The global Lactic Acid and Polylactic Acid Market was valued at USD 1.6 billion and USD 1.3 billion in 2023 and are anticipated to grow at CAGRs of 12.4% and 17.7%, respectively, between 2023 and 2028, attributed to the growing revenue of $2.8 billion and $2.9 billion by 2028. The base year for estimation is 2022, and the historical data spans from 2023 to 2028.
The North America market is projected to contribute the largest lactic acid market share.
North America has a strong presence in industries that utilize lactic acid, such as food and beverages, personal care, pharmaceuticals, and bioplastics. The region’s robust manufacturing and consumer markets provide a favorable environment for the growth of the lactic acid market.
Additionally, advancements in production technologies and the availability of raw materials, including corn-based feedstocks, contribute to the expansion of the lactic acid market in North America. The region’s well-established infrastructure and supportive government policies further promote market growth and innovation.
Moreover, increasing investments in research and development activities, as well as collaborations between industry players and research institutions, drive advancements in lactic acid applications and production processes, fueling market growth in North America.
Key Players in Global Lactic Acid and Polylactic Acid Market
Corbion (Netherlands), Cargill, Incorporated (US), Galactic (Belgium), Unitika Ltd (Japan), Henan Jindan lactic acid Technology Co., Ltd. (China), TORAY INDUSTRIES, INC. (Japan), and Sulzer Ltd (China). are among the key players in the global food antioxidant market. To increase their company’s revenues and market shares, companies are focusing on launching new products, developing partnerships, and expanding their production facilities. The key strategies used by companies in the global lactic acid market include geographical expansion to tap the potential of emerging economies, strategic acquisitions to gain a foothold over the extensive supply chain, and new product launches as a result of extensive research and development (R&D) initiatives.
Bio-degradable polymers in the lactic acid application segment accounted for the largest global lactic acid market share in 2023 in terms of value.
Growing global environmental concerns and the need for sustainable solutions have fueled increasing demand for bio-degradable polymers as an alternative to traditional plastics. Derived from renewable resources and capable of biodegradation, these polymers align with the rising preference for eco-friendly materials. The demand for bio-degradable polymers spans diverse industries, including packaging, textiles, consumer goods, and automotive, benefiting from the versatility and adaptability of polylactic acid (PLA) in various applications. With heightened consumer awareness and a growing preference for sustainable products, the market for biodegradable polymers is poised for significant growth. Furthermore, ongoing advancements in PLA production technologies, accompanied by economies of scale, are driving cost reductions and enhancing the competitiveness of bio-degradable polymers against conventional plastics, further stimulating market expansion.
Packaging in the polylactic acid application segment accounted for the largest lactic acid market share in 2023 in terms of value.
The market for polylactic acid (PLA) packaging is poised for rapid growth due to several pivotal factors. There is an escalating global emphasis on sustainable packaging solutions, prompted by mounting environmental concerns and stricter regulations. PLA packaging, derived from renewable sources is biodegradable, and presents a compelling substitute for conventional plastics, effectively meeting the demand for eco-friendly materials. The surging consumer demand for sustainable packaging options serves as a significant catalyst driving the swift expansion of the PLA packaging market. Moreover, PLA packaging offers versatility and functionality comparable to conventional plastics. It can be molded into various shapes, sizes, and forms, making it suitable for a wide range of packaging applications across industries such as food and beverages, personal care, and e-commerce. The adaptability of PLA packaging to meet diverse packaging needs further contributes to its market growth.
