Asia-Pacific Lactic Acid Market - Growth, Trends, and Forecast (2020-2025)
The AsiaPacific lactic acid market is anticipated to witness a CAGR of 8.7% over the forecast period, 20202025.
Demand for lactic acid in the food and beverage industry is growing with the emergence of new technology and the growing demand in applications. Due to various functional properties of lactic acid, it is used as a critical ingredient in food and beverage products.
Lactic acid is commercially available in various grades depending upon its purity. China and Japan are the major markets for lactic acid in the region. China is the largest exporter and producer of lactic acid in the Asian market and the secondlargest exporter worldwide.
Key Market Trends
Growing Demand for Meat Products
The primary driver for the AsiaPacific lactic acid market is the increase in demand for meat and other food applications of lactic acid, availability of cheap raw materials, innovation in technology, and strong support of big manufacturing companies in the region. The low cost of raw materials, such as molasses, starch, sugarcane, and other carbohydrates for production, has been a significant advantage for industries, as it directly lowers the final cost of the product. Besides, these raw materials are abundant and readily available in the domestic regions for production, which is driving the market.
High Demand for Food Acidulants
Lactic acid is used as a critical ingredient in food and beverage products, owing to its various functional properties. Lactic acid's wide application in the food and beverage industry and the range of operational benefits provided by food acidulants are the key factors driving the global acidulants market. Besides, the robust growth in the food and beverage sector majorly supports the market worldwide. With the economic development, along with changing consumer behavior in AsiaPacific, the region outshines as a promising market for the food and beverage industry supplementing the consumption of food acidulants. Lactic acid also has its wide application in the preservative market
The major competitors prefer investment in new product development, widening the application market, and marketing strategy due to volatility in commodity costs to maintain their position. Henan Jindan is the largest producer and exporter of lactic acid in China and the region. The company uses the new membrane technology for the separation and purification process of lactic acid, which aids in the efficiency of production and reduces energy consumption. Some of the major players in the AsiaPacific lactic acid market are Corbion NV, Henan Jindan Lactic Acid Technology Co. Ltd, NingXia Hypow BioTechnology Co. Ltd, Cellulac, and Galactic, among others.
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