South America Lactic Acid Market is projected to register a CAGR of 7.4%, during the forecast period, 2020 - 2025.
Key Highlights
- Natural lactic acid has been the most in-demand type of lactic acid in the market. Itsuse as a preservative has been well known for ages. With the trending concept
of natural, bio-preservatives are gaining momentum. - The distinct role of lactic acid within the confectionery segment has been a driving factor for the lactic acid market, which can otherwise be replaced by other organic acids.
Key Market Trends
High Demand for Food Acidulants
Owing to various functional properties of lactic acid, it is used as a key ingredient in food & beverage products. Lactic acid has its wide scope of application in the food and beverage industry coupled with the range of functional benefits provided by food acidulants are key factors driving the food acidulants market in South America. In addition, the robust growth in the food and beverage sector majorly supports the market worldwide. With the economic development along with changing consumer behavior in South America, the region outshines as a promising market for the food and beverage industry supplementing the consumption of food acidulants.
Brazil holds a Prominent Share in the Market Studied
The current dynamics of the Brazilian lactic acid market is expected to earn a major regional share in the lactic acid market. Owing to the increased scenario of production industries in Brazil region and usage of lactic acid as an ingredient to tailor products strictly in accordance with the consumer needs is providing a handsome opportunity in the market. Brazil has the third-largest dairy herd in the world behind the European Union and India. Tailoring of the many dairy-free or vegan foods in the region requires the usage of lactic acid, which is propelling the growth of the market. Increased usage in dairy products, such as ice cream and cheese is driving the growth of the lactic acid market in the South America region.
Competitive Landscape
The major competitors in the South American lactic acid market prefer investment in new product development, widening the application market, and marketing strategy due to volatility in commodity costs to maintain their position. The company targeting less energy consumption and lowering the production cost as a competitive strategy in the market. Some of the major players in the market studied are Corbion NV, Cargill, Incorporated, Cellulac, Galactic among others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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