Lactic Acid Market is to Touch $1.4 Billion by 2030; The increasing demand for Lactic Acids across various industries such as food & beverage, pharmaceuticals, personal care & cosmetics, industrial and chemical propels market growth.

Market Overview:

Lactic Acid Market size is estimated to reach $1.4 billion by 2030, growing at a CAGR of 8.3% during the forecast period 2023-2030, according to a recent report published by IndustryARC, titled, “Lactic Acid Market – By Process (Natural Fermentation, Synthetic Production), By Raw Material (Sugarcane, Corn, Cassava, Others), By Application (Food & Beverage, Pharmaceuticals, Personal Care & Cosmetics, Industrial, Chemical, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030”

Rising demand for biodegradable plastics and rising adoption in personal care and pharmaceuticals are fueling the growth of the Lactic Acid industry during the forecast period.

North America Dominated the Market in 2023:

North America accounted for the largest share 38% of the Lactic Acid Market in 2023 due to several factors driving its demand and adoption across various industries. The region benefits from a robust industrial infrastructure, technological advancements, and favorable regulatory frameworks that support the development and utilization of lactic acid-based products. In the food and beverage sector, increasing consumer demand for natural and clean-label ingredients drives the adoption of lactic acid as a pH regulator, preservative, and flavor enhancer. Moreover, stringent regulations promoting sustainable practices and eco-friendly solutions further boost the demand for lactic acid in North America.

Lactic Acid Market: Key Takeaways

Growing Demand for Biodegradable Plastics:

The increasing awareness of environmental issues and the need for sustainable solutions have significantly boosted the demand for biodegradable plastics. Lactic acid is a key raw material in the production of polylactic acid (PLA), a biodegradable and compostable plastic that offers a viable alternative to traditional petroleum-based plastics. The global push to reduce plastic waste, combined with stringent government regulations banning single-use plastics, has accelerated the adoption of PLA in various industries, including packaging, agriculture, and consumer goods. The food packaging industry, in particular, has seen a surge in demand for PLA due to its compostability and ability to extend the shelf life of products. Innovations in PLA production, such as improved fermentation processes and cost-effective manufacturing methods, have further supported the growth of the lactic acid market. As consumers and industries alike continue to prioritize eco-friendly products, the demand for PLA and, consequently, lactic acid is expected to rise steadily.

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Rising Adoption in Personal Care and Pharmaceuticals:

Lactic acid is widely used in the personal care and pharmaceutical industries due to its moisturizing, exfoliating, and antimicrobial properties. In personal care products, lactic acid is commonly found in skincare formulations, such as lotions, creams, and serums, where it acts as a humectant, drawing moisture into the skin and improving hydration. Its exfoliating properties help remove dead skin cells, promoting a smoother and brighter complexion. Additionally, lactic acid is used in hair care products to maintain pH balance and improve hair texture. In the pharmaceutical industry, lactic acid is used as an intermediate in the synthesis of various drugs and as a pH regulator in formulations. For example, L'Oreal's e-commerce sales increased by 47.2% in the first quarter of FY2021 and accounted for 26.8% of total sales. In addition, it's projected that the growing influence of social media, quick digitization, and innovative internet marketing will drive up demand for personal hygiene goods. 

Scope of the Report: 

Recent Developments:

1. In March 2024, Cargill shared the successful maiden voyage of the world's first wind-powered ocean vessel. This accomplishment marks a significant step towards sustainable shipping within the global food industry. 
2. Lactic Acid Technology Co. announced a new key project for a facility producing 60,000 tons of biodegradable polyester and related products annually. This project, expected to be completed sometime in 2024, will solidify Jindan's position in China's biodegradable materials market by making it a one-stop shop for raw materials and finished products.
3. In August 2022, LG Chem (KRX: 051910), a leading global diversified chemical company, and ADM (NYSE: ADM), a global leader in nutrition and biosolutions, today held a signing ceremony launching two joint ventures for U.S. production of lactic acid and polylactic acid to meet growing demand for a wide variety of plant-based products, including bioplastics. Pending final investment decisions, the joint ventures have chosen Decatur, Illinois, U.S., as the location of their intended production facilities. 

Key companies profiled in the Lactic Acid Market Corbion, Cargill, Incorporated, Galactic S.A., Henan Jindan Lactic Acid Technology Co., Ltd., Musashino Chemical Laboratory, Ltd., NatureWorks LLC, BioAmber Inc., Cellular Limited, Synbra Technology BV, Jungbunzlauer Suisse AG, International Flavors & Fragrances Inc., Sulzer Ltd., DuPont de Nemours, Inc. , Vigon International, Inc. , Futerro SA and others.

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