Lactic Acid Market Worth $5.80 Billion By 2030 | CAGR 8.0%

Lactic Acid Market Growth & Trends

The global lactic acid market is estimated to reach USD 5.80 billion by 2030 and is anticipated to expand at a CAGR of 8.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. Growth can be attributed to increasing demand for this product in various end-use industries, including industrial, food & beverages, and pharmaceuticals, especially in emerging economies such as India, China, and Indonesia. Additionally, demand for this product as a feedstock in the production of polylactic acid (PLA) is anticipated to drive the market globally.

Various raw materials used for the production of lactic acid include carbohydrates such as corn, sugarcane, sugar beet, and tapioca. Large share of this product produced globally is obtained through the fermentation process owing to its lower production costs as well as rising consumer awareness regarding sustainable and environmentally friendly products. The production process is commercially mature with a significant number of manufacturers including Corbion, NatureWorks LLC, Galactic, and Henan Jindan Lactic Acid Technology Co., Ltd using it.

The raw materials used for the commercial synthesis of this product include maltose or starch, lactose, sucrose, and glucose. These raw materials are derived from various feedstock such as barley malt, whey, molasses, and beet sugar, which are used to produce lactic acid via microbial fermentation. The cost of raw material is a key factor to be considered in the fermentation process for the commercial production of this product. They may specifically cater to application areas such as industrial, food & beverage, pharmaceuticals, personal care, chemicals, and agrochemical products.

Polylactic acid is predominantly used to manufacture microwaveable containers, including disposable cutlery and food containers. Multiple beneficial properties, such as improved aesthetic appeal, and resistance to grease & oil, among others, is positively influencing the demand for polylactic acid in the formulation of food packaging products across the globe, further triggering the lactic acid demand.

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Lactic Acid Market Report Highlights

• In 2022, sugarcane emerged as dominant raw material segment by contributing over 38% revenue share, owing to abundant availability in nature, low cost, and environmentally friendly alternative

• In 2022, corn emerged as the second largest raw material segment and is projected to grow at a CAGR of 8.2% by 2030, owing to rising awareness for sustainable products in the major end-use industries

• In 2022, PLA emerged as the dominant application segment in terms of both volume and revenue, owing to the rising usage in the manufacturing of biodegradable & biocompatible products

• In 2022, North America emerged as the largest regional market, where the high revenue share is due to the presence of major personal care & cosmetic industry in this region specifically in the U.S.

Lactic Acid Market Segmentation

Grand View Research has segmented the global lactic acid market on the basis of raw material, application, and region:

Lactic Acid Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Corn

• Sugarcane

• Cassava

• Other Crops

Lactic Acid Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Industrial

• Food & Beverages

• Pharmaceuticals

• Personal Care

• Polylactic Acid

• Others

Lactic Acid Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • France

  • U.K.

  • Italy

  • Netherlands

  • Rest of Europe

• Asia Pacific

  • China

  • Japan

  • India

  • Indonesia

  • Malaysia

  • Philippines

  • Rest of Asia Pacific

• Central & South America

  • Brazil

• Middle East & Africa

List of the Key Players in the Lactic Acid Market

• BASF SE

• Galactic

• Musashino Chemical (China) Co., Ltd.

• Futerro

• Corbion

• Dow

• TEIJIN LIMITED

• NatureWorks LLC

• Henan Jindan Lactic Acid Technology Co. Ltd.

• thyssenkrupp AG

• Cellulac

• Jungbunzlauer Suisse AG

• Vaishnavi Bio Tech

• Danimer Scientific