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The Asia-Pacific Lactic Acid Market is Segmented by Source (Natural and Synthetic), Application (Meat, Poultry and Fish, Beverage, Confectionery, Bakery, Fruits and Vegetable, and Dairy), and Geography.
The Asia-Pacific lactic acid market is anticipated to witness a CAGR of 8.7% over the forecast period, 2020-2025.
The Asia-Pacific lactic acid market is segmented by source and application. On the basis of source, the market is segmented into natural and synthetic. On the basis of application, the market is segmented into meat, poultry and fish, beverages, confectionery, bakery, fruits and vegetables, and dairy. The market is also segmented by geography.
|Meat, Poultry, and Fish|
|Fruits and Vegetable|
|Rest of Asia-Pacific|
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The primary driver for the Asia-Pacific lactic acid market is the increase in demand for meat and other food applications of lactic acid, availability of cheap raw materials, innovation in technology, and strong support of big manufacturing companies in the region. The low cost of raw materials, such as molasses, starch, sugarcane, and other carbohydrates for production, has been a significant advantage for industries, as it directly lowers the final cost of the product. Besides, these raw materials are abundant and readily available in the domestic regions for production, which is driving the market.
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Lactic acid is used as a critical ingredient in food and beverage products, owing to its various functional properties. Lactic acid's wide application in the food and beverage industry and the range of operational benefits provided by food acidulants are the key factors driving the global acidulants market. Besides, the robust growth in the food and beverage sector majorly supports the market worldwide. With the economic development, along with changing consumer behavior in Asia-Pacific, the region outshines as a promising market for the food and beverage industry supplementing the consumption of food acidulants. Lactic acid also has its wide application in the preservative market
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The major competitors prefer investment in new product development, widening the application market, and marketing strategy due to volatility in commodity costs to maintain their position. Henan Jindan is the largest producer and exporter of lactic acid in China and the region. The company uses the new membrane technology for the separation and purification process of lactic acid, which aids in the efficiency of production and reduces energy consumption. Some of the major players in the Asia-Pacific lactic acid market are Corbion NV, Henan Jindan Lactic Acid Technology Co. Ltd, NingXia Hypow Bio-Technology Co. Ltd, Cellulac, and Galactic, among others.
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
3.1 Market Overview
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.2.1 Meat, Poultry, and Fish
5.2.5 Fruits and Vegetable
5.3.5 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Corbion NV
6.3.2 Henan Jindan Lactic Acid Technology Co. Ltd
6.3.3 NingXia Hypow Bio-Technology Co. Ltd
6.3.7 Cargill Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS