The lactic acid market was valued at US$ 1,069.84 million in 2019 and it is projected to reach US$ 2,217.88 million by 2027; it is expected to grow at a CAGR of 9.6% from 2020 to 2027.
Lactic acid is an organic acid produced during the process of fermentation. It is used in various industries including food & beverages, pharmaceuticals, personal care, and biodegradable polymers. The multi-functionalities of lactic acid render its use in various industries. In the food & beverages industry, lactic acid is used as a preservative, curing agent, and flavoring agent. Surging global demand for processed food is boosting the application of lactic acid in the food industry. In meat, poultry, and seafood products, it is majorly used as a decontaminant. In the personal care industry, lactic acid is mainly used in anti-ageing and skin lightening products as it treats hyperpigmentation and age spots.
Corbion; Cargill Inc.; Foodchem International Corporation; Galactic; Henan Xinghan Biotechnology; Musashino Chemical Laboratory, Ltd.; Shandong Baisheng Biotechnology Co., Ltd.; Jungbunzlauer Suisse AG; Henan Jindan Lactic Acid Technology Co., Ltd.; and Vigon International, Inc. are among the well-established players in the lactic acid market.
Coronavirus outbreak first began in Wuhan (China) in December 2019, and since then, it has spread across the globe. As of February 2021, the US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are some of the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global food & beverages industry is one of the significant sectors suffering severe disruptions, such as supply chain breaks, technology event cancellations, and office shutdowns, as a result of this outbreak.
Several companies have already announced possible delays in product deliveries and slump in future sales of their products. Besides, the global travel bans imposed by countries in Europe, Asia, and North America are affecting business collaborations and partnership opportunities. All these factors are expected to affect the food & beverages industry negatively and thus act as a restraining factor for the growth of various markets related to this industry in the coming months.
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