The global lactic acid market is
growing at a very fast pace, which is attributed to its increasing usage in
different sectors. Primarily derived from renewable
resources, such as corn starch
and sugar beet, lettic acid stands in the frontline of versatile organic
compounds that are going to rule shortly.
Market data shows this potential. The
global market, projected at US$ 3.09 billion in 2031, is likely to witness a
growth of 9.6% CAGR in the forecast period of the estimation during 2023-2031.
During this time, growing demand for biodegradable materials and rising
sustainability trends across the globe are some other important driving
factors.
The United States forms a pivotal
market for lactic acid. This nation, with a stringent milieu of regulations on
the environment and a robust agricultural sector, sets it at the frontline in
the global biotech scenario. Domestic manufacturing of lactic acid has
increased in the recent past to cater to domestic and international demand.
Challenges remain, however. The spikes
in the prices of raw materials, mainly corn and sugar, may influence production
costs. Besides, the technology process is being continuously improved to
perfect production and reduce negative impacts on the environment.
Though full of obstacles, the lactic
acid market holds huge scope as a business. Research and Development for new
applications with an emphasis on eco-friendly production methods shall bring
handsome dividends. As the World's economy goes green, lactic acid shall be one
of the building blocks of that change.
Market Key Indicators
• Global Market Value: USD 3.09
billion in 2031
• Projected Growth: 9.6% CAGR from 2023
to 2031
The key drivers for this market
include the rise in demand for biodegradable materials and the growing emphasis
on sustainability. On the other hand, the threats involve raw material price
fluctuations and their environmental impact.
US Market Snapshot
·
Nation's leading lactic
acid producer and consumer
·
Strong agricultural base
along with a favorable regulatory environment
·
Growing domestic
production to meet rising demand
Business Opportunity
·
R&D of new
applications
·
Investment in more
sustainable technologies for its production
·
Biodegradable and
environmentally friendly products
·
Targeting these factors
can mean business success in this growing market of lactic acid.
Published By
Rajat Naik
Senior Market Research Expert at The Insight Partners