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The Lactic Acid Market is Estimated to be Valued at USD 1.1 Billion in 2020 and Projected to Reach USD 2.1 Billion by 2025 at a CAGR of 12.8%
The growth of the lactic acid market is driven by its industrial applications, such as biodegradable polymers, food & beverages, personal care products, and pharmaceuticals. The consumption of lactic acid has increased due to its role as a monomer in the production of biodegradable polylactic acid, which is a sustainable bioplastic product.
Polylactic acid is a bio-based renewable polymer that finds application in a wide range of industries. Recent advancements in the production process of polylactic acid and improvements in the properties of polylactic acid through co-polymer blends are the key factors that are projected to create growth opportunities for manufacturers operating in sectors such as food packaging, non-woven, films, and fibers.