Lactic Acid Market Development Plans and Future Growth Forecast 2027
According to Fortune Business Insights™, the global lactic acid market size was USD 1.18 billion in 2020. The market is projected to grow from USD 1.28 billion in 2021 to USD 2.43 billion in 2028 at a CAGR of 9.6% during the 2021-2028 period.
According to our researchers, lactic acid or 2-Hydroxypropanoic acid is a natural biological acid with several applications in the food, pharmaceutical, chemical, cosmetic, and medical industries. It is formed by fermenting sugar acquired from renewable means, terming it as an eco-friendly creation. The product is generally utilized in polylactic acid (PLA) formation, a compostable thermoplastic and recyclable polymer created from renewable mediums.
Report Coverage
The market report provides a rounded evaluation of the market segments. A wide-ranging study of the modern trends and impending opportunities in the market is offered in the report. It offers an exhaustive analysis of the regional insights and how they form the market in particular regions. The impact of the COVID-19 pandemic is mentioned for further comprehension of the conceivable threats in the market. The proficient strategies of the best players and how they accelerate the market growth are discussed in the following report
Segmentation
Based on raw materials, the global market is segregated into sugarcane, corn, yeast extract, and others. In terms of region, the market is bifurcated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Based on application, the market is classified into PLA, food & beverages, cosmetics & personal care, pharmaceutical, and others. PLA application segment is expected to be responsible for the principal market share during the mentioned period. PLA is a biodegradable thermoplastic polymer acquired from the fermentation of renewable resources such as sugarcane, cassava, corn, cassava, and potato.
Competitive Landscape
Bulk Development Strategies Applied by Players to Maintain Market Position
Most of the crucial players are financing the acid’s R&D activities to transform novel and reputable technologies. For example, in April 2019, Asahi Group, a Japanese brewery business, introduced the Asahi Quality and Innovations Co. (AQI) as it pursues to progress its proficiency in yeast and LAB and implement novel digital technologies. This R&D is expected to advance novel health food elements, generate fresh business, and decrease the general ecological impact.
Source:
https://www.fortunebusinessinsights.com/lactic-acid-market-102119
