Lecithin Market Sales Revenue to Cross US$ 770.5 bn by 2024 End
According to a Research Report Insights (RRI) report, the global market for lecithin is anticipated to reflect a CAGR of over 5% during 2016-2014. In 2015, the market was estimated at US$ 770.5 Million and is expected to stand at US$ 1225 Million in terms of value by the end of 2024.
Lecithin is used as a food additive and food emulsifier in several food items in order to add desirable attributes for making them more appealing to the consumers. As an emulsifier lecithin enhances the texture of food items such as in salad dressing. Growing preference for low-calorie food and increasing demand for packaged or convenience food across the globe are the two major factors expected to drive the growth of global lecithin market. Amongst various food emulsifier products, demand for lecithin is anticipated to relatively higher in the near future.
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Based on source type, the global market for lecithin has been segmented into sunflower, soya bean, and others. Soya bean is expected to be the largest segment of the market and is anticipated to witness a robust growth.
Based on form type, the market has been segmented into powder, granules and liquid. In terms of revenue, liquid segment is expected to account for the largest share. The segment is closely followed by powder and granules segment.
By applications, the market has been segmented into pharmaceuticals, animal feed, food & beverage, industrial purpose and cosmetics. The food & beverage is expected to be the leading segment over the forecast period owing to the recent inclination of consumers towards natural ingredients for various food items. Food manufacturers are focusing on offering food products without GMO (genetically modified organism) ingredients to meet the expectation of the consumers. Moreover, food processing companies are launching new products to suit the growing demand for healthy ingredients in convenience food such as ready-to-eat items. According to US FDA, partially hydrogenated oils (PHOs) do not fall under the category of Generally Recognized As Safe (GRAS) food items.
Likewise, food manufacturers are emphasizing on developing non-GMO ingredients and raw materials substitutes. Further, most food processing companies are also focusing on production volume expansion. Higher production of lecithin will enable manufacturers to serve a larger base of customers and impact the price margins of lecithin across the globe.
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On the basis of region, the global market for lecithin has been segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa (MEA). Europe, North America and Asia Pacific, are anticipated to register strong growth rates during the forecast period. In 2016, North America is expected to account for the highest share of the market, followed by Europe and Asia Pacific respectively. In addition, the North America is expected to continue as the leading market over 2024 and is anticipated to account for over 37% share of the market in revenues. Demand for lecithin is expected to grow significantly in Asia Pacific during the forecast period. Countries such as China and India is expected to reflect an overwhelming demand for lecithin, which in turn is will support the market growth in the region.
Key players operating in the global market for lecithin includes Cargill, Inc., Sternchemie GmbH & Co. KG, American Lecithin Company, Thew Arnott & Co. Ltd., Lipoid GmbH, E. I. du Pont de Nemours and Co, Archer Daniels Midland Company, NOW Foods, and Bunge Limited. Most of these companies the formulating strategies and actively focusing on better product offering.