Market Trends and Growth: September 2022

Wednesday 14 September 2022

U.S. Frozen Dessert Market by Unilever, Nestlé, Froneri International Limited, Blue Bell Creameries

The U.S. Frozen Dessert Market size is expected to reach USD 46.39 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.6% from 2022 to 2030. The increasing prevalence of convenient snacking among U.S. consumers is paving way for frozen desserts, including ice creams and yogurt, which is driving the market in the country. Further, growing consumer awareness regarding a healthy lifestyle and following various diets recommending low-sugar intake is expected to drive the demand for vegan frozen novelties.

Key players in the country are launching products in response to the increasing demand for desserts. For instance, in October 2019, Frill, a brand of Zendegii Frill Ltd., launched its first whole fruit and vegetable-based, a dairy-free frozen dessert made with whole fruits, vegetables, and natural ingredients such as cinnamon and elderflower. The product claims to be vegan, gluten-free, non-GMO, kosher, and paleo diet-friendly.

The ice-creams product segment held the largest revenue share in 2021. The growing trend of snacking among consumers, especially millennials, due to time constraints is driving the demand for the segment in the U.S. According to the National Frozen & Refrigerated Foods Association, May 2019 report, 44% of millennials and 32% of baby boomers snack at least three times a day at home. Furthermore, the availability of ice creams in various flavors, such as vanilla, chocolate, and strawberry, will bolster the market growth in the forecast period.

The retail distribution channel segment is predicted to witness the fastest growth over the forecast period. The increasing penetration of independent retail giants such as Walmart and Costco is boosting product visibility and attracting a larger consumer base. Consumers prefer to physically verify these products before buying, which is driving the sales of frozen desserts through this channel. For instance, Amy’s Kitchen offers frozen foods including frozen desserts across supermarkets in the U.S.

Major players in the U.S. market include a combination of a few established players and many small players. Players in this market face intense competition from each other as some of them are among the top manufacturers and have a large customer base for their products in both regional and international markets.

Related Press Release@ U.S. Frozen Dessert Market Report

U.S. Frozen Dessert Market Report Highlights

California was the largest revenue-generating state in 2021. New product launches have been contributing immensely to the wide penetration of the market in this state
The frozen yogurt product segment is projected to register the fastest growth rate during the forecast period owing to its taste
The retail distribution channel segment is predicted to emerge as the fastest-growing segment during the forecast period. Increased frozen dessert offerings by restaurant chains in the U.S. is the major factor driving the market

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Monday 12 September 2022

Tabletop Kitchen Products Market Worth $59.81 Billion By 2030

The global Tabletop Kitchen Products Market size is expected to reach USD 59.81 billion by 2030, registering a CAGR of 4.1% over the forecast years, according to a new report by Grand View Research, Inc. rising disposable incomes, changing lifestyles, and an increasing number of houses are expected to drive the product demand over the forecast period. Furthermore, the evolution of self-service kiosks and the popularity of buffet systems in restaurants have also resulted in the growing adoption of tabletop kitchen products. Moreover, the increasing influence of culinary arts on consumers, coupled with the growing number of luxury hotels and high-end restaurants, further supports the demand for kitchen knives in the commercial segment.

The tourism industry is flourishing, and consumers are increasingly willing to spend on exploring exotic destinations and staying in luxury hotels. This factor has also broadened the scope for culinary travel and is expected to drive the product demand across the globe. In addition, the rising popularity of modular kitchens has resulted in increased instances of kitchen remodeling, thereby driving the demand for cooking products. Consumers are also increasing their expenditure on kitchen tools as open kitchens are trending and ambiance has become a focal point of social gatherings. Moreover, the lockdown is slowly being uplifted in various regions, which is creating a favorable scenario for the restaurant and hotel industry.

This, in turn, widens the scope for tabletop kitchen products in the commercial application. Continuous improvement in restaurant chain transactions was aided by adding 93,000 restaurant units in U.S. states, wherein on-premises dining restrictions were uplifted in May 2021. In addition, according to The NPD Group, Inc., general merchandise sales in the U.S. have also increased by 3% in the week ending June 13, 2020, compared to the previous year. These include houseware and small domestic appliances. Thus, this upscaling of restaurants and the overall growth in the restaurant industry will create high demand for premium and innovative tabletop kitchen products.

