Global Lactic Acid Market Size & Outlook, 2023-2030
Global lactic acid market, 2018-2030 (US$M)
Related Markets
Global lactic acid market highlights
- The global lactic acid market generated a revenue of USD 3,367.7 million in 2023 and is expected to reach USD 5,803.4 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 8.1% by 2030.
- In terms of segment, sugarcane accounted for a revenue of USD 1,306.1 million in 2023.
- Cassava is the most lucrative raw material segment registering the fastest growth during the forecast period.
- In terms of region, North America was the largest revenue generating market in 2023.
- Country-wise, Mexico is expected to register the highest CAGR from 2024 to 2030.
Global data book summary
| Market revenue in 2023 | USD 3,367.7 million |
| Market revenue in 2030 | USD 5,803.4 million |
| Growth rate | 8.1% (CAGR from 2023 to 2030) |
| Largest segment | Sugarcane |
| Fastest growing segment | Cassava |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Corn, Sugarcane, Cassava, Other Crops |
Other key industry trends
- In terms of revenue, the North America accounted for 45.2% of the global lactic acid market in 2023.
- By country, the U.S. is projected to lead the global market in terms of revenue in 2030.
- By country, Mexico is the fastest growing regional market and is projected to reach USD 57.9 million by 2030.
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Lactic Acid Market Scope
Lactic Acid Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Global lactic acid market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to lactic acid market will help companies and investors design strategic landscapes.
Sugarcane was the largest segment with a revenue share of 38.78% in 2023. Horizon Databook has segmented the Global lactic acid market based on corn, sugarcane, cassava, other crops covering the revenue growth of each sub-segment from 2018 to 2030.
- Global Lactic Acid Raw Material Outlook (Revenue, USD Million, 2018-2030)
- Corn
- Sugarcane
- Cassava
- Other Crops
- Global Lactic Acid Application Outlook (Revenue, USD Million, 2018-2030)
- Industrial
- Food & Beverages
- Pharmaceuticals
- Personal Care
- Polylactic Acid
- Other Applications
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Horizon Databook provides a detailed overview of global-level data and insights on the Global lactic acid market , including forecasts for subscribers. This global databook contains high-level insights into Global lactic acid market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Global lactic acid market size, by regions, 2018-2030 (US$M)
Top 10 countries: Lactic acid market size, 2023 (US$M)
Global lactic acid market share, by raw material, 2023 & 2030 (%, US$M)
Lactic acid market: Opportunity assessment by country
Global lactic acid market, by region, 2023 (US$M)
| Raw Material | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 1,074.2 | 1,150.6 | 1,221.0 | 1,311.4 | 1,411.3 | 1,521.5 | 1,643.4 | 1,776.7 | 1,924.4 | 2,090.1 | 2,268.1 | 2,446.0 | 2,624.0 | 8.1% |
| Europe | 488.4 | 522.1 | 552.8 | 592.6 | 636.4 | 684.7 | 738.0 | 796.2 | 860.5 | 932.7 | 1,010.0 | 1,086.9 | 1,163.6 | 7.9% |
| Asia Pacific | 602.8 | 647.9 | 689.9 | 743.6 | 802.9 | 868.5 | 941.3 | 1,021.1 | 1,109.6 | 1,209.2 | 1,316.5 | 1,424.5 | 1,533.3 | 8.5% |
| Latin America | 117.4 | 125.1 | 132.0 | 141.0 | 150.9 | 161.8 | 173.8 | 186.8 | 201.2 | 217.3 | 234.5 | 251.5 | 268.2 | 7.5% |
| MEA | 96.1 | 102.2 | 107.7 | 114.8 | 122.6 | 131.2 | 140.7 | 150.9 | 162.2 | 174.8 | 188.2 | 201.4 | 214.3 | 7.3% |
| Overall | 2,379.0 | 2,547.9 | 2,703.3 | 2,903.3 | 3,124.0 | 3,367.7 | 3,637.1 | 3,931.7 | 4,258.0 | 4,624.2 | 5,017.3 | 5,410.3 | 5,803.4 | 8.1% |
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