Lactic acid is majorly used in the production of PLA, which is a biodegradable polymer and a compostable thermoplastic made from renewable sources, such as lactic acid, produced via fermentation processes. This chemical is Generally Recognized as Safe (GRAS) and has great market potential in the food industry as it is being recognized as harmless by the United States Food & Drug Administration. It can be alternatively produced by chemical synthesis or fermentation.
Lactic acid is one of the most well-known organic acids, with a diverse range of industrial applications. The food, chemical, pharmaceutical, and cosmetics sectors all use this substance extensively. This product is lactic acid bacteria, which is a broad term for a diverse range of helpful bacteria with probiotic qualities. This acid is also used in the production of wine and fermented dairy products, as well as the pickling of vegetables and the curing of fish, pork, and sausages.
Lactic acid is utilised as a preservative and acidulant in pickled vegetables and olives, as well as a prominent element in fermented foods such as canned vegetables, yoghurt, and butter. Food and beverages, medicines, cosmetics, chemicals, and industrial applications all employ this naturally occurring organic acid.
This is an example of a large-scale production of organic acids. Carbohydrates derived from various sources, such as sugarcane and corn starch, are the most widely utilised feedstock. Organic acids like formic acid and lactic acid, unlike mineral acids, do not entirely dissociate in water.
Lactic acid market in Spain accounted for a market value of USD 31.8 Million in 2020 and is projected to grow at a CAGR of 9.6% during the forecast period. Lactic acid is employed as a crucial ingredient in food and beverage products due to its diverse functional qualities. The extensive range of applications for lactic acid in the food and beverage sector, as well as the spectrum of functional benefits provided by food acidulants, are important factors driving the food acidulants market in Spain. Furthermore, the industry is bolstered by strong expansion in the food and beverage sector. Lactic acid is also widely used in the preservation industry.
This research report categorizes the market for lactic acid based on various segments and forecasts revenue growth and analysis of trends in each of the submarkets. The report analyses the key growth drivers, opportunities and challenges which influence the lactic acid market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger and acquisition have been included in order to draw the competitive landscape in the lactic acid market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub segments of the lactic acid market.
FIGURE 1. SPAIN LACTIC ACID MARKET – MARKET SCOPE
Based on Source, lactic acid market is segmented into natural, and synthetic. Among these, Natural accounted for the largest market share in 2020 and is projected to grow at a CAGR of 9.5% during the forecast period. Based on Application, lactic acid market is segmented into food & beverages, and biodegradable plastics, personal care products, and others. Biodegradable Plastics accounted for the largest market share in 2020. Food & Beverages was the second-largest market in 2020. Based on end-use industry, lactic acid market is segmented into food & beverage, pharmaceuticals, chemical, personal care, polymers, and others. Food & Beverage end-use industry accounted for the largest market share in 2020. and is projected to grow at a CAGR of 9.9% during the forecast period.
BASF SE, Danimer Scientific LLC, Unitika, Corbion N.V, Dupont Nutrition & Biosciences, Cargill, Sulzer, Jungbunzlauer, Synbra Technology BV, Dow, Proagro GmbH, Spectrum Chemicals are some of the prominent market players in the Japan cloud communication platform market. These companies are adopting various growth strategies such as new product launch, expansion, agreement, mergers & acquisitions in the market to retain a competitive market position in the Japan cloud communication platform market from 2018 to 2020 till date. Among the growth strategies, new product launch capture more than half of the growth strategies followed by expansion.
Some of the key developments include:
- In April 2019, Corbion and Total announced a joint venture to build a PLA bioplastic plant in Europe. The plant is expected to have an annual production capacity of 100,000 tons and will be operational from 2024
- In January 2017, ThyssenKrupp AG announced to establish a manufacturing facility in Changchun, China, for producing 10,000 tons of PLA. This strategic initiative was aimed at reducing the company’s dependency on petroleum-based plastics. Based on its patented technology PLAneo, this commercial plant commenced its manufacturing operations from the first quarter of 2018
Spain Lactic Acid Market, By Source
Spain Lactic Acid Market, By Application
- Food & Beverages
- Meat, Poultry & Fish
- Bakery & Confectionery
- Fruits & Vegetable
- Dairy Products
- Biodegradable Plastics
- Personal Care Products
Spain Lactic Acid Market, By End Use Industry
- Food & Beverages
- Personal Care
WHAT THIS STUDY PROVIDES
- Spain lactic acid market and submarket forecast covering the period of 2017 to 2030, with accompanying analysis
- Extensive details and analysis of contracts, projects, and programs
- Analysis of game-changing technological trends and how these will shape the industry
- Explanation or political, regulatory and technical factors to consider
- Barriers to entry analysis for markets around the world
- Profiles of leading companies operating within the sector
- SWOT analysis of the major key players operating in the maket, together with the opportunities available and the key threats faced
- Market conclusions & recommendations
KEY QUESTIONS ANSWERED BY THIS REPORT
- How the lactic acid market is evolving?
- What is driving and restraining asthma spacer’s dynamics?
- How will each asthma spacer’s submarket segment grow over the forecast period and how much sales will these submarkets account for in 2028?
- How will market shares of each lactic acid submarket develop from 2017-2028?
- Which lactic acid submarket will be the main driver of the overall market from 2017-2028?
- How will political and regulatory factors influence regional lactic acid markets and submarkets?
- Will leading national lactic acid broadly follow macroeconomic dynamics, or will individual country sectors outperform the rest of the economy?
- How will market shares of the national markets change by 2030 and which nation will lead the market in 2028?
- Who are the leading players and what are their prospects over the forecast period?
- How will the sector evolve as alliances form during the period between 2017 and 2028?
THIS STUDY IS INTENDED FOR
- Technology Providers
- Government Agencies
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