Saudi Arabia Lactic Acid Market Size & Outlook, 2023-2030
Saudi Arabia lactic acid market, 2018-2030 (US$M)
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Saudi Arabia lactic acid market highlights
- The Saudi Arabia lactic acid market generated a revenue of USD 45.6 million in 2023 and is expected to reach USD 74.8 million by 2030.
- The Saudi Arabia market is expected to grow at a CAGR of 7.3% 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 45.6 million |
| Market revenue in 2030 | USD 74.8 million |
| Growth rate | 7.3% (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, Saudi Arabia accounted for 1.4% 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 Middle East & Africa, Saudi Arabia lactic acid market is projected to lead the regional market in terms of revenue in 2030.
- Saudi Arabia is the fastest growing regional market in Middle East & Africa and is projected to reach USD 74.8 million by 2030.
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Lactic Acid Market Scope
Lactic Acid Market Companies
| Name | Profile | # Employees | HQ | Website |
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Saudi Arabia 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 37.5% in 2023. Horizon Databook has segmented the Saudi Arabia lactic acid market based on corn, sugarcane, cassava, other crops covering the revenue growth of each sub-segment from 2018 to 2030.
In Saudi Arabia, the pharmaceutical industry growth is expected to positively influence the lactic acid market on the account of government support and increasing health expenditure.
For instance, a new production plant by Sanofi along with the partnership of Pfizer with Tabuk Pharmaceuticals to commercialize its products in Saudi Arabia will augment the pharmaceutical sector, thereby opening growth market avenues for the lactic acid market.
Moreover, the personal care & cosmetics sector has witnessed substantial growth in the country over the past decade, owing to increasing social media drives, demand for color cosmetics, and growing consumer inclination toward dermatologically tested personal care products. Growth in end-use industries is further expected to fuel the lactic acid demand in Saudi Arabia in the near future.
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Horizon Databook provides a detailed overview of country-level data and insights on the Saudi Arabia lactic acid market , including forecasts for subscribers. This country databook contains high-level insights into Saudi Arabia lactic acid market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Saudi Arabia lactic acid market size, by raw material, 2018-2030 (US$M)
Saudi Arabia Lactic Acid Market Outlook Share, 2023 & 2030 (US$M)
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