Related Press Release @ Tabletop Kitchen Products Market Report

Tabletop Kitchen Products Market Report Highlights

Europe accounted for the largest share of the global revenue in 2021 due to high the demand for premium tableware on account of the robust growth in the hospitality sector
Increasing focus on quality tableware and glassware to create the right ambiance in commercial eating places is propelling the demand for glassware and other tabletop kitchen products in the region
The drinkware segment is projected to register the fastest CAGR from 2022 to 2030. Product manufacturers are avoiding the use of BPA, a harmful chemical. For instance, TOSSWARE offers Crystal Clarity TOSSWARE, which is made of the highest-quality polymer and is 100% BPA-free, recyclable, and shatterproof
The rapid growth of the hospitality industry and increasing disposable income levels are the main factors driving the growth of this segment
The commercial segment is expected to grow the fastest CAGR during the forecast period. A thriving travel and tourism industry possesses growth opportunities for different product categories owing to consumer preference for luxurious stays in resorts or highly-rated hotels
Increasing construction activities of commercial spaces, such as clubs, marriage halls, and group centers, offer growth opportunities for buffet and self-service concepts, thereby driving product demand

Thursday 8 September 2022

Portable Toilet Rental Market Size Worth $34.86 Billion by 2030

The global Portable Toilet Rental Market size is expected to reach USD 34.86 billion by 2030, expanding at a CAGR of 7.5% during the forecast period, according to a new report by Grand View Research, Inc. Increasing infrastructural development, particularly in the regions like Asia Pacific, is expanding the scope of the market. The construction of an 850km-long-road in Indonesia including new sections of the Trans-Sumatran highway, and major road and rail projects underway in Melbourne, Perth, and Sydney are major contributors to the growth of the market.

Robust growth in the hospitality and events sector has resulted in continued traction in the event planning segment, driving the demand for premium and luxury portable sanitation services. For instance, Washington, U.S.-based DA Productions DJ & Lighting offers luxury portable restrooms for event planners and organizers. The DJ and lighting service provider has a strong presence in the entertainment industry and works in collaboration with event and wedding planners to organize outdoor events.

Marketing through social media platforms is also one of the major strategies adopted by rental companies to mark their entry into the market and further strengthen their presence. Logo prints with contact information also act as a helpful tool to enter the market. For instance, T BLUSTAR created the option of directly printing the name and other contact details of a company on the plastic part of toilets, which serves as a potential marketing tool and long-term investment.

To meet the increasing demand for the market, companies are expanding their manufacturing facilities to boost production. For instance, in March 2019, Satellite Industries announced the opening of a new PolyPortables Distribution Center in Oregon, U.S. The company planned to expand its Portland, Oregon Regional Service Center with 30,000 sq. ft. of inside storage and 45,000 sq. ft of outside storage, making the new facility seven times larger than the current location.

Furthermore, major companies in the market are innovating to make their portable toilet units more conventional and user-friendly. The rising number of innovations and new product developments by companies with respect to features, functionality, and raw materials have increased consumer interest in the product. For instance, the development of SL2 toilets across the globe has resulted in the rapid adoption of these products by various manufacturers such as Shorelink.

Related Press Release@ Portable Toilet Rental Market Report

Portable Toilet Rental Market Report Highlights

Standard portable toilet rental was valued at USD 12.82 billion in 2021 and is expected to reach USD 23.60 billion by 2030. The rising awareness of sanitation and hygiene, improving standards of living, and the increasing demand from the rapidly growing construction industry are the major factors driving this segment’s growth
Special events application segment is expected to witness substantial growth over the forecast period with a CAGR of 9.3% from 2022 to 2030. Various festivals, particularly live music concerts, have become a major contributor to the growth of the segment
Asia Pacific region was valued a USD 8.16 billion in 2021 and is expected to register a CAGR of 8.1% over the forecast period. The growth in the region is majorly attributed to the increase in the number of residential and commercial construction sites, demanding portable toilet rental

Baby Bottle Market Size is Estimated to Witness 5.7% CAGR till 2030

The global Baby Bottle Market size is expected to reach USD 5.42 billion by 2030, expanding at a CAGR of 5.7% during the forecast period, according to a new report by Grand View Research, Inc. The increasing consumer expenditure on baby bottles, is because of long working hours and the busy schedules of parents in urban households that are resulting in a growing inclination toward infant formula over breastfeeding, thereby driving the adoption of baby bottles. The convenience these products offer, in addition to improved product features and quality, is encouraging consumers to opt for baby bottles.

