The North America lactic acid market is expected to escalate at a value CAGR of 8.9% over the forecasted period 2018-2023. North America is the largest consumer of lactic acid market worldwide. Lactic acid is the most popular acid being used in food and beverages industry with its widespread usage. Lactic acid is a weak acid, which is obtained by the fermentation of carbohydrates and is further purified to get pure lactic acid. It can also be obtained by synthetic production but the process involves environment concerns and hence, it is less common. Lactic acid due to its good antimicrobial function on meat and meat products it is widely used in North America as an antimicrobial agent. Lactic acid are commercially available in various grades depending upon its purity. The North America lactic acid application in food sector has grown tremendously with the growing food demand. In US about 85% of the demand of lactic acid is in food and food related application.
The major driver for the North American lactic acid market are increased demand in meat and other foods applications of lactic acid, availability of cheap raw materials, various functional properties of lactic acid, and the regulatory approval by international regulations. The low cost of raw materials, such as molasses, starch, sugarcane, and other carbohydrates for production has been a big advantage for industries as it directly lowers the final cost of the product. Also these raw materials are abundant and easily available in the domestic regions for production, which is driving the market. The food regulations that allows the use of lactic acid in meat and poultry products have boosted the market. However, the large market of acidity regulators available for food products, and the fluctuations in raw material prices being a restraint for the market.
North American lactic acid market is segmented on the basis of application type, function type, source type, and by geography. Market segmentation on the application type includes meat, poultry and fish, dairy, beverages, fruits and vegetables, and 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. The natural production of lactic acid dominates the market while the synthetic production is less common due to its sustainable factor. Lactic acid market segmentation on the function type in food & beverage includes its function as preservative, pH regulator, antimicrobial agent, flavor, and mineral fortification. Lactic acid is more commonly used as pH regulator in various foods and as an antimicrobial agent in meat and poultry products.
United States is expected to hold the largest market share during the forecast period, owing to the increased usage of lactic acid in a number of end-use applications and the high level of consumer awareness within the country. The increasing number of consumers in the market who depict a willingness to pay a premium to source organic lactic acid category is also driving growth in the region. The sustainable production of lactic acid has proven to be a big opportunity for the lactic acid market as depending on plant source, less energy requirement, low cost, and eco-friendly benefits. The substitute for the acid market in food sector is a big challenge for the market.
- January 2018 - Kemin Industries announced the creation of a Canadian division and will hold a grand opening and ribbon cutting ceremony on January 18, 2018, at its new location in Mont-Saint-Hilaire, Quebec, Canada.
- June 2013 - Cargill Animal Nutrition and Purac collaborated on joint development of bio-based feed ingredient solutions.
Reasons to Purchase this Report
- Analyzing outlook of the market with the recent trends and Porters five forces analysis
- Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
- Market segmentation analysis, including qualitative & quantitative research incorporating the impact of economic & non-economic aspects
- Regional and Country level analysis integrating the demand and supply forces that are influencing the growth of the market
- Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in excel)
This report can be customized to meet your requirements.
1.1 Key Deliverables of the study
1.2 Study Assumptions
1.3 Market Definitions
2. Research Approach and Methodology
2.2 Research Design
2.3 Study timelines
2.4 Study Phases
2.4.1 Secondary Research
2.4.2 Discussion Guide
2.4.3 Market Engineering & Econometric Modeling
2.4.4 Expert Validation
3. Key Findings of the Study
4. Market Overview
4.2 Market Dynamics
188.8.131.52 Availability of Cheap Raw Materials
184.108.40.206 Increased Demand in Meat and Meat Products Applications
220.127.116.11 Regulatory Approval
18.104.22.168 Various Functional Properties of Lactic Acid
22.214.171.124 Fluctuations in Raw Material Price
126.96.36.199 Availability of Substitute for Acidity Regulator in Food Market
188.8.131.52 Sustainable Production of Lactic Acid
4.2.4 Porters Five Forces Analysis
184.108.40.206 Bargaining Power of Suppliers
220.127.116.11 Bargaining Power of Buyers
18.104.22.168 Threat of New Entrants
22.214.171.124 Threat of Substitute Products and Services
126.96.36.199 Degree of Competition
5. Market Segmentation
5.1 By Application
5.1.1 Meat, Poultry, and Fish
5.1.5 Fruits and Vegetable
5.2 By Source
5.2.1 Natural Source
188.8.131.52 Dairy source
184.108.40.206 Plant source
5.2.2 Synthetic Source
5.3 By Geography
5.3.1 North America
6. Competitive Landscape
6.1 Strategy Adopted by Key Players
6.2 Most Active Companies
6.3 Market Share Analysis
7. Company Profiles
7.6 Henan Jindan Lactic Acid Co. Ltd.
7.7 Jungbunzlauer Suisse AG
7.8 Kemin Industries, Inc.
7.9 NingXia Hypow Bio-Technology Co. Ltd.