Lactic Acid Market – Segmentation Analysis and Forecasts by Technavio

October 4, 2017

LONDON–(BUSINESS WIRE)–#Research–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.

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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