Asia Pacific Lactic Acid Market Size & Outlook, 2023-2030
Asia Pacific lactic acid market, 2018-2030 (US$M)
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Asia Pacific lactic acid market highlights
- The Asia Pacific lactic acid market generated a revenue of USD 868.5 million in 2023.
- The market is expected to grow at a CAGR of 8.5% from 2024 to 2030.
- In terms of segment, sugarcane was the largest revenue generating raw material in 2023.
- Cassava is the most lucrative raw material segment registering the fastest growth during the forecast period.
- Country-wise, South Korea is expected to register the highest CAGR from 2024 to 2030.
Asia Pacific data book summary
| Market revenue in 2023 | USD 868.5 million |
| Market revenue in 2030 | USD 1,533.3 million |
| Growth rate | 8.5% (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 |
| Key market players worldwide | Basf SE, Virgin Galactic Holdings Inc Shs A, Corbion NV, Dow Inc, Teijin Ltd, Thyssenkrupp AG, Jungbunzlauer Suisse, Danimer Scientific Inc Ordinary Shares - Class A |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 25.8% of the global lactic acid market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 1,533.3 million by 2030.
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Lactic Acid Market Scope
Lactic Acid Market Companies
| Name | Profile | # Employees | HQ | Website |
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Asia Pacific 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 38.58% in 2023. Horizon Databook has segmented the Asia Pacific lactic acid market based on corn, sugarcane, cassava, other crops covering the revenue growth of each sub-segment from 2018 to 2030.
Robust manufacturing base of personal care industries in China, Japan, and India along with government initiatives to support infrastructure development is expected to increase market share over the forecast period.
Additionally, growing FMCG companies in India, China, and Singapore are expected to augment market share in the near future. In addition, rapid industrialization, along with increasing FDI will promote market growth. Moreover, positive outlook toward food & beverage industry of India and China in light of rising domestic consumption and technological advancements is expected to fuel industry expansion.
Growth of pharmaceutical sector in countries such as India and China is also expected to expand lactic acid market in Asia Pacific. In addition, growth of the pharmaceutical sector in China, India, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam is predicted to stimulate industry expansion.
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Our clientele includes a mix of lactic acid market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of continent-level data and insights on the Asia Pacific lactic acid market , including forecasts for subscribers. This continent databook contains high-level insights into Asia Pacific lactic acid market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Asia Pacific lactic acid market size, by country, 2018-2030 (US$M)
Asia Pacific Lactic Acid Market Outlook Share, 2023 & 2030 (US$M)
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