Lactic Acid Market Size, Share, Competitive Landscape and Trend Analysis Report, by Raw Material, by Application and, by Form : Global Opportunity Analysis and Industry Forecast, 2023-2032

COVID-19 Impact analysis

• COVID-19 has had a substantial impact on numerous industries' growth and dynamics. Consumers are becoming concerned about immunity, social distancing, and contactless activities as a means of avoiding exposure to the current epidemic due to a lack of vaccines.
• The supply of raw materials to industry dropped, causing a disruption in supply and demand equilibrium. Manufacturers suffered a scarcity of raw materials and were unable to maintain adequate stocks. 
• Thelactic acid market suffered a lot due to lockdowns and prohibitions, but the industry is expected to grow post COVID-19. The market is expected to grow due to customers being concerned about the look and feel of the products. Shinier food is seen as fresh and clean which has been a major driving force since COVID-19 struck.

Top Impacting Factors

• The rising demand for lactic acid in various end-use sectors, such as industrial, food and beverages, and pharmaceuticals, can be linked to the market's expansion, particularly in emerging economies such as India, China, and Indonesia.
• Furthermore, demand for this product as a feedstock in the production of polylactic acid (PLA) is expected to drive the global market.
• Microwaveable containers, such as disposable silverware and food containers, are mostly made of polylactic acid. Multiple favorable features, such as better aesthetic appeal and resistance to grease and oil, are favorably impacting polylactic acid demand in the formulation of food packaging items around the world, causing lactic acid demand to rise even higher.

Market Trends

Food acidulants are in high demand

Lactic acid is employed as a crucial ingredient in food and beverage products due to its diverse functional qualities. Lactic acid's wide range of applications in the food and beverage sector, as well as the spectrum of functional benefits provided by food acidulants, are driving the global market for food acidulants.One of the most widely utilized substances in the synthesis of lactic acid is yeast extract. However, because of the high manufacturing costs involved with this method, a substitute was developed: Corn Steep Liquor (CSL), which is made from corn as a by-product of the corn steeping process. The food and beverage industry's demand for corn-based lactic acid as a pH regulator, microbial activity booster, and acidulant is projected to drive market expansion in the coming years.

Furthermore, the industry is bolstered by strong expansion in the food and beverage sector. With shifting consumer behavior and economic development in Asia-Pacific, the area emerges as a prospective market for the food and beverage industry to augment the use of food acidulants. Lactic acid is also widely used in the preservation industry.

Asia-Pacific is the fastest-growing region

With the rise in the use of lactic acid as a food additive, the demand for lactic acid in the Asia-Pacific area is rapidly increasing. Increased demand for lactic acid in meat and other foods applications, availability of low-cost raw materials, technological innovation, and strong backing from large manufacturing businesses in the region are the main drivers for the market. The low cost of raw materials for manufacture, such as molasses, sugarcane, starch, and other carbohydrates, has been a big benefit for the sector because it immediately decreases the final product cost. 

Corbion and Total launched a joint venture to establish a PLA bioplastic facility in Europe in April of this year. The factory is expected to be operational in 2024, with a production capacity of 100,000 tons per year. In New Zealand and Australia, Corbion has also appointed IMCD (a well-known distributor of culinary additives and specialty chemicals). The plan is expected to boost lactic acid distribution in Asia Pacific, particularly for beverage, confectionery, sauces, baked products, condiments, dressings, and prepared meals businesses.

Key Benefits of the Report

• This study presents the analytical depiction of the Lactic Acid industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Lactic Acid Marketshare.
• The current market is quantitatively analyzed to highlight the Lactic Acid Marketgrowth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed Lactic Acid Marketanalysis based on competitive intensity and how the competition will take shape in coming years

Questions answered in the Report

• Which are the leading players active in the Lactic Acid Market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What future projections would help in taking further strategic steps?
• What is Lactic Acid Marketprediction in the future?
• Which will be the niches at which players profiling with recent advancements should set a presence?
• What are the driving factors and opportunities in the market?
• What are the current trends and predicted trends?
• What are the challenges faced in the Lactic Acid Market?