South Korea Lactic Acid Market Size & Outlook, 2023-2030
South Korea lactic acid market, 2018-2030 (US$M)
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South Korea lactic acid market highlights
- The South Korea lactic acid market generated a revenue of USD 30.2 million in 2023 and is expected to reach USD 59.8 million by 2030.
- The South Korea market is expected to grow at a CAGR of 10.2% 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 30.2 million |
| Market revenue in 2030 | USD 59.8 million |
| Growth rate | 10.2% (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 Korea accounted for 0.9% 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 Asia Pacific, China lactic acid market is projected to lead the regional market in terms of revenue in 2030.
- South Korea is the fastest growing regional market in Asia Pacific and is projected to reach USD 59.8 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 Korea 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 37.75% in 2023. Horizon Databook has segmented the South Korea lactic acid market based on corn, sugarcane, cassava, other crops covering the revenue growth of each sub-segment from 2018 to 2030.
The South Korea lactic acid market is driven by the rising demand from the cosmetics industry. it is widely used in skincare and cosmeceutical productions for various purposes such as exfoliating skin, reducing wrinkles, and fine lines, lightening dark spots and enhancing the overall appearance of the skin.
The demand for green products extracted from lactic acid including polylactic acid and ethyl lactate is rising on the account of its ability to reduce carbon footprint and biodegradability. Lactic acid also plays a vital role in different fermented foods across the Asia Pacific region, especially in South Korea.
It is used to preserve edible food items via fermentation of other ingredients such as rice cakes, beer, wine, and fish. It is done by the production of organic acids to control pathogens and putrefactive microorganisms. The growing consumption of lactic acid in different food products is likely to boost market growth over the forecast period.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea lactic acid market , including forecasts for subscribers. This country databook contains high-level insights into South Korea lactic acid market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea lactic acid market size, by raw material, 2018-2030 (US$M)
South Korea Lactic Acid Market Outlook Share, 2023 & 2030 (US$M)
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