Asia Pacific Lactic Acid Market was worth USD 1.72 billion in 2022 and is estimated to be growing at a CAGR of 18.12%, to reach USD 3.97 billion by 2029.
Lactic Acid is a white compound that is water soluble in a solid state and colorless in a liquid state. In the industry, lactic acid is produced by fermentation by lactic acid bacteria which converts carbohydrates like glucose, galactose, and sucrose into lactic acid. Lactic Acid has a wide range of applications. It is used in the dairy industry to make yogurt and cheese. It is used as a humectant in the textile industry to enhance the moisture in fabric so that dyes can attach to them. It is used in the leather tanning process. It is used in preparing lacquers and inks. In the pharmaceutical industry, it is used as a starting substance to prepare other substances. Its variants are approved as food additives in various countries. It is widely used in preparing foods of various kinds. The Asia Pacific Lactic Acid market is driven by factors such as rising use of shampoos, creams, and body care products, growing pharmaceutical industry, growing petrochemical products, rising awareness among people regarding recyclability and sustainability, and increasing number of bioplastic applications among others. However, the chief constraint which is faced by this market is the high price of PLA over other conventional polymers and the volatility of prices of raw materials like corn and sugar.
This Research Report on Asia Pacific Lactic Acid Market is segmented and sub segmented into following categories
Asia Pacific Lactic Acid Market By Application
In the marine sector, lactic acid is used as a descaling agent which is resulting in increasing use expected to drive the market in regions like Australia, UK and UAE. Personal care segment is expected to grow at a significant rate in regions like the Middle East, Latin America, and Western parts of Africa.
Asia Pacific Lactic Acid Market By Region
Asia Pacific is the fastest growing region in the world and is the third largest market after North America and Europe regions. Factors such as rising awareness about recyclability and growing personal care industry is expected to propel the market growth in the region.
KEY PLAYERS IN ASIA PACIFIC LACTIC ACID MARKET
Key Players In Asia Pacific Lactic Acid Market are BASF SE (Germany), CSM N.V. (The Netherlands), The Dow Chemical Company (U.S.), Teijin Ltd. (Japan),NatureWorks LLC (U.S).
Frequently Asked Questions
The size of the lactic acid market in the Asia Pacific region can vary depending on factors such as industrial demand, technological advancements, regulatory frameworks, and economic conditions. Market research reports and industry analyses can provide insights into the current size and projected growth of the lactic acid market in the region.
Food and beverage industry: Lactic acid is used as a food additive for acidity regulation, flavor enhancement, and preservation. It is also used in dairy products, baked goods, meat products, and beverages.
The growth of the lactic acid market in the Asia Pacific region is driven by factors such as increasing demand for natural and sustainable ingredients in food and cosmetics, rising awareness of the health benefits of lactic acid and its derivatives, growth of the bioplastics industry, and expanding industrial applications.
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