South Africa Lactic Acid Market Size & Outlook, 2023-2030
South Africa lactic acid market, 2018-2030 (US$M)
Related Markets
South Africa lactic acid market highlights
- The South Africa lactic acid market generated a revenue of USD 24.0 million in 2023 and is expected to reach USD 38.5 million by 2030.
- The South Africa market is expected to grow at a CAGR of 7% 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 24.0 million |
| Market revenue in 2030 | USD 38.5 million |
| Growth rate | 7% (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, South Africa accounted for 0.7% 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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South Africa 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 37.08% in 2023. Horizon Databook has segmented the South Africa lactic acid market based on corn, sugarcane, cassava, other crops covering the revenue growth of each sub-segment from 2018 to 2030.
South Africa pharmaceutical sector is expected to witness growth on account of increasing foreign direct investments coupled with rising consumer spending in the region. There are more than 200 private hospitals across South Africa.
Additionally, robust private consumption owing to government spending, a fast-growing population, and continued progress in infrastructure projects is expected to augment the health & hygiene sector in the country, which is estimated to boost lactic acid demand over the forecast period.
However, the South African agricultural sector has suffered tremendous losses in the past few years due to severe droughts, food security concerns, changes in farming technologies, the need for sustainable farming, and a shortage of skills. These factors can hamper the food & beverage sector in the country, which may act as a restraint on the lactic acid market in South Africa.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Africa lactic acid market , including forecasts for subscribers. This country databook contains high-level insights into South Africa lactic acid market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Africa lactic acid market size, by raw material, 2018-2030 (US$M)
South Africa Lactic Acid Market Outlook Share, 2023 & 2030 (US$M)
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