The scope of our recent study on the “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)” includes the analysis of factors governing the market growth, estimation and forecast of revenues, market share analysis, and identification of significant market players and their key developments.
The lactic acid 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. 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.
Based on form, the lactic acid market is segmented into dry and liquid. The dry segment is expected to grow at higher CAGR during the forecast period. Dry lactic acid is majorly available in powdered form and it is convenient to use. The shelf life of dry lactic acid is enhanced and it can be stored for longer duration. Compared to its liquid counterpart, dry lactic acid can be easily transported and requires lower transportation cost. In terms of application, the food & beverages segment dominated the global lactic acid market in terms of value in 2019. However, the personal care segment is expected to register the highest CAGR during the forecast period. Growth of personal care industry is the major determinant catalyzing the demand for lactic acid in personal care industry. Increasing demand for skin lightening products is fuelling the growth of the lactic acid market as it helps in lowering the dull and uneven complexion of skin.
The lactic acid market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. In 2019, North America held the largest share of the global lactic acid market. The demand for lactic acid from food & beverages sector across the region has witnessed consistent growth, due to which the lactic acid 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. Further, natural lactic acid is the most in-demand form of lactic acid in the market that has further led to rising demand for lactic acid in the North America 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 at a fast pace 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 and beverages industry is one of the significant sectors suffering severe disruptions such as supply chain breaks, technology events cancellations, office shutdowns, etc., 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 and beverage 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
- Food & Beverages
- Personal Care
Lactic Acid Market, by Geography
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- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America