Lactic Acid and Polylactic Acid Markets in Emerging Countries has Witnessed Higher Growth in Recent Years

Posted on 2021-03-10 by MarketsandMarkets in Food & Beverage, Pharmaceuticals // 0 Comments

The global lactic acid market size is estimated to be valued at USD 1.1 billion in 2020 and is projected to reach USD 2.1 billion by 2025, recording a CAGR of 12.8%, in terms of value. The global polylactic acid market size is estimated to be valued at USD 786 million in 2020 and is projected to reach USD 1,756 million by 2025, recording a CAGR of 17.4%, in terms of value.

In recent years, the use of lactic acid in biodegradable polymers is growing significantly, mainly due to the rise in awareness among consumers and increased consumption of biodegradable plastic packaging in the food application segment. With the advancement of new technologies, the usage of lactic acid in the food and beverage sector helps in preventing the degradation of food quality. The Asia Pacific region is growing fastest owing to new technologies, government support, and an increase in the export of food and beverages.

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The lactic acid and polylactic acid markets in emerging countries also witness higher growth in recent years. In the Asia Pacific region, China and India are projected to record significant growth rates, encouraged by factors such as a shift in industrialization from North American and European countries to the Asian countries. This has led to an increase in the emergence of food manufacturing companies in the Asia Pacific region. Several governments have introduced regulations and frameworks that would also encourage the use of bioplastics as an alternative to toxic plastics. Therefore, these factors also offer a high growth opportunity for lactic and polylactic acid manufacturers globally.

In Asia Pacific, China is a key market for lactic acid and polylactic acid in Asia Pacific; this is highlighted by the rise in organized retail sector. China’s GDP growth has moderated considerably in recent years due to the imposition of tight monetary policies to curb the rising inflationary pressures. Rapid urbanization has been one of the major factors for the growth of the food & beverage industry. Furthermore, the changing consumption patterns and consumers shifting toward ready-to-eat food and frozen food products are driving the demand for lactic acid in food & beverages, and polylactic acid in food & beverage packaging. This is creating opportunities for lactic acid and polylactic acid service providers in the country.

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Key Market Players:

Corbion (Netherlands), DuPont (US), Cargill (US), Galactic (Belgium), DOW (US), Unitika (Japan), Henan Jindan Lacic Acid Technology (China), Sulzer (Switzerland), Mushashino Chemical (Japan), Vigon International (US), Henan Xinghan Biology Technology (China), Danimer Scientific (US), COFCO BioChemical (China), Jungbunzlauer (Switzerland), FoodChem International (China), Vaishnavi Biotech (India), Spectrum Chemicals (US), Godavari Bio-refineries (India), ProAgro GmbH (Austria), and Qingdao Abel Technology (US) are the leading lactic acid and polylactic acid market vendors.

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