Product Code: ETC083568 | Publication Date: Jun 2021 | Updated Date: Apr 2025 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
The Philippines Lactic Acid Market is projected to witness mixed growth rate patterns during 2025 to 2029. Starting at 5.52% in 2025, the market peaks at 9.58% in 2028, and settles at 9.25% by 2029.
The Lactic Acid market in Philippines is projected to grow at a growing growth rate of 8.59% by 2027, highlighting the country's increasing focus on advanced technologies within the Asia region, where China holds the dominant position, followed closely by India, Japan, Australia and South Korea, shaping overall regional demand.
The Philippines lactic acid market is anticipated to grow significantly at a CAGR of 7%. Rising demand for biodegradable polymers from food packaging industry coupled with growing use of lactic acid bacteria in animal feed production are some major factors propelling its demand across various product segments including preservatives, plasticizers, chelating agents, biodegradable polymers etc. Moreover, increasing applications in medical devices due to its anti-bacterial properties further contributes towards global lactic acid market expansion during forecast period.
The primary driver of the Philippines Lactic Acid Market is its wide application in the food and beverage industry as a preservative, pH regulator, and flavoring agent. The increasing demand for natural and organic food products also boosts the use of lactic acid as a food additive. Additionally, the rising awareness of lactic acid`s eco-friendly and biodegradable properties drives its utilization in various industrial applications, including bioplastics, personal care products, and pharmaceuticals. Moreover, the growing trend of using lactic acid as a raw material in green chemical synthesis further contributes to market growth.
In the Philippines Lactic Acid Market, challenges include competition from synthetic alternatives and the cost of production. Lactic acid is used in various industries, including food, pharmaceuticals, and personal care. The availability of synthetic lactic acid at a lower cost can pose a challenge to manufacturers using the biologically derived version. Moreover, optimizing production processes to reduce costs while maintaining product quality is crucial for market success.
The Philippines Lactic Acid Market saw fluctuations in demand during the pandemic. With disruptions in the food and beverage industry and reduced industrial operations, the consumption of lactic acid, used as a food additive and in various industrial applications, experienced challenges.
In the Philippines Lactic Acid Market, major players consist of companies like Corbion N.V., Galactic S.A., and Jungbunzlauer Suisse AG. These companies are significant producers and suppliers of lactic acid, used in industries such as food and beverages, personal care, and pharmaceuticals.
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Philippines Lactic Acid Market Overview |
3.1 Philippines Country Macro Economic Indicators |
3.2 Philippines Lactic Acid Market Revenues & Volume, 2021 & 2031F |
3.3 Philippines Lactic Acid Market - Industry Life Cycle |
3.4 Philippines Lactic Acid Market - Porter's Five Forces |
3.5 Philippines Lactic Acid Market Revenues & Volume Share, By Raw Material, 2021 & 2031F |
3.6 Philippines Lactic Acid Market Revenues & Volume Share, By Applications, 2021 & 2031F |
4 Philippines Lactic Acid Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Philippines Lactic Acid Market Trends |
6 Philippines Lactic Acid Market, By Types |
6.1 Philippines Lactic Acid Market, By Raw Material |
6.1.1 Overview and Analysis |
6.1.2 Philippines Lactic Acid Market Revenues & Volume, By Raw Material, 2018 - 2031F |
6.1.3 Philippines Lactic Acid Market Revenues & Volume, By Corn, 2018 - 2031F |
6.1.4 Philippines Lactic Acid Market Revenues & Volume, By Sugarcane, 2018 - 2031F |
6.1.5 Philippines Lactic Acid Market Revenues & Volume, By Cassava, 2018 - 2031F |
6.1.6 Philippines Lactic Acid Market Revenues & Volume, By Other Crops, 2018 - 2031F |
6.2 Philippines Lactic Acid Market, By Applications |
6.2.1 Overview and Analysis |
6.2.2 Philippines Lactic Acid Market Revenues & Volume, By Industrial, 2018 - 2031F |
6.2.3 Philippines Lactic Acid Market Revenues & Volume, By Food & Beverages, 2018 - 2031F |
6.2.4 Philippines Lactic Acid Market Revenues & Volume, By Pharmaceuticals, 2018 - 2031F |
6.2.5 Philippines Lactic Acid Market Revenues & Volume, By Personal Care, 2018 - 2031F |
6.2.6 Philippines Lactic Acid Market Revenues & Volume, By Polylactic Acid, 2018 - 2031F |
6.2.7 Philippines Lactic Acid Market Revenues & Volume, By Others, 2018 - 2031F |
7 Philippines Lactic Acid Market Import-Export Trade Statistics |
7.1 Philippines Lactic Acid Market Export to Major Countries |
7.2 Philippines Lactic Acid Market Imports from Major Countries |
8 Philippines Lactic Acid Market Key Performance Indicators |
9 Philippines Lactic Acid Market - Opportunity Assessment |
9.1 Philippines Lactic Acid Market Opportunity Assessment, By Raw Material, 2021 & 2031F |
9.2 Philippines Lactic Acid Market Opportunity Assessment, By Applications, 2021 & 2031F |
10 Philippines Lactic Acid Market - Competitive Landscape |
10.1 Philippines Lactic Acid Market Revenue Share, By Companies, 2024 |
10.2 Philippines Lactic Acid Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |