U.S. Lactic Acid Market Size & Outlook, 2023-2030
U.S. lactic acid market, 2018-2030 (US$M)
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U.S. lactic acid market highlights
- The U.S. lactic acid market generated a revenue of USD 1,388.2 million in 2023 and is expected to reach USD 2,422.6 million by 2030.
- The U.S. market is expected to grow at a CAGR of 8.3% 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 1,388.2 million |
| Market revenue in 2030 | USD 2,422.6 million |
| Growth rate | 8.3% (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, U.S. accounted for 41.2% 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 North America, U.S. lactic acid market is projected to lead the regional market in terms of revenue in 2030.
- U.S. is the fastest growing regional market in North America and is projected to reach USD 2,422.6 million by 2030.
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Lactic Acid Market Scope
Lactic Acid Market Companies
| Name | Profile | # Employees | HQ | Website |
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U.S. 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 39.26% in 2023. Horizon Databook has segmented the U.S. lactic acid market based on corn, sugarcane, cassava, other crops covering the revenue growth of each sub-segment from 2018 to 2030.
Rising pharmaceutical sector has significantly contributed to lactic acid demand in the U.S. Factors such as aging population, chronic/lifestyle diseases and technology advancements are expected to spur the growth of pharmaceutical industry.
Numerous manufacturing bases in the country along with increasing prevalence of diseases such as diabetes and gastrointestinal disorders are expected to increase the demand for pharmaceuticals over the forecast period.
Rising consumption of biodegradable polymers, owing to their eco-friendly characteristic compared to petroleum-based products, is anticipated to open new avenues for polylactic acid industry in the near future, which, in turn, is expected to drive the lactic acid market.
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Horizon Databook provides a detailed overview of country-level data and insights on the U.S. lactic acid market , including forecasts for subscribers. This country databook contains high-level insights into U.S. lactic acid market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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U.S. lactic acid market size, by raw material, 2018-2030 (US$M)
U.S. Lactic Acid Market Outlook Share, 2023 & 2030 (US$M)
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