The global gypsum-free lactic acid market is projected to reach a valuation of around US$ 3.4 billion by 2032, with sales growing at a stellar CAGR range of 9.5% to 11% from 2022 to 2032. Valued at US$ 1.2 billion in 2021, the target market will reach an estimated US$ 2.4 billion by 2028. This strong market growth can be attributed to elevated demand for gypsum-free lactic acid across multiple industrial verticals including food and beverage, chemicals, pharmaceuticals, and personal care products. Many of these industries prefer gypsum-free lactic acid due to its enhanced sustainability and low environmental impact. These facets will propel the market forward during the forecast period.
Though lactic acid has been used for various purposes for a long time, the industrial manufacturing of lactic acid is energy sensitive and yields enormous amounts of by-products like gypsum which results in a greater carbon footprint of the process. Hence, lactic acid manufacturing enterprises have developed innovative gypsum-free production processes for lactic acid. At present, different sectors utilize lactic acid for its improved sustainability and low environmental impact. Furthermore, lactic acid finds application as a preservative, pH regulator, and anti-microbial agent in packaged food and beverage, chemicals, and personal care products.
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During the assessment period, the market for gypsum-free lactic acid is positively influenced by constant development in manufacturing processes of lactic acid that enable the recycling of all chemicals and elimination of by-products. An upsurge in consumer spending on packaged food products and beverages and heightened demand for a better shelf life of food products to deal with food insecurity are certain factors that aid the expansion of the gypsum-free lactic acid market size. Other factors like growing awareness of environmental conservation, favorable government policies, the prevailing trend of green packing, and increasing demand for gypsum-free products will stimulate the market growth for gypsum-free lactic acid.
Key Takeaways:
- High equipment costs, availability of other alternatives, and fluctuation in raw material prices may hinder the growth of the gypsum-free lactic acid market.
- North America will likely account for the largest portion of the global gypsum-free lactic acid market size as it will be driven by access to advanced manufacturing technologies.
- Increasing consumer spending will propel the Asia Pacific gypsum-free lactic acid market to grow at a robust rate from 2022 to 2032.
- Expansive usage of gypsum-free lactic acid in packaged food products like bread, desserts, and jams, among others will strengthen the market prospect.
Competitive Landscape
Nayurework, Henan Jindan Lactic Acid Technology, Jungbunzlauer, and Corbion, among others, are significant players in the gypsum-free lactic acid market profiled in the full version of the report.
Leading market players are focusing on expanding their production capacities to meet the rising demand of consumers. New product releases and establishing facilities in regions with high potential are a few other tactics these participants employ to strengthen their market footprints. These organizations also engage in strategic partnerships, collaborations, mergers, and acquisitions to gain a competitive edge.
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More Insights into Gypsum-Free Lactic Acid Market
FMI offers the latest, unbiased, and detailed analysis of the global gypsum-free lactic acid market, providing historical data from 2015 to 2020 and forecast statistics for 2022 to 2032. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of source, application, function, and region.
According to the reports, based on region, the gypsum-free lactic acid market in North America will present the most significant growth. The target market in this region will dominate the global marketplace. A strong presence of market manufacturers, access to advanced technologies, greater investments in research and development efforts, and rising adoption of biodegradable polymers in varieties of applications will aid the growth of the gypsum-free lactic acid market in North America. Additionally, Asia Pacific will also present notable growth in the gypsum-free lactic acid market as consumer spending continues to increase and industries continue to expand in this region. Heightened demand for gypsum-free lactic acid across countries like China and Japan will fuel the growth of the gypsum-free lactic acid market in Asia Pacific. Thus, North America and Asia Pacific will contribute to the global growth of the gypsum-free lactic acid market.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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