As per the latest research report titled ‘Lactic Acid Market Size By Application (Industrial, Food & Beverage, Pharmaceuticals, Personal Care), Polylactic Acid (PLA) Market Size By Application (Packaging, Agriculture, Transport, Electronics, Textiles), Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Netherlands, Belgium, China, India, Japan, Malaysia, Thailand, Australia, South Korea, Brazil, South Africa, Saudi Arabia), Downstream Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2024’ available with Market Study Report, the lactic acid market is projected to amass US $6 billion while the polylactic acid (PLA) market is presumed to accumulate US $4 billion by the year 2024.
 

Surging concerns regarding greenhouse gas emissions, along with numerous initiatives to promote the use of bioplastics are propelling the growth of lactic acid and polylactic acid market. The products are extensively used across an array of applications including food & beverage, pharmaceuticals, and industries due to their beneficial functional properties.
 

Considering the application spectrum of lactic acid market, food & beverage segment is expected to grow at the rate of 14% over the forecast period, on account of its use as preservative and flavoring agent. Lactic acid improves the shelf-life of food products by controlling pathogenic activity and acts as an acid regulator in beverages. It is used for preparing bakery products, confectionary, salads, and beverages. All these factors coupled with rising consumer preference towards functional products owing to their health benefits will favor the segmental share growth.
 

On the other hand, polylactic acid (PLA) industry from packaging application segment will record 18% growth during 2016-2024, cites the report. This growth can be attributed to growing inclination towards using green packaging alternatives and restrictive government policies regarding the use of synthetic plastic packaging.
 

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Considering the regional outlook, North America lactic acid market is predicted to be worth US $2 billion by the year 2024, owing to increasing consumer expenditure on medicinal and therapeutic drugs across the region. Inflow of investment towards the R&D for using biodegradable polymers in pharmaceutical industry, coupled with high spending on healthcare facilities will further aid the regional market outlook.
 

Asia Pacific polylactic acid market is anticipated to grow at the rate of 18% through 2024, on account of surging awareness regarding the use of sustainable packaging solutions. Various governments across the region are promoting green packaging which is encouraging the manufacturers to adopt safe packaging options instead of synthetic plastics.
 

The prominent contender operating in lactic acid and polylactic acid (PLA) market are NatureWorks, Purac, Henan Jindan Lactic Acid Technology, Futerro, and BASF among others.