217.88 Million by 2027 |
| Growth rate | CAGR of 9.6% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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REPORT SEGMENTATION AND SCOPE
The "Global Lactic Acid Market Analysis to 2028" is a specialized and in-depth study with a major focus on the global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation by form, application, and geography. The global lactic acid market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of lactic acid worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the lactic acid market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global lactic acid market, which helps understand the entire supply chain and various factors affecting the market growth.
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SEGMENTAL ANALYSIS
The global lactic acid market is segmented on the basis of form, and application. Based on form, the lactic acid market is segmented as, dry, and liquid. On the basis of application, the lactic acid market is classified as, food & beverages, pharmaceuticals, personal care, and others. Based on form, the dry segment accounted for a significant share which can be attributed to its excellent pH value control and bacteriostasis capability, prolonging the shelf life of food. In food and beverages, lactic acid acts as a curing or gelling agent, flavoring, solvent and preservative, and food carrier, as it is easy to mix in a liquid form. Based on application, food & beverages segment accounted for significant lactic acid market share. Lactic acid is used in a wide variety of food industries, such as baking products, beverages, fermented meat, confectionery, dairy products, salads, dressings, and ready-to-eat meals. Moreover, in the food & beverage industry, lactic acid is preferred over synthetic chemicals because they change the taste, texture, or characteristics of products to improve their shelf life. The pharmaceutical industry uses lactic acid for the preparation of various medicines and medicinal creams due to its antimicrobial properties, which are also expected to fuel demand for lactic acid throughout the pharmaceutical industry. Lactic acid plays an important role as a catalyst in the manufacturing of a variety of industrial goods. Generally, these acids have been used as bulk industrial applications in the personal care industry. The others segment for lactic acid market includes biodegradable polymers, humectants, lactate solvents, chiral intermediaries, descaling agents, neutralizers, and cleaning agents.
SEGMENT ANALYSIS – BY FORM
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REGIONAL ANALYSIS
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The report provides a detailed overview of the global lactic acid market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. North America accounted for a significant share of the market and valued at more than US$ 300 million in 2019. The demand for lactic acid from food & beverages sector across the region has witnessed consistent growth, due to which the market is expected to flourish during the forecast period. With the rising trend of confectionery products, the consumption of lactic acid is increasing at a rapid pace, particularly in the US and Canada. Asia Pacific is also expected to witness considerable growth valued at approximately US$ 280 million in 2019. 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. European market for lactic acid is mainly driven by factors such as increased use of shampoos, creams, and body care products, growing pharmaceutical industry, increasing demand for petrochemical products, and surging applications of bioplastics among others.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
The report provides a detailed overview of the global lactic acid market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.
In August, 2022, LG Chem and ADM announced two joint ventures for the US production of lactic acid and polylactic acid, in order to cater growing demand for a wide variety of plant-based products, including bioplastics. The targeted annual production by two joint ventures was 150 thousand tons of lactic acid and 75 thousand tons of polylactic acid.
In January, 2021, Corbion increased its production capacity for lactic acid production by 40% in North America. The expansion strategy aimed at catering the growing demand for natural ingredients in several end-use industries such as food & beverages, and personal care.
IMPACT OF COVID/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
The report provides a detailed overview of the global lactic acid market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The coronavirus outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The food & beverage industry was negatively impacted by supply chain disruptions, and shutdown of production facility shutdowns. The production halts and shutdown of many factories in the North America, Europe, Asia Pacific, South America, and the Middle East, and Africa affected the manufacturing, delivery schedules, thereby resulting in demand-supply gap. Industries such as food & beverages, pharmaceuticals and personal care have been the major contributors to the demand of lactic acid. In 2020, these industries slowed down their operations due to disruptions in value chains caused by trade restrictions and government regulations. The shortage of manpower resulted in the deceleration of lactic acid production and distribution operations.
Moreover, sanitary measures and precautions pertaining spread of COVID-19 reduced the production capacity significantly, thereby creating a shortage of raw materials for the production of lactic acid. However, lactic acid suppliers began reviving their operations in late 2020 due to significant measures initiated by governments. The government funds and support programs for several industries is expected to provide the impetus to the lactic acid suppliers, thereby aiding in revival of lactic acid market in the coming year.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Some of the key players operating in the 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 others.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Form and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
In 2019, the lactic acid market was predominant by North America at the global level. The primary factor driving the growth of the lactic acid market is the increasing application of lactic acid in food & beverages, personal care, industrial, polylactic acid, and others. Moreover, the high dispensable income of consumers and increasing consumer awareness regarding bio-based products has also accelerated the demand for lactic acid. With the rising trend of confectionery products, the consumption of lactic acid is increasing at a rapid pace, particularly in the US and Canada. Further, natural lactic acid is the most in-demand form of lactic acid on the market that has further led to rising demand for lactic acid in the North America market.
