Lactic Acid Market worth $2.1 billion and Polylactic Acid Market worth $1,756 million by 2025

Posted on 2021-06-28 by MarketsandMarkets in Food & Beverage // 0 Comments

The Lactic Acid Market 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.

Download PDF Brochure

The rise in consumer awareness to mitigate food wastage and the increasing consumer demand for convenience food & beverages with increased shelf-life has been boosting the lactic acid market, globally. Governments of numerous countries have been bolstering the use of polylactic acid has also been augmenting the demand for polylactic acid market in applications such as packaging, fiber & fabrics, agricultures, among others.

The biodegradable polymers application segment is projected to witness significant growth during the forecast period.

Based on application, the lactic acid market is dominated by the biodegradable polymers. The biodegradable polymers segment is estimated to dominate the market for lactic acid, on the basis of application, in terms of value, in 2020. 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. Furthermore, lactic acid is widely used in the food & beverages industry as an acidulate and preservative.

The packaging application segment is projected to witness significant growth during the forecast period.

Based on application, the polylactic acid market is dominated by the packaging. The packaging segment is projected to dominate the polylactic acid market. PLA has numerous competitive advantages in the packaging industry over petrochemical-based polymers, as they are biodegradable and obtained from 100% natural sources. This helps in reducing greenhouse gas emissions, lowering carbon footprints, and easy manipulation of structure-property-processing relations during production. Furthermore, with the rise in awareness among consumers, the transition to PLA packaging has become significant as government associations have been concerned and are encouraging the use of environment-friendly policies.

Make an Inquiry

The Asia Pacific region is the fastest growing in the lactic acid and polylactic acid market during the forecast period.

The North American region accounted for the largest share in 2019, in terms of value, in the global lactic acid market, whereas the Asia Pacific region is projected to be the fastest growing in the global lactic acid market. The market growth in the Asia Pacific region is mainly due to the increase in consumption of processed food, in which lactic acid is used as one of the major additives that enhance the shelf life of processed and packaged foods. Furthermore, the increase in demand for biodegradable packaging in food products is also projected to drive the market growth in the Asia Pacific region.

Leading companies are 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).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Matched content

Editor’s pick