Lactic Acid Market To Reach $5.80 Billion By 2030 | CAGR: 8.0%

Lactic Acid Market Growth & Trends

The global lactic acid market size is expected to reach USD 5.80 billion by 2030, expanding at a CAGR of 8.0% from 2024 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 2023, sugarcane emerged as dominant raw material segment by contributing over 38.8% revenue share, owing to abundant availability in nature, low cost, and environmentally friendly alternative

• PLA is witnessed to constitute a significant application share in the market, owing to the rising usage in the manufacturing of biodegradable & biocompatible products

• North America dominated the lactic acid industry and accounted for the largest revenue share of more than 45.2% in 2023 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 based on raw material, form, application, and region:

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

• Corn

• Sugarcane

• Cassava

• Yeast Extract

• Other Crops

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

• Dry

• Liquid

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

• Industrial

• Food & Beverages

  • Beverages

  • Bakery & Confectionary Products

  • Dairy Products

  • Meat Products

  • Other Food Products

• Pharmaceuticals

• Personal Care

• PLA

• Other Applications

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

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • The Netherlands

• Asia Pacific

  • China

  • Japan

  • Malaysia

  • India

  • Indonesia

  • Philippines

  • Australia

  • New Zealand

• Central & South America

  • Brazil

• Middle East & Africa

List of Key Players in 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