The major players operating in the global lactic acid market are 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., and many others.
Among the four segments of function, food & beverages segment has led the market in 2019. Lactic acid is used in a wide variety of food industries, such as baking products, beverages, fermented meat, confectionery, dairy products, salads, dressings, and ready-to-eat meals. Moreover, in the food & beverage industry, lactic acid is preferred over synthetic chemicals because they change the taste, texture, or characteristics of products to improve their shelf life. In the dairy industry, lactic acids are used to coagulate milk and create cheese flavors. Whereas in the brewing industry, lactic acid increases the conversion of starch in beer, thus increasing the yield. In the baking industry, lactic acid helps regulate the acidity of the dough and increases the shelf life of the baked goods.
1. Introduction. 16
1.1 Study Scope. 16
1.2 The Insight Partners Research Report Guidance. 16
1.3 Market Segmentation. 17
2. Key Takeaways. 19
3. Research Methodology. 23
3.1 Scope of the Study. 23
3.2 Research Methodology. 23
3.2.1 Data Collection: 24
3.2.2 Primary Interviews: 24
3.2.3 Hypothesis formulation: 24
3.2.4 Macro-economic factor analysis: 24
3.2.5 Developing base number: 25
3.2.6 Data Triangulation: 25
3.2.7 Country level data: 25
4. Global Lactic Acid Market Landscape. 26
4.1 Market Overview.. 26
4.2 PEST Analysis. 27
4.2.1 North America. 27
4.2.2 Europe. 27
4.2.3 APAC.. 28
4.2.4 MEA. 28
4.2.5 SAM... 29
4.3 Expert Opinion. 29
4.4 List of Suppliers. 30
5. Lactic Acid Market – Key Market Dynamics. 31
5.1 Market Drivers. 31
5.1.1 Widening Application Scope. 31
5.1.2 Multi-functionalities of Lactic Acid. 31
5.2 Market Restraint 32
5.2.1 Fluctuating Raw Material Prices. 32
5.3 Market Opportunities. 32
5.3.1 Increasing Demand for Biodegradable Polymers. 32
5.4 Future Trends. 32
5.4.1 Innovations and Technology Advancement 32
5.5 Impact Analysis. 33
6. Lactic Acid – Global Market Analysis. 34
6.1 Lactic Acid Market Overview.. 34
6.2 Lactic Acid Market –Revenue And Forecast To 2027 (US$ Billion) 36
6.3 Competitive Positioning – Key Market Players. 37
7. Lactic Acid Market Analysis – By Form.. 38
7.1 Overview.. 38
7.2 Lactic Acid Market, By Form (2019 and 2027) 38
7.3 Dry. 39
7.3.1 Overview.. 39
7.3.2 Dry: Lactic Acid Market – Revenue and Forecast to 2027 (US$ Mn) 39
7.4 Liquid. 40
7.4.1 Overview.. 40
7.4.2 Liquid: Lactic Acid Market – Revenue and Forecast to 2027 (US$ Mn) 40
8. Lactic Acid Market Analysis – By Application. 41
8.1 Overview.. 41
8.2 Lactic Acid Market, By Application (2019 and 2027) 41
8.3 Food and Beverages. 42
8.3.1 Overview.. 42
8.3.2 Food and Beverages : Lactic Acid Market – Revenue and Forecast to 2027 (US$ Mn) 42
8.4 Pharmaceuticals. 43
8.4.1 Overview.. 43
8.4.2 Pharmaceuticals : Lactic Acid Market – Revenue and Forecast to 2027 (US$ Mn) 43
8.5 Personal Care. 44
8.5.1 Personal Care : Lactic Acid Market – Revenue and Forecast to 2027 (US$ Mn) 44
8.6 Others. 45
8.6.1 Others: Lactic Acid Market – Revenue and Forecast to 2027 (US$ Mn) 45
9. Lactic Acid Market – Geographic Analysis. 46
9.1 Overview.. 46
9.2 North America: Lactic Acid Market 47
9.2.1 North America: Lactic Acid Market – Revenue and Forecast to 2027 (US$ Million) 47
9.2.2 North America: Lactic Acid Market, by Form... 48
9.2.3 North America: Lactic Acid Market, by Application. 49
9.2.4 North America: Lactic Acid Market, by Key Country. 50
9.2.4.1 US: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 50
9.2.4.1.1 US: Lactic Acid Market, by Form... 51
9.2.4.1.2 US: Lactic Acid Market, by Application. 51
9.2.4.2 Canada: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 52
9.2.4.2.1 Canada: Lactic Acid Market, by Form... 52
9.2.4.2.2 Canada: Lactic Acid Market, by Application. 53
9.2.4.3 Mexico: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 54
9.2.4.3.1 Mexico: Lactic Acid Market, by Form... 54
9.2.4.3.2 Mexico: Lactic Acid Market, by Application. 55
9.3 Europe: Lactic Acid Market 56
9.3.1 Europe: Lactic Acid Market – Revenue and Forecast to 2027 (US$ Million) 56
