Increasing demand for lactic acid-based personal care and eco-friendly products to boost global lactic acid market through 2024
According to TechSci Research report, “Global Lactic Acid Market By Raw Material, By Application, By Region, Competition, Forecast & Opportunities, 2024”, the global lactic acid market is projected to grow at a CAGR of more than 15% during 2019-2024, reaching $ 8.8 billion by 2024. Anticipated growth in the market is expected to be fueled by increasing utilization of cosmetics & personal care goods due to the development of sophisticated products along with rising focus on formulation enhancement for distinct consumer groups.
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Lactic acid is used to produce pills, controlled drug release systems and surgical sutures in the pharmaceutical industry. Moreover, the product is used for manufacturing cosmetics and hygiene products in the personal & oral care industry, on account of its rejuvenating, antimicrobial and moisturizing properties. Growing consumption of pharmaceutical grade creams and other medicines among consumers is anticipated to augment the lactic acid market over the coming years. Moreover, the pharmaceutical industry acts as a key asset to the European economy, as it is one of the region’s top performing, high technology sectors. Thus, growth of the industry in Europe is expected to fuel the demand for lactic acid during the forecast period.
In the food & beverages industry, lactic acid is used as a regulator of pH, residual bacteria inhibitor and flavoring agent in the processing of several products including soft drinks, bread and sweets. Lactic acid is not only an important ingredient in fermented foods such as yogurt, canned vegetables and butter, but also utilized as an acidulant and preservative in pickled vegetables and olives. In the personal care industry, the product is used to enhance skin lightening effects, improve collagen & elastin synthesis, and accelerate cell renewal.
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“Global lactic acid market is led by North America, closely followed by Europe, wherein Germany lactic acid market (in terms of volume of lactic acid produced) is expected to exceed 151.6 kilotons by 2024. However, the Asia-Pacific region is anticipated to witness the highest CAGR during the forecast period of 2019-2024, on account of large-scale use in industrial applications including personal care products, pharmaceuticals, biodegradable polymers and food & beverages industries.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Lactic Acid Market By Raw Material, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global lactic acid market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in global lactic acid market.
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