Home > > Global Lactic Acid Market Report
The Lactic Acid market was valued at $2,775.3 Million in 2022, and is projected to reach $5,308.9 Million by 2032 growing at a CAGR of 6.75% from 2023 to 2032.Lactic acid is a versatile chemical intermediate used in a variety of applications, including food and beverage, pharmaceuticals, and personal care products. The market for lactic acid has been growing in recent years due to increasing demand from these industries, as well as increasing awareness of the environmental benefits of lactic acid-based bioplastics. One major driver of the lactic acid market is the growing demand for biodegradable plastics, as governments and consumers become increasingly environmentally conscious. Lactic acid can be used to produce bioplastics, which are made from renewable resources and can be easily broken down into natural substances after use. Another opportunity for the lactic acid market is the increasing demand for food and beverage products that contain lactic acid, such as fermented dairy products and pickled vegetables. Lactic acid is also used as a food preservative, as it can inhibit the growth of harmful bacteria. In terms of trends, the lactic acid market is expected to continue to grow in the coming years, with an increasing focus on the development of new, more sustainable production methods. Some companies are experimenting with the use of renewable feedstocks, such as corn, to produce lactic acid, while others are exploring the use of fermentation techniques to produce lactic acid from biomass. Top companies in the lactic acid market include BASF, Corbion, and Ashland. These companies have made significant investments in the development of new lactic acid production technologies and have expanded their production capacities in recent years to meet the growing demand for lactic acid.