The Global Lactic Market- Growth, COVID-19 impact and Forecast (2021-2025)
The Lactic Acid market is segmented by Raw Material (Corn, Sugarcane, Cassava, and Others); Application (Industrial, Food and Beverages, Pharmaceutical, Personal Care, PLA, and Others); Geography (North America, Europe, APAC and ROW).
Introduction
Lactic acid is an acid which are usually found in sour milk and are also produced in the muscle tissue when a person exercises. They are usually colourless or yellowish. They are also prepared by the fermentation of molasses, potatoes, corn-starch and other. They can be processed synthetically and naturally.
Factors such as increased demand in food applications of lactic acid, various functional properties of lactic acid, availability of cheap raw materials and the regulatory approval by international regulations are driving the market
Despite the effects caused by COVID-19, the demand for bio plastics for manufacturing ventilators and supporting medical equipment has increased, especially the PLA which prominently uses lactic acid in its production. Along with these, the other end-user industries of these lactic acid are recovering to operate at full capacities from 2021 beginning. This is expected to mitigate the negative impacts created by COVID-19
Table of Contents
Executive Summary
Scope of the report
Research Methodology
Executive Summary
Introduction
5.1 Parent Market/ TAM
5.2 Market Outline
5.3 Market Segmentation
6.Five Force analysis
7.Market Sizing
8.Market segmentation
9.Geographical Landscape
9.1 APAC
9.2 Europe
9.3 North America
9.4 ROW
10. Growth drivers
10.1 Rise in demand for alternative environment-friendly resources
10.2 Technological advancements
11.Key Market Trends
12.Impact of Covid-19
13.Challenges
14.Customer Insights analysis
15.Major Market Players
15.1 DuPont
15.2 Galactic
15.3 Cargill
15.4 Unitika
15.5 Corbion
15.6 Dow
15.7 Sulzer
15.8 Vigon International
15.9 Danimer Scientific
15.10 Henan Jindan Lacic Acid Technology
16.Recent Developments
17.Future Scope
18.Strategic Recommendations
Market Overview
The global Lactic acid market is expected to grow to $ 4.40 billion by 2025
Growth momentum is expected to accelerate during the forecast period with a 9.07% CAGR.
Rising awareness among consumers about the consumption of biodegradable plastic packaging in the food application segment is anticipated to drive the market.
North America is a prominent regional market due to growth in the various end-user industries of lactic acid.
Key Trends
High Demand for Food Acidulants from the food and beverage industry is expected to boost the growth of the market.
Multi-functionalities of lactic and polylactic acids are likely to create opportunities for the market in the coming years.
Government regulations and frameworks to encourage the use of bioplastics is expected to drive the future market.
Key Market Players
Some of the key players in the market are DuPont, Galactic, Cargill, Unitika, Corbion, Dow.
The key players are partially consolidated in nature. Also, many manufacturers are looking forward to vertically integrated across the value chain and are engaged in both forward and backward integration.
Growth Drivers and Challenges
The rise in demand for alternative environment-friendly resources is driving the global lactic acid market
Technological advancements to encourage the production of lactic acid are driving the market.
Growing demand from the cosmetic industry accelerates the growth of the lactic acid market