Further, looking to capitalize on the growing demand for baby bottles, many players operating in the market are concentrating on expanding their businesses by offering advanced and BPA-free products. For instance, companies such as Nestlé and Abbott are also collaborating with leading milk formula producers to catalyze the sales of baby bottles. Manufacturers are also focusing on developing advanced baby bottles with improved features such as flow controllable nipple and temperature indicator devices and better raw materials like glass and silicone to gain a competitive edge.

In addition, the growing participation of women in the workforce in developing regions such as South Asia and the Middle East, and North Africa has been widening the growth opportunity for feeding bottles. According to the World Economic Forum, women in Southeast Asia are often relegated to informal work and are not provided employment benefits and legal protection. For instance, in Vietnam, only 31% of working women are employed formally, whereas 69% are engaged in informal work. In informal workplaces, the facilities for breastfeeding are far less developed compared to formal workplaces. The scenario implies that there remains a high window of growth opportunity for feeding bottles in these nations.

Increased customer confidence in online payments, 24/7 customer assistance, simple refunding rules, and lower costs are some of the important aspects that encourage online sales of baby products. Credit cards, e-wallets, COD (cash-on-delivery), Internet banking, and cash-on-order are among the payment alternatives offered by online shops. Companies are also attempting to increase their market share by providing safe payment channels and increasing client trust. In addition, although retail had a difficult year in 2020 overall, according to eMarketer, several national markets enjoyed double-digit e-commerce growth in 2021. For example, in 2021, e-commerce sales in Russia, the United Kingdom, and the Philippines increased by more than 20%.

Severe recessions and public health emergencies have historically been associated with reduced birth rates, according to a Brookings Institution report released in 2021. As a result, the COVID-19 pandemic, which included both of these traits, had the potential to result in a massive baby bust. The highest birth declines were in Hungary, Italy, Spain, and Portugal, according to studies published in the Proceedings of the National Academy of Sciences USA in August 2021, with drops of 8.5%, 9.1%, 8.4%, and 6.6%, respectively.

Related Press Release@ Baby Bottle Market Report

Baby Bottle Market Report Highlights

The Asia Pacific is expected to grow at a significantly fast CAGR during the forecast period from 2022 to 2030. Over the past few years, the consumption of infant formula has increased remarkably especially in the Asia Pacific. China is the largest market for infant formula. This, in turn, has increased the adoption of baby bottles in the country
The plastic segment is projected to register a CAGR of 5.5% from 2022 to 2030. PP-based bottles are the most common type of plastic feeding bottles owing to their durability and flexibility. Moreover, companies are developing sustainable and less harmful plastic baby bottles, for instance, Artsana USA, Inc.'s ChiccoDUO baby bottle, which was launched in April 2021, is made with an advanced patented technology used in medical and pharmaceutical products
Due to the rising familiarity and dependence of Gen X, millennials, and Gen Z with the internet and e-commerce, the online distribution channel is predicted to contribute 19.7% of market revenue by 2030. Several value-added services supplied by e-retailers, such as discounted prices, cash-on-delivery, and paybacks, are predicted to encourage the expansion of online channels during the forecast period

Kosher Beef Market Size Worth $100.85 Billion By 2030

The global Kosher Beef Market size is expected to reach USD 100.85 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.4% from 2022 to 2030. The growing preference for kosher beef in the key countries such as the U.S., France, and Israel, which has the highest Jewish population and accounts for over 86.8% of the global Jewish population, is driving the market. In 2021, approximately 74.2% of Israel’s population was Jewish, making it a key market for kosher beef.

Consumer perceptions of the kosher beef business, in particular, have improved in recent years. According to a report published by the National Cattlemen's Beef Association in February 2021, the percentage of customers who claim to eat beef at least weekly grew from 67% to 72% from January to September 2020, compared to the same period in 2019. Furthermore, the number of individuals who have a favorable opinion of kosher beef has risen, with favorable opinions exceeding 70% for the first time.

The brisket cuts segment is expected to emerge as the fastest-growing segment over the forecast period. The demand for brisket continues to be strong, particularly owing to the increased popularity of barbecuing as brisket is one of the most flavorful cuts of beef. It is used to make corned beef, pastrami, and pot roast and can be slow-cooked in a barbeque or a smoker. The rising popularity of grass-fed brisket is one of the trends positively influencing the market for briskets.

