North America Lactic Acid Market Size & Outlook, 2023-2030
North America lactic acid market, 2018-2030 (US$M)
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North America lactic acid market highlights
- The North America lactic acid market generated a revenue of USD 1,521.5 million in 2023.
- The 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.
- Country-wise, U.S. is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 1,521.5 million |
| Market revenue in 2030 | USD 2,624.0 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 |
| 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, North America region accounted for 45.2% 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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North 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 39.21% in 2023. Horizon Databook has segmented the North America lactic acid market based on corn, sugarcane, cassava, other crops covering the revenue growth of each sub-segment from 2018 to 2030.
Polylactic acid is the largest growing segment in North America, followed by food & beverage, industrial, personal care, and pharmaceutical. The growth of pharmaceutical and personal care industries is expected to drive the lactic acid market in North America.
In addition, the expanding pharmaceutical industry in the U.S., as a result of increasing expenditure on medicines, is expected to have a positive impact on the market growth. North America lactic acid market is expected to grow on account of the presence of various personal care and cosmetic companies such as Maybelline New York, Procter & Gamble, Colgate-Palmolive Company, Avon, Unilever, and Johnson & Johnson Private Limited.
Moreover, the robust manufacturing base of global cosmetic manufacturers such as Unilever, Johnson & Johnson Private Limited, and Procter & Gamble in the U.S. is expected to promote the demand for personal care products.
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Horizon Databook provides a detailed overview of continent-level data and insights on the North America lactic acid market , including forecasts for subscribers. This continent databook contains high-level insights into North America lactic acid market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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North America lactic acid market size, by country, 2018-2030 (US$M)
North America Lactic Acid Market Outlook Share, 2023 & 2030 (US$M)
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