According to Fortune Business Insights the lactic acid market size was valued at USD 7.14 billion in 2023 and is projected to grow from USD 8.37 billion in 2024 to USD 31.84 billion by 2032, exhibiting a CAGR of 18.0% during the forecast period.

According to our researchers, lactic acid or 2-Hydroxypropanoic acid is a natural biological acid with several applications in the food, pharmaceutical, chemical, cosmetic, and medical industries. It is formed by fermenting sugar acquired from renewable means, terming it as an eco-friendly creation. The product is generally utilized in polylactic acid (PLA) formation, a compostable thermoplastic and recyclable polymer created from renewable mediums.

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Drivers and Restraints

Growing Cosmetic and Personal Care Industry to Drive Market Growth

Lactic acid is used as a humectant, exfoliator, pH adjuster, and skin prepping agent in various beautifying and personal maintenance products. It smoothens, revitalizes, and sets an even skin texture while appearing firmer. It aids in declining the look of acne spots, wrinkles, and fine lines on the skin. Additionally, the product is incorporated in hair products because of its capability to reinforce fragile hair. Moreover, the upsurge in user consciousness and augmented disposable income are anticipated to amplify the demand for cosmetics and individual maintenance products and further thrust the market development.

Moreover, the promptly increasing number of social media handlers, tailored ads, and celebrated social influencers recommending several cosmetic products through these mediums are expected to boost cosmetic and personal care products sales. Further, brands with online websites and e-commerce businesses such as Alibaba Express and Amazon have amplified online shopping, which, in turn, may bolster the demand for cosmetic and personal care products. This factor may boost the lactic acid market growth in the long term.

List of Key Players Covered in Lactic Acid Market Report are:

• BASF SE (Ludwigshafen, Germany)
• Corbion (The Netherlands)
• NatureWorks LLC (Minnesota, U.S.)
• CELLULAC (London, U.K.)
• Galactic (Escanaffles, Belgium)
• Sulzer Ltd (Winterthur, Switzerland)
• GODAVARI BIOREFINERIES LTD. (Mumbai, India)
• Cargill, Incorporated (Minnesota, U.S.)
• Kemin Industries, Inc. (Iowa, U.S.)
• Henan Jindan Lactic Acid Technology Co. Ltd (Hertogenbosch, The Netherlands)