Lactic Acid Market Size USD 1156.5 Million by 2026 at a CAGR 2.5% | Valuates Reports
BANGALORE, India, Nov. 23, 2020 /PRNewswire/ -- The Lactic Acid Market is Segmented by type (Food Grade, Industrial Grade, Pharmaceutical Grade), by application (Pharmaceutical, Home & personal Care, Industrial Applications, Food & Beverage, Others). This report is published on Valuates Reports in the Pharmaceuticals & Biotech Category. It also covers Global & Regional Opportunity Analysis and Industry Forecast to 2026.
The global Lactic Acid market size is projected to reach USD 1156.5 Million by 2026, from USD 997.2 Million in 2020, at a CAGR of 2.5% during 2021-2026.
Major factors driving the growth of Lactic Acid market size are rising demand for anti-acne and anti-aging products, growing demand for production of PLA plastics, increased demand in food applications of lactic acid, availability of cheap raw materials, various functional properties of lactic acid and the regulatory approval by international regulations.
The report provides a list of all the key players in the Lactic Acid market and a detailed analysis of the strategies the companies are adopting.
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TRENDS INFLUENCING THE LACTIC ACID MARKET SIZE
Due to its high antimicrobial properties, lactic acid is an ideal flavoring agent, pH regulator, and preservative. This property is expected to drive the Lactic acid market size during the forecast period. Lactic acid is majorly used in beer brewing, crème Fraiche, pickled vegetables, whipped butter, cheese making and confectionery goods.
Lactic acid finds increasing cosmetic products' adoption due to increasing disposable income, changing customer lifestyles and growing skincare concerns. The product is well-suited for the formulation of hair dyes, colors, makeup, shampoos, cleaning products and moisturizers pertaining to its excellent exfoliation, collagen renewal, humectant and complex enhancement capabilities. This application of Lactic acid in the cosmetic industry is expected to increase the Lactic Acid market size.
The increasing demand for PLA is expected to increase the growth of the lactic acid market size. Polylactic acid (PLA) is a flexible lactic acid-derived biodegradable polyester and is a commercial alternative to thermoplastics. The commodity is a bioplastic form with properties close to traditional polymers such as acrylonitrile butadiene styrene, polyethylene terephthalate, and polypropylene. For various items such as plastic films, bottles, medical devices and 3D printing, the product is ideal.