The Asia Pacific region dominated the market in 2021. The key beef markets in Asia Pacific are China, India, Pakistan, Japan, and Australia. China is one of the world’s largest markets for beef as the country is witnessing a significant rise in consumption, driven by increasing disposable incomes, coupled with growing urbanization, which is expected to be a key catalyst for market growth in the region over the coming years. Major players in the global market include a combination of a few established players and many startups.

Related Press Release@ Kosher Beef Market Report

Kosher Beef Market Report Highlights

Asia Pacific held the largest revenue share in 2021. The growing market in China, South Korea, Japan, and India is one of the major factors propelling the regional market growth
The brisket cuts segment is projected to register the fastest growth rate during the forecast period. The growing preference for clean labeled products and increasing demand for protein-rich food products are boosting the growth of the segment
The online distribution channel is predicted to emerge as the fastest-growing segment during the forecast period

Books Market Size Worth $164.22 Billion By 2030 | CAGR: 1.9%

The global Books Market size is expected to reach USD 164.22 billion by 2030, expanding at a CAGR of 1.9% during the forecast period, according to a new report by Grand View Research, Inc. Increasing consumer expenditure on books, fueled by rising incomes and interest, as well as ongoing format improvements that have improved the entire reading experience, are among the primary reasons driving the book business forward. Independent publishers have been on a rise in the recent past. According to Linchpin SEO, there were approximately 69,709 independent publishers in the book industry as of 2020. In response to the apparent monopoly in traditional publishing, excluded individuals have turned to independent publishers not associated with large publishing houses.

While traditional publishing companies seek to corner the market, independent publishers provide an opportunity for diversity and inclusion among authors and niches. These publishers are smaller and, in some cases, completely digital and that is the key behind their numbers increasing year on year. Along with this, most large publishers are privately owned. So, it is difficult to assess the number of books being sold globally and the revenue that is generated from it.

The growing trend of the reverse supply chain, also known as re-commerce, offers new opportunities for selling used books. Re-commerce exemplifies the growing trend toward transforming consumption through reuse. Thus, re-commerce retailers such as Momox, reBuy, and Quoka.de are the biggest drivers of the industry. While printed books are irreversibly on a path of decline, it remains an extremely large market for print. Business model changes have shifted control over the value chain to authors and retailers, making demand unpredictable. Digital production inkjet print technology opens the window for book manufacturers to respond to compressed patterns of demand through labor and inventory cost savings.

Offset and digital production printing will coexist for the foreseeable future, but few book manufacturers will be able to justify reinvestment in offset printing technology; most will not have a choice but to invest in digital production printing systems if they are to survive and grow. A changing retail distribution landscape will further force the adoption of more automated and flexible book printing and manufacturing. As booksellers adapt to online business models in a fraught global economic moment, 2021 could determine whether independent bookstores survive. Owners say that it is not just their solvency at stake but also the role of books across global communities.

In terms of the supply chain, the production process in the entire industry has slowed due to the coronavirus outbreak. For instance, Amazon has been experiencing changes in its ability to ship products worldwide from the U.S. This has affected Kindle Direct Publishing’s ability to fulfill orders for proof and author copies.

Related Press Release@ Books Market Report

Books Market Report Highlights

North America is expected to contribute a majority of the share to become the largest division in the global revenue in 2021. The existence of a high number of independent publishers and publishing companies in the region is expected to spur regional market growth. A wide network of wholesalers and distributors around the region also makes it easier for readers to find books in various forms
The fantasy segment is projected to register growth during the forecast period with a CAGR of 2.3% from 2022 to 2030. For many readers, literary fiction provides a much-needed escape from everyday life. This effect is even more pronounced in the fantasy genre, where—untethered from scientific and societal laws are limited only by their imagination—fantasy authors explore themes by creating their worlds
During the forecast period, the local book shops segment is expected to account for the largest market share. Independent bookstores play an important role in the communities they serve, serving a safe haven for children after school to a fun way for a group of friends to spend a Saturday afternoon. According to an article released by indigo9digital, the number of independent bookshops in the United States declined by 40% between the mid-1990s and 2009.

