Market Size of Asia-Pacific Lactic Acid Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.70 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Lactic Acid Market Analysis
The Asia-Pacific lactic acid market is anticipated to witness a CAGR of 8.7% over the forecast period, 2020-2025.
- 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 second-largest exporter worldwide.
APAC Lactic Acid Industry Segmentation
The Asia-Pacific lactic acid market is segmented by source and application. On the basis of source, the market is segmented into natural and synthetic. On the basis of application, the market is segmented into meat, poultry and fish, beverages, confectionery, bakery, fruits and vegetables, and dairy. The market is also segmented by geography.
| Source | |
| Natural | |
| Synthetic |
| Application | |
| Meat, Poultry, and Fish | |
| Beverages | |
| Confectionery | |
| Bakery | |
| Fruits and Vegetable | |
| Dairy |
| Geography | |
| China | |
| Japan | |
| India | |
| Australia | |
| Rest of Asia-Pacific |
Asia-Pacific Lactic Acid Market Size Summary
The Asia-Pacific lactic acid market is poised for significant growth, driven by increasing demand in the food and beverage industry. This demand is fueled by advancements in technology and the expanding applications of lactic acid, which is valued for its functional properties. The market is characterized by the availability of lactic acid in various grades, depending on purity, with China and Japan leading as major markets. China stands out as the largest producer and exporter of lactic acid within the region and holds a prominent position globally. The market's expansion is supported by the availability of cost-effective raw materials such as molasses, starch, and sugarcane, which are abundant in the region, thereby reducing production costs and enhancing market growth.
The Asia-Pacific lactic acid market benefits from the robust growth of the food and beverage sector, which is a key driver for the global acidulants market. The region's economic development and evolving consumer preferences further bolster the demand for lactic acid, particularly in food and beverage applications. Major industry players, including Henan Jindan, Corbion NV, and others, are focusing on new product development and strategic marketing to navigate commodity cost volatility. Henan Jindan, in particular, leverages advanced membrane technology to enhance production efficiency and reduce energy consumption. This competitive landscape, coupled with the strategic investments by key players, underscores the promising growth trajectory of the lactic acid market in the Asia-Pacific region.
Asia-Pacific Lactic Acid Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Source
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2.1.1 Natural
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2.1.2 Synthetic
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2.2 Application
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2.2.1 Meat, Poultry, and Fish
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2.2.2 Beverages
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2.2.3 Confectionery
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2.2.4 Bakery
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2.2.5 Fruits and Vegetable
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2.2.6 Dairy
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2.3 Geography
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2.3.1 China
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2.3.2 Japan
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2.3.3 India
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2.3.4 Australia
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2.3.5 Rest of Asia-Pacific
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Asia-Pacific Lactic Acid Market Size FAQs
What is the current Asia-Pacific Lactic Acid Market size?
The Asia-Pacific Lactic Acid Market is projected to register a CAGR of 8.70% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Lactic Acid Market?
Corbion NV, Henan Jindan Lactic Acid Technology Co., Ltd, Cellulac, Galactic and DuPont are the major companies operating in the Asia-Pacific Lactic Acid Market.
