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(HomeGarden247.com, June 29, 2021 ) The Lactic Acid Market is estimated to be valued at USD 1.1 billion in 2020 and is projected to reach USD 2.1 billion by 2025, recording a CAGR of 12.8%, in terms of value. The global polylactic acid market size is estimated to be valued at USD 786 million in 2020 and is projected to reach USD 1,756 million by 2025, recording a CAGR of 17.4%, in terms of value.
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The rise in consumer awareness to mitigate food wastage and the increasing consumer demand for convenience food & beverages with increased shelf-life has been boosting the lactic acid market, globally. Governments of numerous countries have been bolstering the use of polylactic acid has also been augmenting the demand for polylactic acid market in applications such as packaging, fiber & fabrics, agricultures, among others.
Impact of COVID -19 On the Lactic Acid and Polylactic Acid Market:
COVID-19 has had a significant impact on the growth and dynamics of various industries. With no access to vaccines, consumers are becoming concerned about the immunity, social distancing, and contactless activities for safeguarding themselves from exposure to the current pandemic. This, to a large extent, has influenced the choice of products among consumers for packaged products that are sought to provide protective benefits. Due to the restrictions on public movement across regions, the bulk purchase of food products and their stockpiling have become inevitable.
The pandemic has led to a positive impact on the growth of the packaging industry. However, it has resulted in high demand for plastic packaging. Food manufacturers who had initially opted for other types of the packaging had initiated the use of plastic packaging, as it is economical, safe, and enduring.
Food & beverage packaging has witnessed a high demand during the pandemic, as consumers have been more inclined toward packaged food products due to factors such as maintaining safety and hygiene. Due to the increase in sustainability in the food industry for maintaining product quality, the use of biopolymer packaging materials has been an attractive and eco-friendly alternative to synthetic polymers attributed to the availability, low cost, and renewable raw materials, and agro-industrial waste usage.
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Leading companies are Corbion (Netherlands), DuPont (US), Cargill (US), Galactic (Belgium), DOW (US), Unitika (Japan), Henan Jindan Lacic Acid Technology (China), Sulzer (Switzerland), Mushashino Chemical (Japan), Vigon International (US), Henan Xinghan Biology Technology (China), Danimer Scientific (US), COFCO BioChemical (China), Jungbunzlauer (Switzerland), FoodChem International (China), Vaishnavi Biotech (India), Spectrum Chemicals (US), Godavari Bio-refineries (India), ProAgro GmbH (Austria), and Qingdao Abel Technology (US).
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