9.3.2 Europe: Lactic Acid Market, by Form... 57
9.3.3 Europe: Lactic Acid Market, by Application. 58
9.3.4 Europe: Lactic Acid Market, by Key Country. 59
9.3.4.1 Germany: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 59
9.3.4.1.1 Germany: Lactic Acid Market, by Form... 60
9.3.4.1.2 Germany: Lactic Acid Market, by Application. 60
9.3.4.2 France: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 61
9.3.4.2.1 France: Lactic Acid Market, by Form... 61
9.3.4.2.2 France: Lactic Acid Market, by Application. 62
9.3.4.3 Italy: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 63
9.3.4.3.1 Italy: Lactic Acid Market, by Form... 63
9.3.4.3.2 Italy: Lactic Acid Market, by Application. 64
9.3.4.4 UK: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 65
9.3.4.4.1 UK: Lactic Acid Market, by Form... 65
9.3.4.4.2 UK: Lactic Acid Market, by Application. 66
9.3.4.5 Russia: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 67
9.3.4.5.1 Russia: Lactic Acid Market, by Form... 67
9.3.4.5.2 Russia: Lactic Acid Market, by Application. 68
9.3.4.6 Rest of Europe: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 69
9.3.4.6.1 Rest of Europe: Lactic Acid Market, by Form... 69
9.3.4.6.2 Rest of Europe: Lactic Acid Market, by Application. 70
9.4 APAC: Lactic Acid Market 71
9.4.1 APAC: Lactic Acid Market – Revenue and Forecast to 2027 (US$ Million) 71
9.4.2 APAC: Lactic Acid Market, by Form... 72
9.4.3 APAC: Lactic Acid Market, by Application. 73
9.4.4 APAC: Lactic Acid Market, by Key Country. 74
9.4.4.1 Australia: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 74
9.4.4.1.1 Australia: Lactic Acid Market, by Form... 75
9.4.4.1.2 Australia: Lactic Acid Market, by Application. 75
9.4.4.2 China: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 76
9.4.4.2.1 China: Lactic Acid Market, by Form... 77
9.4.4.2.2 China: Lactic Acid Market, by Application. 77
9.4.4.3 India: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 78
9.4.4.3.1 India: Lactic Acid Market, by Form... 79
9.4.4.3.2 India: Lactic Acid Market, by Application. 79
9.4.4.4 Japan: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 80
9.4.4.4.1 Japan: Lactic Acid Market, by Form... 80
9.4.4.4.2 Japan: Lactic Acid Market, by Application. 81
9.4.4.5 South Korea: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 82
9.4.4.5.1 South Korea: Lactic Acid Market, by Form... 82
9.4.4.5.2 South Korea: Lactic Acid Market, by Application. 83
9.4.4.6 Rest of APAC: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 84
9.4.4.6.1 Rest of APAC: Lactic Acid Market, by Form... 84
9.4.4.6.2 Rest of APAC: Lactic Acid Market, by Application. 85
9.5 MEA: Lactic Acid Market 86
9.5.1 MEA: Lactic Acid Market – Revenue and Forecast to 2027 (US$ Million) 86
9.5.2 MEA: Lactic Acid Market, by Form... 87
9.5.3 MEA: Lactic Acid Market, by Application. 88
9.5.4 MEA: Lactic Acid Market, by Key Country. 89
9.5.4.1 South Africa: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 89
9.5.4.1.1 South Africa: Lactic Acid Market, by Form... 90
9.5.4.1.2 South Africa: Lactic Acid Market, by Application. 90
9.5.4.2 Saudi Arabia: Lactic Acid Market – Revenue and Forecast to 2027 (US$ Million) 91
9.5.4.2.1 Saudi Arabia: Lactic Acid Market, by Form... 91
9.5.4.2.2 Saudi Arabia: Lactic Acid Market, by Application. 92
9.5.4.3 UAE: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 93
9.5.4.3.1 UAE: Lactic Acid Market, by Application. 94
9.5.4.4 Rest of MEA: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 95
9.5.4.4.1 Rest of MEA: Lactic Acid Market, by Form... 95
9.5.4.4.2 Rest of MEA: Lactic Acid Market, by Application. 96
9.6 SAM: Lactic Acid Market 97
9.6.1 SAM: Lactic Acid Market – Revenue and Forecast to 2027 (US$ Million) 97
9.6.2 SAM: Lactic Acid Market, by Form... 98
9.6.3 SAM: Lactic Acid Market, by Application. 99
9.6.4 SAM: Lactic Acid Market, by Key Country. 100
9.6.4.1 Brazil: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 100
9.6.4.1.1 Brazil: Lactic Acid Market, by Form... 101
9.6.4.1.2 Brazil: Lactic Acid Market, by Application. 101
9.6.4.2 Argentina: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 102
9.6.4.2.1 Argentina: Lactic Acid Market, by Form... 102
