[3/7/2019]: The Global Lactic Acid Market is anticipated to rise at a significant CAGR of 12.88%
during the forecast period. Lactic acid is characterized by its importance in
food industry and correlated chemical and physical properties. Pure lactic acid
is a colorless and hydroscopic liquid and chemically named as milk acid, which
is also an inorganic acid.
The
drivers for lactic acid market include rising use of shampoos, creams and body
care products and increase in R&D techniques for formulation of personal
care products. Consumer approach towards modernized beauty products and rise in
formulation development is likely to propel the market growth for the forecast
period.
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Increase
in bioplastic applications along with favorable regulations for use of
bio-based materials contributes in enlarging the market demand for lactic acid.
Further, rise in consumer awareness pertaining to sustainability, green
packaging and recyclability is another reason for growth of market. However,
significant pricing and volatility in raw material prices is likely to hinder
the market growth during the forecast period.
Application
segment for market includes food & beverages, pharmaceuticals and personal
care. Food & Beverages account for a significant market share due to rise
in population and enlarged food demands. Geographical segmentation for market
includes North America, South America, Europe, Asia-Pacific, Middle East and
Africa. North America dominates the global market due to substantial growth and
high demand for personal care products. Increase in production of
pharmaceutical and personal care products have enlarged the market demand
during the forecast period.
Asia-Pacific
regions are likely to witness a significant growth rate due to presence of
manufacturing base in India, China and Singapore. European regions are likely
to gain a significant share in the global market owing to technological
enhancements and price volatility. The
key players in the lactic acid market include Cargill, Corbion, Galactic,
NatureWorks LLC and Pyramid Bioplastics.
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Market Segment:
Report contents include
•
Analysis of the lactic acid market including revenues, future growth, market outlook
•
Historical data and forecast
•
Regional analysis including growth estimates
•
Analyzes the end user markets including growth estimates.
•
Profiles on lactic acid including products, sales/revenues, and market position
•
Market structure, market drivers and restraints.
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