Lactic Acid Market to Witness Robust Double Digit Grow until 2024
Increasing
demand for lactic acid-based personal care and eco-friendly products to boost
global lactic acid market through 2024
According to TechSci Research
report, “Global Lactic
Acid Market By Raw Material, By Application, By Region, Competition,
Forecast & Opportunities, 2024”, the
global lactic acid market is projected to grow at a CAGR of more than 15%
during 2019-2024, reaching $ 8.8 billion by 2024. Anticipated growth in the
market is expected to be fueled by increasing utilization of cosmetics &
personal care goods due to the development of sophisticated products along with
rising focus on formulation enhancement for distinct consumer groups.
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Lactic acid is used to produce pills, controlled drug release systems and
surgical sutures in the pharmaceutical industry. Moreover, the product is used
for manufacturing cosmetics and hygiene products in the personal & oral
care industry, on account of its rejuvenating, antimicrobial and moisturizing
properties. Growing consumption of pharmaceutical grade creams and other
medicines among consumers is anticipated to augment the lactic acid market over
the coming years. Moreover, the pharmaceutical industry acts as a key asset to
the European economy, as it is one of the region’s top performing, high
technology sectors. Thus, growth of the industry in Europe is expected to fuel
the demand for lactic acid during the forecast period.
In the food & beverages industry, lactic acid is used as a regulator
of pH, residual bacteria inhibitor and flavoring agent in the processing of several
products including soft drinks, bread and sweets. Lactic acid is not only an
important ingredient in fermented foods such as yogurt, canned vegetables and
butter, but also utilized as an acidulant and preservative in pickled
vegetables and olives. In the personal care industry,
the product is used to enhance skin lightening effects, improve collagen &
elastin synthesis, and accelerate cell renewal.
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“Global lactic acid market is led by North America,
closely followed by Europe, wherein Germany lactic acid market (in terms of volume of lactic acid
produced) is expected to exceed 151.6 kilotons by 2024. However, the
Asia-Pacific region is anticipated to witness the highest CAGR during the
forecast period of 2019-2024, on account of large-scale use in industrial
applications including personal care products, pharmaceuticals, biodegradable
polymers and food & beverages industries.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global
Lactic Acid Market By Raw Material, By Application, By Region, Competition,
Forecast & Opportunities, 2024” has evaluated the future
growth potential of global lactic acid market and provides statistics and
information on market structure, size, share and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers to
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities present in global lactic acid market.
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