“The lecithin market is projected to grow at a CAGR of 6.7% respectively.”
The global lecithin market was valued at USD 1.15 billion in 2018 and is projected to reach USD 1.59 billion by 2023, at a CAGR of 6.7% during the forecast period. Lecithin is a multipurpose ingredient that is primarily used as an emulsifier, releasing agent, and instantizing agent. Owing to its multifunctionality, the demand for lecithin is projected to be on the rise, owing to factors such as the growth in the feed industry and increasing application in the bakery products, confectionery products, and convenience food industry. Along with the increasing consumer consciousness for natural ingredients in the cosmetics industry, coupled with emerging applications in paints, inks, leather, and textile, the lecithin market is expected to grow during the forecast period.
“Soy segment is projected to dominate the lecithin & phospholipids market through the forecast period.”
Based on source, the soy segment is projected to dominate the lecithin & phospholipids in value terms, through 2023. The easier extraction process of soy-derived ingredients compared to sunflower or egg-derived ingredients, coupled with the wide availability of soy in many countries are the major factors supporting the dominant nature of soy-sourced lecithin. However, there has been a shift in the demand from soy to alternate sources of lecithin such as sunflower and rapeseed owing to GMO concerns over soy lecithin. The sunflower segment in the lecithin market is projected to have the highest CAGR during the forecast period while in the phospholipids market, the egg segment is projected to grow at the highest CAGR from 2018 to 2023. GMO concerns are the major factor restraining the growth of the lecithin market, globally. Allergy issues associated with soy is a major challenge faced by consumers, impacting the growth of the lecithin market.
“Asia Pacific is projected to dominate the lecithin as well as phospholipids markets during the forecast period.”
In the global lecithin & phospholipids market, Asia Pacific is projected to be the largest region, in terms of value and volume, between 2018 and 2023. This region comprises economies such as China, Japan, South Korea, and India which occupy a significant share of the global lecithin & phospholipids market. An increase in processed and convenience food production and innovations in segments such as meat, dairy, and bakery & confectionery products drives the demand for lecithin in the Asia Pacific region. The processed food market in the Asia Pacific region is currently undergoing a significant transformation in response to rapid urbanization and an increase in the inclination of consumers toward food products with low fat and natural ingredients. These factors are expected to create potential opportunities for lecithin, as it is a natural ingredient with multiple functionalities in food products. Promising markets such as India and Japan, along with other Asian countries hold significant potential for the lecithin market. Asia Pacific offers opportunities to manufacturers and suppliers of lecithin, owing to the cost advantage and high demand in this region.
In the phospholipids market, the growing demand for health ingredients for mental illnesses and the aging population is expected to create opportunities for manufacturers and the end-use industries to expand in this region. Japan and South Korea are projected to be the fastest-growing markets for phospholipids. India is also a major market for phospholipids, with a significant adoption rate for phospholipids-based nutritional and health supplements.
Break-up of primaries:
- By Company Type: Tier 1–45 %, Tier 2–35%, Tier 3–20%
- By Designation: C level–40%, Director level–20%, Others–40%
- By Region: Asia Pacific–45%, North America–22%, Europe–18%, RoW–15%
The market for lecithin & phospholipids is dominated by key players such as include Cargill (US), ADM (US), Stern Wywiol Gruppe (Germany), DowDuPont (US), and Bunge (US). Other players include Lipoid GmbH (Germany), Wilmar International (Singapore), Sonic Biochem Extractions (India), Avanti Lipids Polar (US), Lecico (Germany), VAV Life Sciences (India), Sodrugestvo (Luxembourg), Kewpie Corporation (Japan), Sojaprotein (Serbia), American Lecithin Company (US), Sime Darby Unimills, Lecital (Austria), and Lasenor (Spain).
The lecithin market has been segmented based on source, type, application, and region. The phospholipids market has been segmented based on source, application, and region. In terms of insights, this report has focused on various levels of analyses?industry analysis, market share analysis of top players, and company profiles?which together comprise and discuss the basic views on the competitive landscape, emerging & high-growth segments of the global lecithin & phospholipids market, high-growth regions, countries, and their respective regulatory policies, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons To buy this report:
- To get a comprehensive overview of the lecithin market with specific reference to source, type, and application
- To get a comprehensive overview of the phospholipids market with specific reference to source, and application
- To gain a wide range of information about the top players in this industry, their product portfolios, and key strategies adopted by them
- To gain insights into the major regions/countries in which the lecithin & phospholipids industry is flourishing