(Food-Beverage-News.Com, March 11, 2021 ) According to MarketsandMarkets, the global lactic acid market size is estimated to be valued at USD 1.1 billion in 2020 and is projected to reach USD 2.1 billion by 2025, recording a CAGR of 12.8%, in terms of value. The global polylactic acid market size is estimated to be valued at USD 786 million in 2020 and is projected to reach USD 1,756 million by 2025, recording a CAGR of 17.4%, in terms of value.
The rise in consumer awareness to mitigate food wastage and the increasing consumer demand for convenience food & beverages with increased shelf-life has been boosting the lactic acid market, globally. Governments of numerous countries have been bolstering the use of polylactic acid has also been augmenting the demand for polylactic acid market in applications such as packaging, fiber & fabrics, agricultures, among others.
Emerging markets in upcoming economies such as Asia Pacific and South American countries is going to be a potential market for the lactic acid and polylactic acid. The inclination of consumers toward convenience food & beverages due to busier lifestyle, and rising awareness among consumers to mitigate food wastage has fueled the market for lactic acid as food preservatives.
With a rise in the number of materials, applications, and products, the number of manufacturers and end-users is increasing steadily. A significant increase in financial investments has been witnessed for production and marketing to enhance the development in the biodegradable bioplastic industry.
The adoption of the single-use plastics directive by the European Union in 2019 and the publication of the new EU Commission’s ‘European Green Deal’ have led to an increase in the production of bioplastics, which would further intensify in 2020. This has encouraged further research in prominent aspects of the European legal framework for reducing the use of plastics.
This would provide new opportunities for the application of bioplastics to achieve a resource-efficient and low-carbon circular economy by the European Union. The EU Commission would provide guidance for the implementation of its single-use plastics directive. Furthermore, initiatives included in the ‘European Green Deal,’ which is a Circular Economy Action Plan, and a framework for bio-based and biodegradable plastics, are projected to be developed in the upcoming years.
Key Market Players: Corbion (Netherlands), DuPont (US), Cargill (US), Galactic (Belgium), DOW (US), Unitika (Japan), Henan Jindan Lacic Acid Technology (China), Sulzer (Switzerland), Mushashino Chemical (Japan), Vigon International (US), Henan Xinghan Biology Technology (China), Danimer Scientific (US), COFCO BioChemical (China), Jungbunzlauer (Switzerland), FoodChem International (China), Vaishnavi Biotech (India), Spectrum Chemicals (US), Godavari Bio-refineries (India), ProAgro GmbH (Austria), and Qingdao Abel Technology (US) are the leading lactic acid and polylactic acid market vendors.
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