L(+)-Lactic Acid Market Summary
According to the new market research report “Global L(+)-Lactic Acid Market Report 2024-2030”, published by QYResearch, the global L(+)-Lactic Acid market size is projected to reach USD 2.67 billion by 2030, at a CAGR of 11.2% during the forecast period.
- Global L(+)-Lactic Acid Market Size (US$ Million), 2019-2030
Above data is based on report from QYResearch: Global L(+)-Lactic Acid Market Report 2024-2030 (published in 2024). If you need the latest data, plaese contact QYResearch.
- Global L(+)-Lactic Acid Top 14Players Rankingand Market Share (Ranking is based on the revenue of 2023, continually updated)
Above data is based on report from QYResearch: Global L(+)-Lactic Acid Market Report 2024-2030 (published in 2024). If you need the latest data, plaese contact QYResearch.
According to QYResearch Top Players Research Center, the global key manufacturers of L(+)-Lactic Acid include Corbion, NatureWorks, Henan Jindan Lactic Acid Technology, BBCA Group, Jungbunzlauer, Galactic, Henan Xinghan Biotechnology, Beijing Capital Agribusiness & Foods Group, Shandong Parkson Biotechnology, Ningxia Qiyu Biochemical, etc. In 2023, the global top five players had a share approximately 68.0% in terms of revenue.
- L(+)-Lactic Acid, Global Market Size, Split by Product Segment
Based on or includes research from QYResearch: Global L(+)-Lactic Acid Market Report 2024-2030.
In terms of product type, currently Food Grade Lactic Acid is the largest segment, hold a share of 55.6%.
- L(+)-Lactic Acid, Global Market Size, Split by Application Segment
Based on or includes research from QYResearch: Global L(+)-Lactic Acid Market Report 2024-2030.
In terms of product application, currently Food & Beverage is the largest segment, hold a share of 49.8%.
- L(+)-Lactic Acid, Global Market Size, Split by Region
Based on or includes research from QYResearch: Global L(+)-Lactic Acid Market Report 2024-2030.
Market Drivers:
Overall, lactic acid is a very mature industry. Its development has a history of hundreds of years, and the market growth space of the product is very limited. In recent years, the growth driver of lactic acid has mainly come from the growing demand for polylactic acid. With the implementation of the global "plastic restriction and ban" policy in recent years, as a substitute for traditional non-degradable plastics, polylactic acid has gradually shown strong demand in domestic and foreign markets.
Restraint:
The IMF predicts that the world economy will continue to grow at a rate of 3.2% in 2024 and 2025, the same growth rate as in 2023. Economic growth in advanced economies will accelerate slightly, from 1.6% in 2023 to 1.7% in 2024 and 1.8% in 2025, but will be offset by a slight slowdown in growth in emerging market and developing economies. Offsetting this, the latter’s growth is expected to fall from 4.3% in 2023 to 4.2% in 2024 and 2025. The forecast for global economic growth five years from now is 3.1%, the lowest level in decades. In addition, the global political landscape continues to be turbulent, and the Russia-Ukraine conflict has profoundly affected the future geopolitical landscape of the world. There is a profound geopolitical background and historical origin behind the Russia-Ukraine conflict. It is the result of the combined effect of multiple factors such as history and culture, ethnic conflicts, geopolitics, and the game of great powers. The situation in the Middle East continues to deteriorate, and the global political landscape is increasingly fragmented.
Opportunity:
The demand for polylactic acid is established and is a major factor driving industry growth From the perspective of the overall polylactic acid industry pattern, the polylactic acid industry is in a state of rapid development. In recent years, more than 60 national governments have actively formulated and implemented plastic restriction and ban laws, and implemented policies to ban or tax disposable plastics. The market demand for polylactic acid has continued to grow, and the construction of global polylactic acid production capacity has continued to increase. China's planned production capacity alone is as high as millions of tons. Although many projects cannot be implemented, this shows that capital continues to be optimistic about the market space.
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