9.6.4.2.2 Argentina: Lactic Acid Market, by Application. 103
9.6.4.3 Rest of SAM: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 104
9.6.4.3.1 Rest of SAM: Lactic Acid Market, by Form... 104
9.6.4.3.2 Rest of SAM: Lactic Acid Market, by Application. 105
10. Overview- Impact of Coronavirus Outbreak. 106
10.1 Overview.. 106
10.2 North America: Impact Assessment of COVID-19 Pandemic. 106
10.3 Europe: Impact Assessment of COVID-19 Pandemic. 107
10.4 Asia-Pacific: Impact Assessment of COVID-19 Pandemic. 108
10.5 Middle East and Africa: Impact Assessment of COVID-19 Pandemic. 109
10.6 South America: Impact Assessment of COVID-19 Pandemic. 110
11. Key Company Profiles. 111
11.1 Corbion. 111
11.1.1 Key Facts. 111
11.1.2 Business Description. 111
11.1.3 Products and Services. 111
11.1.4 Financial Overview.. 112
11.1.5 SWOT Analysis. 112
11.1.6 Key Developments. 113
11.2 Cargill Inc. 114
11.2.1 Key Facts. 114
11.2.2 Business Description. 114
11.2.3 Products and Services. 114
11.2.4 Financial Overview.. 115
11.2.5 SWOT Analysis. 115
11.2.6 Key Developments. 115
11.3 Foodchem International Corporation. 116
11.3.1 Key Facts. 116
11.3.2 Business Description. 116
11.3.3 Products and Services. 116
11.3.4 Financial Overview.. 116
11.3.5 SWOT Analysis. 117
11.4 Galactic. 118
11.4.1 Key Facts. 118
11.4.2 Business Description. 118
11.4.3 Products and Services. 118
11.4.4 Financial Overview.. 118
11.4.5 SWOT Analysis. 119
11.5 Henan Xinghan Biotechnology. 120
11.5.1 Key Facts. 120
11.5.2 Business Description. 120
11.5.3 Products and Services. 120
11.5.4 Financial Overview.. 120
11.5.5 SWOT Analysis. 121
11.6 Jungbunzlauer Suisse AG.. 122
11.6.1 Key Facts. 122
11.6.2 Business Description. 122
11.6.3 Products and Services. 122
11.6.4 Financial Overview.. 122
11.6.5 SWOT Analysis. 123
11.7 Henan Jindan Lactic Acid Technology Co., Ltd. 124
11.7.1 Key Facts. 124
11.7.2 Business Description. 124
11.7.3 Products and Services. 124
11.7.4 Financial Overview.. 124
11.7.5 SWOT Analysis. 125
11.8 Musashino Chemical Laboratory, Ltd. 126
11.8.1 Key Facts. 126
11.8.2 Business Description. 126
11.8.3 Products and Services. 126
11.8.4 Financial Overview.. 126
11.8.5 SWOT Analysis. 127
11.9 Shandong Baisheng Biotechnology Co., Ltd. 128
11.9.1 Key Facts. 128
11.9.2 Business Description. 128
11.9.3 Products and Services. 128
11.9.4 Financial Overview.. 128
11.9.5 SWOT Analysis. 129
11.10 Vigon International, Inc. 130
11.10.1 Key Facts. 130
11.10.2 Business Description. 130
11.10.3 Products and Services. 130
11.10.4 Financial Overview.. 130
11.10.5 SWOT Analysis. 131
12. Appendix. 132
12.1 About The Insight Partners. 132
12.2 Word Index. 132
LIST OF TABLES
Table 1. List of Lactic Acid Suppliers. 30
Table 2. Lactic Acid Market –Revenue And Forecast To 2027 (US$ Million) 36
Table 3. North America Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 48
Table 4. North America Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 49
Table 5. US Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 51
Table 6. US Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 51
Table 7. Canada Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 52
Table 8. Canada Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 53
Table 9. Mexico Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 54
Table 10. Mexico Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 55
Table 11. Europe Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 57
Table 12. Europe Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 58
Table 13. Germany Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 60
Table 14. Germany Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 60
Table 15. France Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 61
Table 16. France Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 62
Table 17. Italy Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 63
Table 18. Italy Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 64
Table 19. UK Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 65
Table 20. UK Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 66
Table 21. Russia Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 67
