Lactic Acid Market Is Projected To Reach USD 4,129.19 Million By 2022

Purpose of the report:

The purpose of this strategic research study entitled “Global Lactic Acid Market” is to provide deep insights to the company’s executives, industry investors and industry participants so that they can make informed strategic decisions about opportunities in the global lactic acid market.

Target Audience:

• Industry investors
• Raw material suppliers
• Distributors
• Manufacturers
• Retailers
• Companies who want to enter the market and companies who want to diversify their product portfolio

Market Overview:

The global market for lactic acid market in 2014 was valued at US $ 1,275.00 million, and is expected to reach USD 4,129.19 million by 2022, which is growing by CAGR of 16.9% from 2015 to 2022. In 2014 there was a global market for lactic acid in terms of quantity. It is estimated to reach 750.00 kg and 208 by 2022, which is growing by CAGR of 12.9% by 2022, 2015.

There is an increase in the growth of lactic acid growing applications in the global market for lactic acid to build polylactic acid (PLA). Apart from this, increasing demand from other end user industries such as personal care products and food and beverages are other factors that are contributing to the development of the market. However, fluctuating prices of raw materials is a key factor in the growth of the market. Increasing demand for eco-friendly packaging and the end-user industries are responsible for the increasing scope of lactic acid applications, which will provide the market’s large potential.

In 2014, the largest part of the pie and food market was after industrial applications. In 2014, food and beverage segment accounted for more than 40% of pie. However, industrial applications are seen as the fastest growing application of lactic acid. It is estimated to grow by CAGR of 18.3% by 2015 to 2022.

North America is the largest market for lactic acid and in terms of volumes from 2015 to 2022, 13.1% is expected to grow by CAGR. The market is driven by the growing PLA market and the growing demand from other established end uses continues to grow. The Asia Pacific market is considered to be the fastest growing market on CAGR of 17.5%, from 2015 to 2022 in terms of revenue. Japan and China will be a major contributor to the development of the market. The European market is estimated to grow at a moderate growth rate.