China Lactic Acid Market Size & Outlook, 2023-2030
China lactic acid market, 2018-2030 (US$M)
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China lactic acid market highlights
- The China lactic acid market generated a revenue of USD 471.4 million in 2023 and is expected to reach USD 814.0 million by 2030.
- The China market is expected to grow at a CAGR of 8.1% 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.
Lactic acid market data book summary
| Market revenue in 2023 | USD 471.4 million |
| Market revenue in 2030 | USD 814.0 million |
| Growth rate | 8.1% (CAGR from 2023 to 2030) |
| Largest segment | Sugarcane |
| Fastest growing segment | Cassava |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, China accounted for 14.0% of the global lactic acid market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China lactic acid market is projected to lead the regional market in terms of revenue in 2030.
- South Korea is the fastest growing regional market in Asia Pacific and is projected to reach USD 59.8 million by 2030.
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Lactic Acid Market Scope
Lactic Acid Market Companies
| Name | Profile | # Employees | HQ | Website |
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China 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 39.05% in 2023. Horizon Databook has segmented the China lactic acid market based on corn, sugarcane, cassava, other crops covering the revenue growth of each sub-segment from 2018 to 2030.
Growth of pharmaceutical, food & beverages, and cosmetics sectors along with rapid industrialization in China is expected to expand lactic acid market over the forecast period. In addition, low manufacturing cost coupled with favorable government initiatives to promote FDIs is expected to promote growth in aforementioned industries, which may augment lactic acid demand over the forecast period.
Industrial sector is expected to witness substantial growth in the country due to rising demand for biodegradable plastics on account of new capacity expansion by various players along with government legislation supporting eco-friendly products. Rising packaging industry owing to rising food & beverages sector in China is expected to stimulate demand.
In addition, ‘on-the-go’ lifestyle of consumers and growing disposable income is expected to have a positive impact on the food & beverage industry, which, in turn, is expected to propel packaging market growth and consequently augment lactic acid market growth over the forecast period.
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Horizon Databook provides a detailed overview of country-level data and insights on the China lactic acid market , including forecasts for subscribers. This country databook contains high-level insights into China lactic acid market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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China lactic acid market size, by raw material, 2018-2030 (US$M)
China Lactic Acid Market Outlook Share, 2023 & 2030 (US$M)
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