Dublin, Jan. 05, 2021 (GLOBE NEWSWIRE) -- The "Lactic Acid Market by Application (Biodegradable Polymers, Food & Beverages, Pharmaceutical Products), Form, and Region, Polylactic Acid Market, by Application (Packaging, Fiber & Fabrics, Agriculture), Form, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Lactic Acid Market is Estimated to be Valued at USD 1.1 Billion in 2020 and Projected to Reach USD 2.1 Billion by 2025 at a CAGR of 12.8%
Factors such as the consumer inclination toward food & beverages with higher shelf-life, due to the rising awareness to mitigate the food wastage has been fueling the use of lactic acid in food & beverage industry. Government regulations has also boosted the use of lactic acid and polylactic acid for usage in biodegradable polymers and packaging, globally. However, the growth of the lactic acid and polylactic acid market is inhibited by factors, such as high infrastructure costs involved during the initial investments. In addition, the lack of required skilled resources inhibits the growth of the lactic acid and polylactic acid market.
By lactic acid application, the biodegradable polymers segment is estimated to be the largest segment during the forecast period.
Biodegradable polymers segment represents a largest portion of the lactic acid market. They have the potential to be used as an alternative to toxic plastics that are derived from petrochemicals and eventually replaces them. The growth of the market for industrial applications of lactic acid is primarily driven by its use in biodegradable polymers. Biodegradable polymers have a major advantage over non-biodegradable polymers in terms of degradation, as biodegradable polymers can be decomposed by microorganisms. The usage of biodegradable polymers can lower the cost of labor used for the removal of conventional plastics, as plastics have been detrimental to the environment.
By polylactic acid application, the packaging segment is estimated to be the largest segment during the forecast period.
Packaging segment represents a largest portion of the lactic acid market. The modern business ecosystem is more inclined to reduce environmental carbon footprint besides controlling their costs. This has been achieved by the use of advanced polylactic acid (PLA) packaging technology. 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 footprint, and easy manipulation of structure-property-processing relations during production.
By form, liquid segment in the lactic acid market estimated to account for the largest share during the forecast period.
The liquid segment in the form is estimated to dominate the market for lactic acid. The liquid form of lactic acid is generally less stable than solids, although it may witness improved functionalities than the dry (powder) form. It is directly used in the liquid form or sprayed and absorbed on a solid carrier. Biodegradable polymers manufactured using liquid lactic acid have major advantages, such as increased flexibility, and are moldable as per the required dimensions. In food & beverages, lactic acid acts as a curing or gelling agent, flavor, food carrier, solvent, and preservative as it is easy to mix in the liquid form.
The Asia Pacific region for the lactic acid market is projected to grow at the highest CAGR during the forecast period
The lactic acid market in the Asia Pacific region is largely driven by industrial shift and technological advancements that have made lactic acid available for a wide range of applications such as biodegradable polymers and food & beverages. Developed markets such as North America and Western Europe are becoming mature, which has led to faster growth in developing markets such as Asia Pacific. Rise in consumer awareness toward the mitigation of food wastage in the region has also aided the demand for lactic acid in the food & beverages industry. The changing lifestyles of consumers have inclined them toward convenience food products with higher shelf-life. Owing to the changing consumer preferences, their shift toward convenience food stores, supermarkets, and quick-service restaurants are increasing in countries such as India, China, Australia & New Zealand, and Japan.
The Asia Pacific region for polylactic acid market is projected to grow at the highest CAGR during the forecast period
The polylactic acid market in the Asia Pacific region is largely driven by the increase in preference among consumers for packaged food products is a major factor that is projected to create a significant change in the food packaging industry, leading to a preference for environment-friendly packaging, which creates a growth opportunity for polylactic acid in the region. With the increase in production of PLA-based food packaging, the demand for polylactic acid is projected to remain high. China, India, and Australia & New Zealand are some of the leading markets in the Asia Pacific region.
High Demand for Lactic Acid and Polylactic Acid in End-User Applications
Rise in Demand for Alternative Environment-Friendly Resources
Technological Advancements to Encourage the Production of Lactic Acid & Polylactic Acid
Fluctuations in Raw Material Prices to Restrain the Market Growth
Concerns Over the Quality of Lactic Acid Used in Food & Beverage Products
Multi-Functionalities of Lactic and Polylactic Acids
Government Regulations and Frameworks to Encourage the Use of Bioplastics
Lack of Process-Specific Technology for the Usage of Lactic and Polylactic Acids in Developing Regions
High Initial Investment Costs Involved for Small & Medium Enterprises
Key Market for Import/Export
Lactic Acid, Its Salts & Esters
Porter's Five Forces Analysis
Henan Jindan Lactic Acid Technology
Henan Xinghan Biotechnology
Qingdao Abel Technology
For more information about this report visit https://www.researchandmarkets.com/r/xsdalx
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900