Global Lecithin Market values at around $788 million in 2014
According to the study, the global lecithin market was worth $787.7 million in 2014, and is expected to grow significantly by 2020, registering a CAGR of 5.4%, during the period 2015 – 2020. Low fat and convenience foods are in huge demand around the world, which contain lecithin, and thus, have been helping this market grow.
Insights on market segments
Researchers fleshed out that the food industry continued to be the largest contributor to the global lecithin market, in terms of revenue. Nevertheless, cosmetics is likely to be the fastest growing segment by application in the global market, during the forecast period of 2015 – 2020. Asia-Pacific has been witnessing continuous investment in nutrition and health supplement, food and cosmetics industries, which is driving the growth of the lecithin market in the region. Since, it helps them cater to the increasing demand for lecithin, which is widely used in both food products (baked food, chocolate, and cheese products) and cosmetic products (lipsticks, conditioners and creams). Growth of end-user industries in Asia-Pacific is helping the region offer significant growth opportunities for the global lecithin market.
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Europe emerges as largest market for lecithin
Geographically, Europe has been the largest market for lecithin, in recent past. Growing demand for lecithin from different industries, primarily, drove the regional market growth. These industries may include processed food, cosmetics, animal feed, and health and nutrition industry. Other factors that have been boosting the lecithin market growth in the European region include surge in global meat consumption, and increasing awareness about dairy products and meat quality. However, Asia-Pacific is expected to witness the fastest growth, in the near future, at a CAGR of 9.1%. The anticipated growth, as per the findings, can be attributed to the growing economically active population as well as augmenting disposable income and increasing urbanization, especially in developing countries like India and China. Growth of end-user industries for lecithin in the region is also likely to create equal opportunities for the global market growth.
Demand for processed food drives market growth
Though, increase in the number of consumers spending on processed food is driving the growth of the global lecithin market, certain other factors are also acting as major drivers for the market. These factors include rising demand for novel ingredients that cut fat content from processed food. Sunflower is a source of lecithin. The increasing use of the same by major players due to surged demand in bakery industry is driving the lecithin market growth. Lecithin is multifunctional and flexible in nature, which helps increase its adoption in end-user industries. Again, this acts as a driver for the global market growth.
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Chocolate manufacturers create ample opportunities for the market growth
Manufacturing of various food products such as baked food, chocolate, and cheese products includes use of lecithin as an emulsifying agent. Thus, expanding their manufacturing facilities, most of the chocolate manufacturers are creating strong growth opportunities for the global lecithin market, uncovered the research. The increase in production capacity allows these chocolate manufacturers to tap into wider market.
Some of the major companies operating in the global lecithin market include Archer Daniels Midland Company, Ruchi Soya Industries Ltd., Lasenor Emul S.L., Sternchemie GmbH & Co. KG, E. I. du Pont de Nemours and Company, Aceitera General Deheza S.A., Cargill Incorporated, Lipoid GmbH, VAV Life Sciences Pvt. Ltd., and Kewpie Corporation.
Availability of substitutes obstructs market growth
Certainly, various factors are contributing to the increasing demand for lecithin, thereby driving the overall lecithin market growth. Yet, availability of various substitutes, such as mono- and di-glycosides, poly glycerol esters of fatty acids, sucrose esters, poly glycerol polyricinoleate, and sorbitan esters, acts as a major restraint for the growth of the global market. In addition, rising prices of raw materials, including soybean, egg, and sunflower, is also expected to hamper the market growth. The food industry demanding high-quality lecithin at low costs is again challenging the growth of the market.
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