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Lactic Acid Market: Global Industry Analysis and Forecast (2021-2027) Lactic acid is an organic acid produced via fermentation. The IUPAC name of lactic acid is 2-Hydroxypropanoic acid with a molecular formula of CH3CHCOOH. It is used as a preservative and acidulant in food products, and as an intermediate in the manufacture of other chemicals. It is also used as a feedstock for the production of another chemical, such as it is used as raw material in the synthesis of biodegradable plastics (poly-lactic acid). It undergoes self-esterification to form poly-lactic acid, which is widely used as an eco-friendly biopolymer.