Latin America Lactic Acid Market Size & Outlook, 2023-2030
Latin America lactic acid market, 2018-2030 (US$M)
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Latin America lactic acid market highlights
- The Latin America lactic acid market generated a revenue of USD 161.8 million in 2023.
- The market is expected to grow at a CAGR of 7.5% 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, Brazil is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 161.8 million |
| Market revenue in 2030 | USD 268.2 million |
| Growth rate | 7.5% (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, Latin America region accounted for 4.8% 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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Latin America 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 38.32% in 2023. Horizon Databook has segmented the Latin America lactic acid market based on corn, sugarcane, cassava, other crops covering the revenue growth of each sub-segment from 2018 to 2030.
Personal care sector is expected to witness lucrative growth in the Central & South American region, owing to the growth of cosmetics industry in countries such as Brazil and Argentina. Growing personal care industry in Brazil on account of increasing expenditure on beauty and personal care products is expected to force FMCG companies to increase their production capacity.
Brazil is considered to be one of the prominent markets for cosmetics and personal care industry. High demand for personal care on account of increasing per capita income along with increasing new product launch are expected to fuel market growth over the forecast period. Additionally, increasing expenditure on personal care products in the region is expected to create immense growth potential for lactic acid market.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America lactic acid market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America lactic acid market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America lactic acid market size, by country, 2018-2030 (US$M)
Latin America Lactic Acid Market Outlook Share, 2023 & 2030 (US$M)
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