D-lactic Acid Market Trends
Growth Drivers
- Upsurging Demand in Plant-Based Food Products- As more consumers switch to plant-based diets such as plant-based meat, as there is a growing demand for plant-based food products made with natural ingredients. D-lactic acid, which is frequently obtained from plant sources, is becoming increasingly popular as an ingredient in these products. As per the recent analysis, the unit sales of plant-based meat have raised by more than 15 % since 2019.
- Increasing Utilization in the Food and Beverage Industry- D-lactic acid is used as a food additive and preservative in the food and beverage industry. As per the report in 2022, the food and beverage industry makes up more than 2.5 % of India’s GDP.
- Upsurging Consumer Preferences for Natural Ingredients - There is a growing preference among consumers for natural ingredients in food and beverage products. D-lactic acid, which is produced through the fermentation of natural sugars is considered a natural ingredient and as a result, becoming increasingly popular.
- Growth of the Probiotic Market- According to research, the global probiotics market is expected to reach USD 75 billion during the upcoming years.
Challenges-
- Lack of Availability of Raw Material- D-lactic acid is typically produced through the fermentation of carbohydrates such as glucose or corn syrup. The availability of these raw materials may be limiting the market growth of the D-lactic acid market.
- Lower Cost of Inorganic Pesticides
- Volatility in the Raw Material Price
D-lactic Acid Market: Key Insights
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
6.9% |
|
Base Year Market Size (2024) |
USD 268.55 million |
|
Forecast Year Market Size (2037) |
USD 639.35 million |
|
Regional Scope |
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