Table 22. Russia Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 68
Table 23. Rest of Europe Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 69
Table 24. Rest of Europe Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 70
Table 25. Asia Pacific Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 72
Table 26. Asia Pacific Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 73
Table 27. Australia Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 75
Table 28. Australia Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 75
Table 29. China Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 77
Table 30. China Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 77
Table 31. India Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 79
Table 32. India Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 79
Table 33. Japan Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 80
Table 34. Japan Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 81
Table 35. South Korea Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 82
Table 36. South Korea Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 83
Table 37. Rest of APAC Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 84
Table 38. Rest of APAC Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 85
Table 39. MEA Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 87
Table 40. MEA Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 88
Table 41. South Africa Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 90
Table 42. South Africa Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 90
Table 43. Saudi Arabia Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 91
Table 44. Saudi Arabia Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 92
Table 45. UAE Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 93
Table 46. UAE Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 94
Table 47. Rest of MEA Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 95
Table 48. Rest of MEA Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 96
Table 49. SAM Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 98
Table 50. SAM Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 99
Table 51. Brazil Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 101
Table 52. Brazil Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 101
Table 53. Argentina Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 102
Table 54. Argentina Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 103
Table 55. Rest of SAM Lactic Acid Market, by Form – Revenue and Forecast to 2027 (USD Million) 104
Table 56. Rest of SAM Lactic Acid Market, by Application – Revenue and Forecast to 2027 (USD Million) 105
Table 57. List of Abbreviation. 132
LIST OF FIGURES
Figure 1. Global Lactic Acid Market Segmentation. 17
Figure 2. Lactic Acid Market Segmentation – By Geography. 18
Figure 3. Global Lactic Acid Market Overview.. 19
Figure 4. Food & Beverages Segment Held Largest Share Of Global Lactic Acid Market 20
Figure 5. North America Region Held Largest Share Of Global Lactic Acid Market 21
Figure 6. Global Lactic Acid Market, Industry Landscape. 22
Figure 7. North America: PEST Analysis. 27
Figure 8. Europe: PEST Analysis. 27
Figure 9. APAC: PEST Analysis. 28
Figure 10. MEA: PEST Analysis. 28
Figure 11. SAM: PEST Analysis. 29
Figure 12. Expert Opinion. 29
Figure 13. Global Lactic Acid Market Impact Analysis Of Drivers And Restraints. 33
Figure 14. Geographic Overview Of Lactic Acid Market 35
Figure 15. Global: Lactic Acid Market – Revenue And Forecast To 2027 (US$ Million) 36
Figure 16. Lactic Acid Market Revenue Share, By Form (2019 and 2027) 38
Figure 17. Dry: Lactic Acid Market – Revenue And Forecast To 2027 (US$ Mn) 39
Figure 18. Liquid: Lactic Acid Market – Revenue And Forecast To 2027 (US$ Mn) 40
Figure 19. Lactic Acid Market Revenue Share, By Application (2019 and 2027) 41
Figure 20. Food and Beverages : Lactic Acid Market – Revenue And Forecast To 2027 (US$ Mn) 42
Figure 21. Pharmaceuticals : Lactic Acid Market – Revenue And Forecast To 2027 (US$ Mn) 43
Figure 22. Personal Care : Lactic Acid Market – Revenue And Forecast To 2027 (US$ Mn) 44
