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.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment