The Global Market for Lactic Acid is Projected to Reach 1.6 Million Metric Tons by 2024
Growing Commercial Value of Biodegradable & Bioactive Compounds Drives Lactic Acid Consumption in Myriad Industrial Applications, According to a New Report by Global Industry Analysts, Inc. GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Lactic Acid market. The global market for Lactic Acid is projected to reach 1.6 million metric tons by 2024 , valued at US$3.7 billion, led by the increasing focus on bio-based materials against the backdrop of growing awareness about environmental conservation. The global lactic acid market is expected to witness steady growth over the short- to medium-term supported by expanding applications in the food & beverages, industrial, personal care, detergent, pharmaceuticals, and cosmetic sectors. Demand for the chemical will also receive a major boost from increasing consumer focus on bio-based contents. Increasing awareness about environmental conse...