Figure 23. Others: Lactic Acid Market – Revenue And Forecast To 2027 (US$ Mn) 45
Figure 24. Global Lactic Acid Market Revenue Share, by Region (2019 and 2027) 46
Figure 25. North America: Lactic Acid Market – Revenue and Forecast to 2027 (US$ Million) 47
Figure 26. North America: Lactic Acid Market Revenue Share, by Form (2019 and 2027) 48
Figure 27. North America: Lactic Acid Market Revenue Share, by Application (2019 and 2027) 49
Figure 28. North America: Lactic Acid Market Revenue Share, by Key Country (2019 and 2027) 50
Figure 29. US: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 50
Figure 30. Canada: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 52
Figure 31. Mexico: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 54
Figure 32. Europe: Lactic Acid Market – Revenue and Forecast to 2027 (US$ Million) 56
Figure 33. Europe: Lactic Acid Market Revenue Share, by Form (2019 and 2027) 57
Figure 34. Europe: Lactic Acid Market Revenue Share, by Application (2019 and 2027) 58
Figure 35. Europe: Lactic Acid Market Revenue Share, by Key Country (2019 and 2027) 59
Figure 36. Germany: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 59
Figure 37. France: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 61
Figure 38. Italy: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 63
Figure 39. UK: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 65
Figure 40. Russia: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 67
Figure 41. Rest of Europe: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 69
Figure 42. APAC: Lactic Acid Market – Revenue and Forecast to 2027 (US$ Million) 71
Figure 43. APAC: Lactic Acid Market Revenue Share, by Form (2019 and 2027) 72
Figure 44. APAC: Lactic Acid Market Revenue Share, by Application (2019 and 2027) 73
Figure 45. APAC: Lactic Acid Market Revenue Share, by Key Country (2019 and 2027) 74
Figure 46. Australia: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 74
Figure 47. China: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 76
Figure 48. India: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 78
Figure 49. Japan: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 80
Figure 50. South Korea: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 82
Figure 51. Rest of APAC: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 84
Figure 52. MEA: Lactic Acid Market – Revenue and Forecast to 2027 (US$ Million) 86
Figure 53. MEA: Lactic Acid Market Revenue Share, by Form (2019 and 2027) 87
Figure 54. MEA: Lactic Acid Market Revenue Share, by Application (2019 and 2027) 88
Figure 55. MEA: Lactic Acid Market Revenue Share, by Key Country (2019 and 2027) 89
Figure 56. South Africa: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 89
Figure 57. Saudi Arabia: Lactic Acid Market – Revenue and Forecast to 2027 (US$ Million) 91
Figure 58. UAE: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 93
Figure 59. Rest of MEA: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 95
Figure 60. SAM: Lactic Acid Market – Revenue and Forecast to 2027 (US$ Million) 97
Figure 61. SAM: Lactic Acid Market Revenue Share, by Form (2019 and 2027) 98
Figure 62. SAM: Lactic Acid Market Revenue Share, by Application (2019 and 2027) 99
Figure 63. SAM: Lactic Acid Market Revenue Share, by Key Country (2019 and 2027) 100
Figure 64. Brazil: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 100
Figure 65. Argentina: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 102
Figure 66. Rest of SAM: Lactic Acid Market –Revenue and Forecast to 2027 (US$ Million) 104
Figure 67. Impact of COVID-19 Pandemic in North American Country Markets. 106
Figure 68. Impact of COVID-19 Pandemic in Europe Country Markets. 107
Figure 69. Impact of COVID-19 Pandemic in Asia Pacific Country Markets. 108
Figure 70. Impact of COVID-19 Pandemic in Middle East and Africa Country Markets. 109
Figure 71. Impact of COVID-19 Pandemic in South America Country Markets. 110
The List of Companies - Lactic Acid Market
- 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.
- Vigon International, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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