Dublin, May 07, 2024 (GLOBE NEWSWIRE) -- The "Lactic Acid - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Lactic Acid Market to Reach $8.6 Billion by 2030
The global market for Lactic Acid estimated at US$6 Billion in the year 2023, is projected to reach a revised size of US$8.6 Billion by 2030, growing at a CAGR of 5.2% over the analysis period 2023-2030.
The lactic acid market is positioned for remarkable growth, with PLA manufacture emerging as the largest end-use market for lactic acid. The food and beverage sector also stands out as a major consumer. The competitive landscape reveals key players' market shares in 2024, alongside their market presence classifications.
Sugarcane-based Lactic Acid, one of the segments analyzed in the report, is expected to record a 6.1% CAGR and reach US$3.7 Billion by the end of the analysis period. Growth in the Corn-based Lactic Acid segment is estimated at 4.9% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.6 Billion, While China is Forecast to Grow at 8.8% CAGR
Notably, the EU's permit for lactic acid decontaminant in bovine carcasses opens opportunities for US meat exporters. There's a growing imperative to reduce reliance on fossil fuels, driving demand for PLA resins due to their green image and strong chemical properties. Despite this, the PLA market remains relatively consolidated, while bioplastics producers face criticism for potentially undermining food production.
The Lactic Acid market in the U.S. is estimated at US$1.6 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$1.9 Billion by the year 2030 trailing a CAGR of 8.8% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.6% and 5.6% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 2.7% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.2 Billion by the year 2030.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 264 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $6 Billion |
| Forecasted Market Value (USD) by 2030 | $8.6 Billion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Global Economic Update
- A Primer
- Recent Market Activity
- Lactic Acid Market Poised for Phenomenal Growth
- PLA Manufacture: The Largest End-use Market of Lactic Acid
- Food & Beverage: A Major Consumer of Lactic Acid
- Competitive Landscape
- Lactic Acid - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- EU Permit for Lactic Acid Decontaminant in Bovine Carcasses Opens Doors for US Meat Exporters
- Need to Reduce Dependence on Fossil Fuel: A Major Influencing Factor
- Green Image and Strong Chemical Properties Fuels Demand for PLA Resins
- PLA Market Remains Relatively Consolidated
- Bioplastics Producers Come Under Fire for Undermining Food Production
- Manufacturers Strive to Overcome Shortcomings of PLA Resins
- Trend towards Green Packaging: Opportunities for Lactic Acid Market
- Technological Developments Create Opportunities for Market Growth
- Efforts Underway to Develop End-Life Solution for PLA Products
- Increasing Demand for Greener Cosmetic Chemicals Favors Lactic Acid Market
- Lactic Acid Derivatives Gain Traction in Booming Green Solvents Market
- Fermentation Remains Primary Production Process
- New Raw Materials Being Explored for Production of Lactic Acid
FOCUS ON SELECT PLAYERS(Total 23 Featured)
- BASF SE
- Corbion
- CSM N.V.
- Futerro
- Galactic
- Henan Jindan Lactic Acid Technology Co., Ltd.
- Meredian Holdings Group, Inc.
- Musashino Chemical (China) Co., Ltd.
- NatureWorks LLC
- Synbra Technology BV
- Teijin Ltd
- The Dow Chemical Company
- Thyssenkrupp AG
- Vaishnavi Bio-Tech Ltd.
- WEI MON Industry Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/caixsm
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
