Africa Lactic acid Market - By Product Type, Application and Geography-Market Shares, Forecasts And Trends (2015 â€“ 2020)
African lactic acid market was XX million US$ in 2014 and expected to reach XX million US$ by 2020 growing at a CAGR of XX% during the forecasted period 2015-2020. Lactic acid is a very popular and important ingredient required by any food industry. Lactic acid is an organic acid that can be obtained by chemical process by petrochemical source or by biochemical fermentation of carbohydrates. Africa is a small but emerging market for the lactic acid production.
Lactic acid are mainly consumed as a traditional foods in Africa region. The lactic acid products such as yoghurt and fermented milk are more popular in Ghana and other parts of West Africa. The market is dominated by the domestic production with the small capacity. In 2012, the total production of yoghurt and fermented milk was 0.4 million tonnes.
The major driver for the market are increased demand in meat and other foods applications of lactic acid, availability of cheap raw materials, and the dominant market of domestic fermented products. The low cost of raw materials such as molasses, starch, sugarcane, and other carbohydrates for production are important factor in lowering the production costs and supporting the market. Also these raw materials are abundant and easily available in the domestic regions for production which is driving the market. However the high capital investment in production and less technological advancement in the region are affecting the market growth. The volatility in the raw material costs are another factor which led to increase in product price in the market.
The market segmentation of lactic acid includes the application type, function type, source type and by geography. Further market is segmented on the application type on different sectors as meat, poultry and fish, dairy, beverages, fruits and vegetables, bakery and confectionery. Dairy and meat products applications consists of high demand among others in application segment. The market segmentation on the source type consists of natural and synthetic source. The natural source type is further sub segmented into milk source or plant source. Plant source being cheaper and easily available dominates the production market. Lactic acid market segmentation on the function type in food and beverages includes its function as preservative, pH regulator, antimicrobial agent, flavour and mineral fortification.
Nigeria being the largest producer of Cassava in the world and also other parts of Africa are rich in raw material sources which provides a great opportunity for the lactic acid market. However the lack of infrastructure and technological requirement is a big challenge for the lactic acid market. The key players in the market are Purac, Galactic, Cargill, Henan Jindan Lactic Acid Co., Ltd., ADM, Corbion, among others. The major competitors prefers investment in new product development, widening the application market, and marketing strategy due to volatility in commodity costs to maintain their position.
Market analysis for the Africa Lactic acid Market, with region specific assessments and competition analysis on global and regional scales
Market definition along with the identification of key drivers and restraints
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
Extensively researched competitive landscape section with profiles of major companies along with their market shares
Identification and analysis of the macro and micro factors that affect the global Lactic acid market on both global and regional scales
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
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