Africa Lactic Acid Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.30 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Africa Lactic Acid Market Analysis
Africa Lactic Acid Market is projected to grow at a CAGR of 6.3% during the forecast period (2020-2025).
- Lactic acid demand in the food and beverage market is growing with the emerging technology and the growing demand in applications. Due to various functional properties of lactic acid, it is used as a key ingredient in food and beverage products.
- The major drivers for the lactic acid market are increased demand in food applications of lactic acid, availability of cheap raw materials, various functional properties of lactic acid, and regulatory approval by international regulations.
Africa Lactic Acid Market Trends
This section covers the major market trends shaping the Africa Lactic Acid Market according to our research experts:
Growing Demand for Specialty Food Ingredients
Specialty acidulants offer various functional properties. They act as antioxidants, curing and pickling agents, flavor enhancers, flavoring agents, leavening agents, pH control agents, sequestrate, and synergists. Owing to various functional properties of lactic acid, it is used as a key ingredient in food & beverage products. Lactic acid has its wide scope of application in the food and beverage industry coupled with the range of functional benefits provided by food acidulants are key factors driving the food acidulants market. In addition, the robust growth in the food and beverage sector majorly supports the market worldwide. With the economic development along with changing consumer behavior in Africa, the region outshines as a promising market for the food and beverage industry supplementing the consumption of food acidulants. Lactic acid also has a wide application in the preservative market.
Increased Utilization in Meat Products
The major driver for lactic acid growth is the increase in demand for meat and other food application 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 big advantage for industries, as it directly lowers the final cost of the product. Also, these raw materials are abundant and easily available in the domestic regions for production, which is driving the market.
Africa Lactic Acid Industry Overview
Africa's lactic acid market is consolidated as the major players are holding the maximum market share. The key strategies adopted by the players are mergers and expansion, new product development, partnerships, and expansion to meet the increasing demand from food industries. The prominent players in the market are Corbion NV, Galactic, Henan Jindan Lactic Acid Technology Co., Ltd, Brenntag AG, and Foodchem International Corporation.
Africa Lactic Acid Market Leaders
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Corbion NV
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Galactic
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Henan Jindan Lactic Acid Technology Co., Ltd
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Brenntag AG
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Foodchem International Corporation
*Disclaimer: Major Players sorted in no particular order
Africa Lactic Acid Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions & Market Definition
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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3.1 Market Overview
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Porter's Five Forces Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 By Source
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5.1.1 Natural
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5.1.2 Synthetic
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5.2 By Application
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5.2.1 Bakery
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5.2.2 Confectionery
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5.2.3 Beverages
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5.2.4 Dairy and Frozen Products
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5.2.5 Meat, Poultry and Seafood
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5.2.6 Others
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5.3 Geography
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5.3.1 Africa
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5.3.1.1 South Africa
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5.3.1.2 Nigeria
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5.3.1.3 Kenya
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5.3.1.4 Rest of Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Most Active Companies
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6.2 Most Adopted Strategies
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6.3 Market Share Analysis
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6.4 Company Profiles
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6.4.1 Corbion NV
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6.4.2 Galactic
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6.4.3 Henan Jindan Lactic Acid Technology Co., Ltd
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6.4.4 Brenntag AG
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6.4.5 Foodchem International Corporation
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Africa Lactic Acid Industry Segmentation
Africa Lactic Acid Market is segmented by source into natural and synthetic. Based on the application, the market is divided into bakery, confectionery, beverage, dairy and frozen products and meat, poultry, and seafood, and others. The study also involves the analysis of regions such as South Africa, Nigeria, Kenya, and the rest of Africa.
| By Source | |
| Natural | |
| Synthetic |
| By Application | |
| Bakery | |
| Confectionery | |
| Beverages | |
| Dairy and Frozen Products | |
| Meat, Poultry and Seafood | |
| Others |
| Geography | ||||||
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Africa Lactic Acid Market Research FAQs
What is the current Africa Lactic Acid Market size?
The Africa Lactic Acid Market is projected to register a CAGR of 6.30% during the forecast period (2024-2029)
Who are the key players in Africa Lactic Acid Market?
Corbion NV, Galactic, Henan Jindan Lactic Acid Technology Co., Ltd, Brenntag AG and Foodchem International Corporation are the major companies operating in the Africa Lactic Acid Market.
What years does this Africa Lactic Acid Market cover?
The report covers the Africa Lactic Acid Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Africa Lactic Acid Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Africa Lactic Acid Industry Report
Statistics for the 2024 Africa Lactic Acid market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Africa Lactic Acid analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
