Lactic Acid Market Size, Share & Trends Analysis growing at a CAGR of 8.0% from 2024 to 2030
The global lactic acid market size was estimated at USD 3.36 billion in 2023 and is anticipated to reach USD 5.80 billion by 2030, growing at a CAGR of 8.0% from 2024 to 2030. The usage of this form in various end use industries including pharmaceuticals, food & beverages majorly in emerging economies such as India, China, and Indonesia are anticipated to drive demand for this form over forecast period.
Key Market Trends & Insights
- North America dominated the market with a revenue share of 45.2% in 2023.
- By raw material, the sugarcane segment dominated the market with a revenue share of 38.8% in 2023.
- By form, dry segment dominated the market in the year 2023.
- By application, the polylactic acid segment dominated the market with the highest revenue share of 28.7% in 2023.
Market Size & Forecast
- 2023 Market Size: USD 3.36 Billion
- 2030 Projected Market Size: USD 5.80 Billion
- CAGR (2024-2030): 8.0%
- North America: Largest market in 2023
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This product is majorly used in formation of PLA, which is a biodegradable polymer, compostable thermoplastic made from renewable sources such as fermentation processes. This chemical is Generally Recognized As Safe (GRAS) and has great market potential in food industry being recognized as harmless By United States Food & Drug Administration. It can be alternatively produced by chemical synthesis or fermentation. It is considered as one of well-known organic acids having wide range of industrial applications. The four main applications of this form are in food, chemical, pharmaceutical, and cosmetics industries. This form is a lactic bacteria which refer to a large group of beneficial bacteria having probiotic properties. Additionally, it plays a crucial role in the preparation of wine making, pickling, sausages, curing fish, meat, vegetables baking, and preparation of fermented dairy forms.
The product is not only a significant ingredient in fermented foods, including, canned vegetables, yogurt, and butter, but is also used as a preservative in pickled vegetables and olives. This naturally occurring organic acid, is used in a variety of applications, including food & beverages, pharmaceutical, cosmetics, chemicals, and industrial.
This is a one of large-scale organic acid produced, most commonly used feedstock are carbohydrates obtained from different sources such as sugarcane, corn starch, and others. As compared to mineral variations, organic ones does not completely dissociate in water.
Market Concentration & Characteristics
The lactic acid market is a moderately consolidated market in nature due to limited players dominating the market. Companies such as Futerro; BASF SE; Galactic; Henan Jindan Lactic Acid Technology Co. Ltd.; Musashino Chemical (China) Co., Ltd.; Corbion; thyssenkrupp AG., are among the major players in the market, which indicates a concentrated market landscape.
