Lactic Acid Market Key Players, Industry Overview, Supply and Consumption Demand Outlook to 2023


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The major growth drivers identified in the lactic acid market is the rising demand for the compound from cosmetic industry. Developing  cosmetic industry, because of the expanding number of production base by companies such as Unilever plc, Johnson and Johnson Services Inc., and Procter & Gamble Co. is expected to encourage the industry growth. Lactic acid is a natural compound with the equation CH3CH(OH)COOH. The compound exists in two forms, namely solid and fluid form.

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On the basis of application, the lactic acid market is categorized into biodegradable polymers, food and beverage, pharmaceuticals, skin and personal care, and others. During the historical period, food and beverages accounted for the largest share in the market which is largely driven by the high usage of the compound in the various food products. With the growing rise in the population and subsequent increase in the food production, the lactic acid market is expected to grow considerably in the coming years.

Growing demand for healthcare and food and beverage items in the developing countries are expected to offer growth opportunities for the lactic acid market. Countries such as China, and India have emerged as one of the largest market for food and beverage products, healthcare products owing to improved standard of living in these nations. The rising standard of living continue to provide necessary push for the growth of different consumables.

Lactic Acid

The lactic acid market is estimated to grow at a significant pace in APAC region. Event though, the lactic acid market is dominated by North America followed by Europe, Asia Pacific region is expected to exhibit highest CAGR during the forecast period owing to the large scale use in industrial application such as in personal care products, biodegradable polymers, pharmaceuticals, and food & beverages industries.

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Some of the major players operating in the global lactic acid market are BASF SE, Teijin Limited, DowDupont Inc., Corbion N.V., NatureWorks LLC, Cargill Incorporated, Futerro, Henan Jindan Lactic Acid Technology Co. Ltd., Synbra Technology BV, and Galactic Inc.

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