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The North America lactic acid market is expected to reach US$ 666.25 million in 2027 from US$ 331.65 million in 2019. The market is anticipated to grow at a CAGR of 9.1 % from 2020 to 2027. Factors driving the market growth widening application scope and multi-functionalities of lactic acid. However, fluctuating raw material prices is likely to have a negative impact on the market growth.
Lactic acid, also known as lactate, is an organic acid produced through the fermentation of carbohydrates like sugarcane, corn starch, or tapioca starch. It's a chemical byproduct of anaerobic respiration and serves as a crucial building block for polylactic acid. Lactic acid finds diverse applications across industries such as food & beverages, personal care, and pharmaceuticals.
Impact of COVID-19 on the North America lactic acid market
The COVID-19 pandemic, originating in Wuhan, China, in December 2019, significantly impacted global industries, including the food and beverages sector. This industry faced severe disruptions due to supply chain issues, lockdowns, travel bans, and business closures worldwide. In North America, the United States, with the highest number of COVID-19 cases, experienced considerable strain on its food and beverage industry, leading to disruptions in supply and distribution networks. Furthermore, widespread lockdowns hindered manufacturing processes and research and development activities across various sectors.
North America Lactic Acid Regional Insights
Understanding the geographic scope is vital for businesses operating in the North America lactic acid market. This involves recognizing regional distinctions, such as diverse consumer preferences (e.g., demand for specific product types), varying economic conditions, and unique regulatory environments. By identifying underserved areas and adapting offerings to meet local demands, businesses can expand their reach effectively. A focused market approach enables efficient resource allocation, targeted marketing campaigns, and stronger positioning against local competitors, ultimately driving growth in specific areas.
North America Lactic Acid Strategic Insights
Strategic insights for the North America lactic acid market offer a data-driven analysis of the industry landscape, encompassing current trends, key players, and regional specificities. These insights provide actionable recommendations, helping companies differentiate themselves by identifying untapped market segments or developing unique value propositions. By leveraging data analytics, industry stakeholders—including investors, manufacturers, and others—can anticipate market shifts and prepare for long-term success in this dynamic region. Effective strategic insights empower stakeholders to make informed decisions that drive profitability and help achieve their business objectives.
North America Lactic Acid Market Segmentation
North America lactic acid market By Form
Dry
Liquid
North America lactic acid market By Application
Food & Beverages
Pharmaceuticals
Personal Care
Others
North America lactic acid market Company Profiles
Corbion
Cargill Inc.
Foodchem International Corporation
Galactic
Musashino Chemical Laboratory, Ltd.
Shandong Baisheng Biotechnology Co., Ltd.
Jungbunzlauer Suisse AG,
Vigon International, Inc
North America lactic acid market By Country
US
Canada
Mexico
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Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications.
Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
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