According to a new market report published by Lucintel, the future of the lactic acid market looks promising with opportunities in the industrial, food and beverage, biodegradable plastics, pharmaceutical, personal care and cosmetics, and others. The global lactic acid market is expected to grow with a CAGR of 18.7% from 2020 to 2025. The major drivers for this market are growing demand for skincare products such as moisturizers and anti-aging. Lactic acid, being a monomer for the manufacturing of biodegradable polylactic acid, is also one of the driving factor.
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In this market, corn, sugarcane, cassava, and others are the major raw materials of lactic acid market. Lucintel forecasts that corn is anticipated to be the largest raw material segment over the forecast period due to cheap and abundant availability.
Within this market, industrial, food and beverage, biodegradable plastics, pharmaceutical, personal care and cosmetics, and others are the major application of lactic acid. Food and beverage is expected to be the largest segment over the forecast period due to broad spectrum of applicability in the food industry.
Asia Pacific is expected to be the fastest growing region over the forecast period due to rise in the application as the food additive, increased demand in meat and other foods applications of lactic acid, availability of raw materials, innovation in technology, and strong support of big manufacturing companies in the region.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global lactic acid market by raw material, source, function, application, and region. Lucintel has prepared a comprehensive research report titled “Growth Opportunities in the Global Lactic Acid Market 2020-2025: Trends, Forecast, and Opportunity Analysis.” This Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the global lactic acid market by raw material, source, function, application, and region as follows:
By Raw Material [Value ($ Million) shipment analysis for 2014 – 2025]:
Corn
Sugarcane
Cassava
Others
By Source [Value ($ Million) shipment analysis for 2014 – 2025]:
By Function [Value ($ Million) shipment analysis for 2014 – 2025]:
Preservative
pH Regulator
Antimicrobial Agent
Flavour
Others
By Application [Value ($ Million) shipment analysis for 2014 – 2025]:
Industrial
Food & Beverage
Biodegradable Plastics
Pharmaceutical
Personal Care & Cosmetics
Others
By Region [Value ($ Million) shipment analysis for 2014 – 2025]:
United States
Canada
Mexico
United Kingdom
German
France
Spain
A more than 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or visit us at helpdesk@lucintel.com.
About Lucintel
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