Wednesday 7 September 2022

Cat Litter Products Market by The Clorox Company, Nestlé S.A., Oil-Dri Corporation of America

The global Cat Litter Products Market size is expected to reach USD 16.6 billion by 2030, expanding at a CAGR of 4.8% during the forecast period, according to a new report by Grand View Research, Inc. The growing number of cat owners around the globe is likely to boost the market growth. Most cat owners prefer not to let their cats outside of the house owing to human hostility and adverse weather conditions. These factors are expected to drive the product demand over the forecast period.

Consumer preference for a one-stop shopping experience is driving greater product sales in the retail and supermarket channels. However, due to the increasing use of smartphones across the country, the online platform category is expected to grow at the fastest rate from 2022 to 2030. In 2021, the retail and supermarkets segment held a market share of 76.3%. During the projection period, this segment is expected to develop at a steady CAGR. According to the Packaged Facts poll, supermarkets like Walmart are the most popular places for cat owners to buy cat litter products.

Consumers are more likely to opt for lower-priced non-discretionary pet products, such as pet food and cat litter products. Companies are facing adverse effects; for instance, several companies are meeting the increasing consumer demand but are facing distribution and inventory issues down the supply chain. The demand for traditional litter products is driven by a high preference for complete odor removal that is associated with cat urine and feces.

According to Boxscoop Designs Inc., the yearly expenditure for cat litter, such as corn, grass, and walnut, for one large cat is USD 90, USD 87, and USD 75 respectively for Boxscoop cat litter, and is USD 147 for clay litter. This is estimated to drive the growth of the conventional segment over the forecast period. Clumping cat litter product is primarily made of sodium bentonite. Multiple product varieties including biodegradable-based premium ultra-clumping, clay-based premium ultra-clumping, and clay-based standard clumping are available in the market.

Silica cat litter is made of silica gel crystals and is commonly used as a preservative for over-moisture and vulnerable products such as packaged foods and pharmaceuticals. Silica raw materials usually generate less waste than other raw materials. Companies are focused on expanding and establishing new manufacturing units to compete with their rivals. For instance, in February 2019, Nestlé Purina announced the expansion of its Bloomfield factory in Southeast Missouri, where Tidy Cats brand cat litter is made. Companies are also investing in mergers and acquisitions to strengthen their market position.

Related Press Release@ Cat Litter Products Market Report

Cat Litter Products Market Report Highlights

Clumping product type was valued at USD 8.23 billion in 2021 and is expected to reach USD 12.85 billion by 2030. Clumping cat litter products has been gaining consumer attention as cat urine and feces can be removed easily without having to empty the box
Conventional product type is anticipated to register a CAGR of 4.0% during the forecast period. The rising customer preference for completely eradicating the odor associated with cat urine and feces is driving the demand for traditional litter products
The Asia Pacific region is expected to witness substantial growth over the forecast period with a revenue-based CAGR of 6.7% from 2022 to 2030. Increasing pet ownership in the region, coupled with growing spending on their healthcare, food, and litter products, is expected to have a positive impact on the market over the forecast period

Tuesday 6 September 2022

CBD Wine Market: Future Trends, Revenue Growth & Leading Players, Forecasts To 2030

The global CBD Wine Market size is anticipated to reach USD 126.8 million by 2030, expanding at a CAGR of 32.0%, according to a new report by Grand View Research, Inc. Rising awareness regarding health and wellness among consumers across the globe is a major factor driving the CBD wine market growth.

Consumers are spending more on alcohol-free and CBD-infused products, mainly in North American countries. The potential health benefits of CBD products are expected to drive the CBD wine market globally. A large part of CBD's popularity stems from the legalization of cannabis, which includes CBD with well-moderated levels of THC. Several countries have legalized the cultivation and production of cannabis, opening up a whole new market for CBD wine.

The COVID-19 pandemic affected the market negatively. The consumers became more open-minded and knowledgeable wine drinkers. The interest in wine is catching up with the interest in food. The lockdown phase of the pandemic, and the work-from-home policy, caused a spike in wine consumption. People spent more time preparing meals, drinking, and learning about new wines. The curiosity in wine enthusiasts to try new wines is driving the CBD wine market growth.

