Enjoy complimentary customisation on priority with our Enterprise License!
The lactic acid market size is forecast to increase by USD 1.79 billion, at a CAGR of 8.3% between 2023 and 2028. The growth rate of the market depends on several factors, including the increase in popularity of probiotics composed of lactic acid, the growing demand for lactic acid in the food and beverage industry, and the continuous expansion of the bioplastics industry, where lactic acid is a key component. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
Lactic acid can be found in many foods, including milk, cheese, sourdough bread, and some fermented/sour milk products such as yogurt and kefir. It is a colorless and syrupy acid that's formed when bacteria convert glucose to energy in the absence of oxygen.
To Know more about the market report Request Free Sample
Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The increase in the popularity of probiotics is the key factor driving the market. Probiotics are live microorganisms that confer health benefits when consumed in adequate amounts and bacteria are a major component of many probiotic formulations. This rise in popularity can be attributed to the growing awareness among consumers about the importance of gut health and the role of probiotics in maintaining a balanced microbial environment in the digestive system. One of the main reasons for the growth of the market is the growing focus on preventive health care.
Moreover, lactic acid is a commonly favored probiotic. Probiotics can improve the functioning of the immune system by decreasing respiratory infections in consumers and thereby reducing the need for antibiotics. The regular inclusion of probiotics in a child's diet reduces the risk of catching influenza and falling sick frequently. All these above-mentioned factors will drive the growth of the market during the forecast period.
Expanding the range of applications in the pharmaceutical and personal care industry is the primary trend shaping the market. Lactic acid is widely used in skin care products and in hair care products. It has a gentle exfoliating effect, making it an excellent ingredient for skin care formulations that aim for a smoother and brighter complexion. It works as a natural moisturizer, as it attracts moisture to the skin. As a result, it is an effective ingredient in moisturizing and anti-aging formulas. This also acts as an antimicrobial agent, helping to preserve cosmetic products and reducing the use of synthetic preservatives.
The use of lactic acid in pharmaceuticals is not limited to drug delivery systems, but can also be used in wound care. Further, the growing use for personal care and pharmaceutical applications is because consumers are increasingly looking for natural and environmentally friendly products. As consumers become more aware of the environmental impacts of traditional chemical ingredients, manufacturers are increasingly looking to renewable and bio-degradable alternatives. Thus, such factors will drive the growth of the market during the forecast period.
The prevalence of volatility in prices of lactic acid is a major challenge that affects market expansion. One of the main causes of lactic acid price fluctuations is the dependency on raw materials. It is made from sugarcane, maize, or other sources of carbohydrates. The cost of raw materials for production is affected by fluctuations in the prices of raw materials, which are affected by weather, farming practices, and bio-based product demand. Therefore, manufacturers face difficulties in forecasting and controlling costs, which, in turn, contribute to price volatility.
Furthermore, prices are also affected by global market dynamics, such as supply and demand dynamics, geopolitical dynamics, and regulatory changes. Consumer preferences, new applications, and advances in production technologies also add to the complexity of market dynamics. The combination of these variables makes prices vulnerable to sudden changes, making it difficult for companies to plan and budget efficiently. These factors are expected to impede the market expansion during the forecast period.
The market share by the dry segment will be significant during the forecast years. A naturally occurring organic product finds its dry form through a dehydration process, resulting in a powdered or crystalline substance. The dry form is one of the most widely used substances in the food and beverages industry. It is used as an additive, preservative, and flavor enhancer in food and beverages. The dry form is also widely used in the pharmaceutical industry. It plays an important role in drug formulation. Dry form plays a vital role in the formulation of drug excipients. It helps to improve the stability and solubility of drugs. This is especially important for tablets and capsules.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Source
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.