Europe Lactic Acid Market Size & Outlook, 2023-2030
Europe lactic acid market, 2018-2030 (US$M)
Related Markets
Europe lactic acid market highlights
- The Europe lactic acid market generated a revenue of USD 684.7 million in 2023.
- The market is expected to grow at a CAGR of 7.9% 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, Italy is expected to register the highest CAGR from 2024 to 2030.
Europe data book summary
| Market revenue in 2023 | USD 684.7 million |
| Market revenue in 2030 | USD 1,163.6 million |
| Growth rate | 7.9% (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, Europe region accounted for 20.3% 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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Europe 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 38.35% in 2023. Horizon Databook has segmented the Europe lactic acid market based on corn, sugarcane, cassava, other crops covering the revenue growth of each sub-segment from 2018 to 2030.
The incorporation of biodegradable plastic packaging materials by various manufacturers including Plastipak and DSM is expected to drive the demand for PLA, in turn, benefitting the lactic acid market.
Robust manufacturing base of cosmetics industry in Europe coupled with growing demand for the same in Germany, Italy, France, and the UK is expected to augment the demand for lactic acid in Europe over the forecast period.
Cosmetics industry in Europe is driven by innovation of new color pallets and skin-specific treatments. In European countries, growing concerns about skin cancer and exposure to harmful rays have boosted the use of sun care products.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Europe lactic acid market , including forecasts for subscribers. This continent databook contains high-level insights into Europe lactic acid market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Europe lactic acid market size, by country, 2018-2030 (US$M)
Europe Lactic Acid Market Outlook Share, 2023 & 2030 (US$M)
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