Related Press Release@ CBD Wine Market Report

CBD Wine Market Report Highlights

The cans segment is expected to expand at a CAGR of 36.6% during the forecast period. Millennials prefer canned wine anytime as it can be quickly refrigerated and is convenient for house parties and picnics. Aluminum cans are lighter than glass bottles, reducing the carbon footprint. As a result, there has been an increase in the demand for environmentally-friendly wine packaging
The no-alcohol CBD wine segment dominated the market in 2021. The segment is also expected to register the fastest growth of 32.4% during the forecast period owing to the consumer inclination toward healthy alcohol-free drinks
The hemp-derived CBD wine segment accounted for a 75.4% revenue share in 2021. The legalization of hemp-based cannabis edibles by various authorities in different countries is driving the market
The off-trade segment is projected to expand at a CAGR of 32.8% during the forecast period. Ecommerce wine sales escalated amidst the pandemic. As a result of the lockdown, there was an immense growth in first-time e-commerce wine buyers. Given the growth in e-commerce wine sales, businesses are expected to increase their digital innovation approach while still adhering to the laws and regulations governing CBD product marketing and labeling
North America dominated the CBD wine market and accounted for a market share of 56.5% in 2021. According to a Wine Intelligence Vinitrac survey of regular U.S. wine drinkers conducted in October 2019, 19% agreed or strongly agreed that cannabis products are an excellent alternative to alcoholic beverages. There is a connection between cannabis openness or current consumption and more adventurous, open-minded, and interested wine drinkers under 45 years of age

Friday 2 September 2022

Lactic Acid Market Size is Estimated to Witness 8.0% CAGR till 2030

The global Lactic Acid Market size is expected to reach USD 5.8 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.0% from 2022 to 2030. The market growth can be attributed to the increasing demand for lactic acid in various end-use industries, including industrial, food and beverages, and pharmaceuticals, especially in emerging economies such as India, China, and Indonesia. Additionally, demand for this product as a feedstock in the production of Polylactic Acid (PLA) is anticipated to drive the market globally.

COVID-19 had a substantial effect on the expansion and dynamics of various businesses. Customers were concerned about social distancing, immunity, and contactless methods of defending themselves from the pandemic in the absence of vaccinations. These characteristics significantly impacted customer preferences for packaged items with protective advantages. Due to the limitations on public transport services throughout regions, there were mass food purchases and storage. The pandemic has had a favorable impact on the packaging business. Plastic is replacing earlier packaging solutions because of its price, durability, and safety. During the pandemic, food and beverage packaging was in great demand. Due to well-being and safety concerns, people were more likely to buy packaged food goods. As a result of these causes, the market has grown.

Various raw materials used for the production of lactic acid include carbohydrates such as corn, sugarcane, sugar beet, and tapioca. A large share of this product produced globally is obtained through the fermentation process owing to its lower production costs as well as rising consumer awareness regarding sustainable and environmentally friendly products. The production process is commercially mature with a significant number of manufacturers, including Corbion, NatureWorks LLC, Galactic, and Henan Jindan Lactic Acid Technology Co., Ltd., using it. The raw materials used for the commercial synthesis of this product include maltose or starch, lactose, sucrose, and glucose.

These raw materials are derived from various feedstocks, such as barley malt, whey, molasses, and beet sugar, which are used to produce lactic acid via microbial fermentation. The cost of raw material is a key factor to be considered in the fermentation process for the commercial production of this product. They may specifically cater to application areas such as industrial, food and beverage, pharmaceuticals, personal care, chemicals, and agrochemicals. In July 2020, Corbion appointed IMCD to distribute bio-based food and non-food components to New Zealand and Australia. This development would strengthen Corbion's influence in Asia Pacific. Polylactic acid is predominantly used to manufacture microwaveable containers, including disposable cutlery and food containers. Multiple beneficial properties such as improved aesthetic appeal and resistance to grease and oil are positively influencing the demand for polylactic acid in the formulation of food packaging products across the globe, further triggering the lactic acid demand.

Related Press Release@ Lactic Acid Market Report

Lactic Acid Market Report Highlights

In 2021, sugarcane emerged as the dominant raw material segment with a revenue share of around 39.0% owing to its abundant availability in nature, low cost, and environmental friendliness
Corn emerged as the second-largest raw material segment in 2021 and is projected to witness considerable growth over the forecast period owing to the rising awareness regarding sustainable products in the major application industries
PLA emerged as the dominant application segment in 2021 in terms of both volume and revenue owing to the rising usage in the manufacturing of biodegradable and biocompatible products
In 2021, North America emerged as the largest regional market due to the presence of major personal care and cosmetic industries in this region, especially in the U.S.