Oct 4, 2017   SOURCE: BusinessWire

Lactic Acid Market - Segmentation Analysis and Forecasts by Technavio

According to the latest market study released by Technavio, the global lactic acid market is expected to grow at a CAGR of almost 17% during the predicted period.

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Technavio has published a new report on the global lactic acid market from 2017-2021. (Graphic: Busi ...

Technavio has published a new report on the global lactic acid market from 2017-2021. (Graphic: Business Wire)

This research report titled ‘Global Lactic Acid Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.

An increase in demand from various applications is further boosting the lactic acid market in North America. Europe has the second-highest market share of lactic acid, mainly due to increasing adoption of eco-friendly and biomaterials in European countries. APAC is seen as the future potential market due to the rise in disposable income and societal changes in emerging countries like China, India, and South Korea.

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Technavio’s analysts categorize the global lactic acid market into five major segments by application. They are:

  • Pharmaceuticals
  • Personal care
  • Food and beverages
  • Biodegradable polymers
  • Others

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The top three application segments of the global lactic acid market are discussed below:

Global lactic acid market in biodegradable polymers

Lactic acid is largely used in biodegradable polymers. Biodegradable polymers account for the largest share of the global lactic acid market, and it is estimated to hold 39.63% in 2021. It is mostly used as a feedstock for the production of biodegradable polymer. The rising environmental concerns from petroleum-based polymers along with decreasing shale oil resources have led to the increase in the use of lactic acid for producing biodegradable polymers.

According to Mohd Shakeel Iqbal, a lead specialty chemicals research analyst from Technavio, “The major factors for this growth are an increase in demand for natural, sustainable, and green product, increase in consumer awareness of eco-friendly packaging, changing consumer preferences, fluctuation in oil prices, and major vendors focusing more on the production of plastics and packaging through biodegradable polymers. Western Europe dominated the global biodegradable polymers market in 2016 due to mature economies and higher rate of adoption of new production technologies and an increase in consumer awareness in the region.”

Global lactic acid market in food and beverages

The food and beverages segment held 28.67% of the market share in 2016 and is estimated to hold the second-largest share in the global lactic acid market. Lactic acid is used in bakery products, confectionery, meat products, dairy products, beverages, and others. In food and beverages, lactic acid is used as a pH regulator, acidity regulator, flavoring agent, or as a preserving agent.

“In meat products, lactic acid is used in the form of potassium or sodium lactate for extending the storage time and protecting meat products. In beverages, lactic acid acts as a very good acidity regulator. In vegetables, salads, and dressings, lactic acid is helpful in extending the storage period and preservation. In dairy and bakery products, it is used as both antibacterial and acidity regulators,” says Shakeel.

Global lactic acid market in personal care

Lactic acid is largely used in personal care. Lactic acid is used as an exfoliant agent, fragrance additive, pH adjuster, antibacterial agent, acidity regulator, and skin-conditioning agent because of which lactic acid is used in a wide range of beauty and personal care products.

APAC is estimated to hold the largest market share in the personal care market due to the presence of a large population, increase in male consumers, various products offering ease, handiness and health, the rise in disposable income, demographic changes, and rapid urbanization.

The top vendors highlighted by Technavio’s research analysts in this report are:

  • Corbion
  • Cargill
  • Futerro
  • Henan Jindan Lactic Acid Technology
  • Galactic
  • Musashino Chemical Laboratory
  • NatureWorks

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