Originally published on Technavio:Lactic Acid Market Analysis North America, APAC, Europe, South America, Middle East, and Africa - US, China, Japan, Germany, UK - Size and Forecast 2024-2028
Market Definition
Lactic acid, a colorless and syrupy acid, is naturally found in various foods, including milk, cheese, sourdough bread, yogurt, and kefir. It is produced when bacteria convert glucose to energy in the absence of oxygen.
Market Dynamics
Our researchers conducted a comprehensive analysis of the market research and growth data using 2023 as the base year, focusing on key market growth analysis, trends, and challenges. This holistic approach helps companies refine their marketing strategies for a competitive advantage.
Market Driver
The surge in the popularity of probiotics is a key factor driving the market. Probiotics, live microorganisms conferring health benefits, include bacteria, with lactic acid being a favored probiotic. The rising awareness of gut health and the preventive healthcare trend contribute to this growth. Probiotics enhance the immune system, reduce respiratory infections, and minimize the need for antibiotics, aligning with the focus on preventive healthcare.
Market Trends
Expanding applications in the pharmaceutical and personal care industry emerge as a primary trend. Lactic acid finds extensive use in skincare and haircare products due to its gentle exfoliating effect and moisturizing properties. The trend reflects a consumer shift towards natural and eco-friendly products, prompting manufacturers to explore renewable and bio-degradable alternatives.
Major Challenge
The volatility in lactic acid prices poses a significant challenge, impacted by raw material dependencies, weather, farming practices, and global market dynamics. Fluctuations make cost forecasting challenging for manufacturers, influenced by factors such as supply and demand, geopolitical dynamics, and regulatory changes.
Type Analysis
The dry segment holds substantial market share, being widely used in the food and beverages industry as an additive, preservative, and flavor enhancer. Its significance extends to the pharmaceutical industry, aiding in drug formulation, stability, and solubility improvement.
Source Analysis
Sugarcane represents a significant share, driven by its sustainability and eco-friendly attributes. The high availability and renewal rate make sugarcane a dependable source for lactic acid production, aligning with consumer preferences for sustainable products.
Region Analysis
North America is projected to contribute 43% to global market growth. The region's food and beverage sector extensively utilizes lactic acid as an additive and preservative. The pharmaceutical industry in the US and Canada employs lactic acid in drug delivery systems and pharmaceutical compound formation. Additionally, personal care products benefit from its exfoliating and moisturizing properties.
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Companies employ various strategies, including strategic alliances, mergers, acquisitions, and product launches, to enhance their market presence. BASF SE, a key player, offers lactic acid for skincare.
The report includes detailed analyses of 15 market companies, such as Cargill Inc., Corbion nv, Danimer Scientific Inc., Dow Chemical Co., DuPont de Nemours Inc., and others.*
Qualitative and quantitative analyses categorize companies based on their focus and strength.*
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