UK Lactic Acid Market Size & Outlook, 2023-2030
UK lactic acid market, 2018-2030 (US$M)
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UK lactic acid market highlights
- The UK lactic acid market generated a revenue of USD 133.7 million in 2023 and is expected to reach USD 222.2 million by 2030.
- The UK 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.
Lactic acid market data book summary
| Market revenue in 2023 | USD 133.7 million |
| Market revenue in 2030 | USD 222.2 million |
| Growth rate | 7.5% (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, UK accounted for 4.0% 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 Europe, UK lactic acid market is projected to lead the regional market in terms of revenue in 2030.
- Italy is the fastest growing regional market in Europe and is projected to reach USD 122.2 million by 2030.
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Lactic Acid Market Scope
Lactic Acid Market Companies
| Name | Profile | # Employees | HQ | Website |
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UK 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 38.22% in 2023. Horizon Databook has segmented the UK lactic acid market based on corn, sugarcane, cassava, other crops covering the revenue growth of each sub-segment from 2018 to 2030.
The lactic acid market for pharmaceutical application in the country is expected to witness noteworthy growth on account of strong presence of pharmaceutical manufacturers in the country. In chemical industry, lactic acid finds various applications such as descaling agent, pH regulator, neutralizer, chiral intermediate, green solvent, cleaning agent, and slow acid releasing agent.
Thus, it is expected to witness high demand over the forecast period. Moreover, lactic acid acts as a feedstock for several chemical compounds including propylene oxide, acetaldehyde, acrylic acid, propionic acid, ethyl lactate, and polylactic acid. The aforementioned applications of lactic acid are expected to drive the overall market in the UK over the coming years.
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Horizon Databook provides a detailed overview of country-level data and insights on the UK lactic acid market , including forecasts for subscribers. This country databook contains high-level insights into UK lactic acid market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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UK lactic acid market size, by raw material, 2018-2030 (US$M)
UK Lactic Acid Market Outlook Share, 2023 & 2030 (US$M)
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