The Lecithin Market was valued around USD 1,200 million in 2020 and is expected to grow at a CAGR of 6.7% over the forecast period (2021-2028).
The factors driving the growth of Lecithin Market includes growing demand for convenience food products, increasing use of lecithin in baked goods, ready-to-eat and instant food products and rise in the production of lecithin around the world. According to the report published by Bloomberg, the Global Ready-To-Eat Market is projected to reach USD 1,471.94 billion by the end of 2028, expanding at a CAGR of 5.4% over the forecast period (2022-2028), which will boost the Lecithin Market size in the approaching years. Moreover, the rising application of lecithin in the end-use industries such as Pharmaceutical and Food and Beverages, growth in the sales of cosmetic products and increase cases of Alzheimer, dementia and live related diseases, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, rise in the working-class population, hectic lifestyles, rising popularity of dietary supplements and rapid urbanization, are further contributing to the market growth.
However, the growth of Lecithin Market is hindered attributed to variations in the prices of raw materials used for production.
The prominent players operating in the market are American Lecithin Company, DuPont, Praan Naturals, Cargill Incorporated, ADM, Lipoid GmbH, Bunge Loders Croklaan, Global River Food Ingredients, AKK Soya International, and NOW Foods, among others.
Source – Segment Analysis
Based on source, the Sunflower segment is estimated expand at a remarkable CAGR during the forecast period. The sunflower lecithin is gaining popularity in France, Russia and Hungary due to its health benefits and are increasingly preferred over soy-based products, are some of the factors responsible for the growth of the segment.
Applications – Segment Analysis
Based on Application, the Convenience Foods segment is anticipated grow at a significant CAGR during the forecast period. The growing demand for Fudge, brittles and chocolates and growing popularity of sugar-free confectionary food products, are some of the key factors augmenting the growth of the segment.
Regional – Segment Analysis
Based on Region, the Asia-Pacific region is predicted to capture a sizeable market share over the forecast period. Rise in the number of quick service restaurants and bakeries, growing popularity of Chinese cuisine, changing demographic trends, increase in the new product launches, busy lifestyles, increasing disposable incomes and rapid urbanization, are some of the important factors enhancing the market growth in Asia-Pacific.
Global Lecithin Market by Source
Global Lecithin Market by Application
Global Lecithin Market by Region
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