Lactic Acid Market Growth, Trends, and Insights: Forecast 2024-2030
The global lactic acid market was valued at approximately USD 3.37 billion in 2023 and is projected to expand at a robust compound annual growth rate (CAGR) of 8.0% from 2024 to 2030. The growing demand for lactic acid across various end-use industries, particularly in emerging economies like India, China, and Indonesia, is expected to significantly drive market growth during the forecast period. These regions are seeing increasing applications of lactic acid in sectors such as pharmaceuticals and food & beverages, further boosting its market potential. Lactic acid plays a pivotal role in the production of polylactic acid (PLA), a biodegradable and compostable thermoplastic polymer derived from renewable sources, typically through fermentation processes. This polymer has gained significant attention for its environmentally friendly properties. Lactic acid itself is classified as Generally Recognized As Safe (GRAS) by the United States Food and Drug Administratio...