Global Lecithin Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1,364million by 2024 from $851 million in 2016; growing at a CAGR of 6.1% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 8.6% and 5.6%, respectively, during the forecast period. Lecithin, a fat which is important for human body and is obtained from various sources such assoya, egg, sunflower, and other sources. Lecithin have various applications in end use industries such asfood, feed, nutrition & health supplements, cosmetics, and other applications.
"Lecithin Market (By Source:Soya, Egg, Sunflower, and Other Sources; By Application: Food, Feed, Nutrition &Health Supplements, Cosmetics, and Other Applications; By Geography: North America, Europe, Asia-Pacific and RoW)Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Growing health conscious consumersto drive the growth ofthe lecithinmarket
The factors supporting growth of the global lecithinmarket aregrowing consumer health awareness, changing lifestyles, increasing disposable income, and high spending on healthcare products and convenience foods. However, soya lecithin allergyas well as changing prices of raw materialsmay act as a restraint for the growth of the market. Moreover, high demand of lecithin and developing markets would provide several growth opportunities for the market in the future years.
Source, application, and geography are the major segments considered in the globallecithinmarket.Sourcesegment includes soya, egg, sunflower, and other sources. By, application, the market is bifurcated intofood, feed, nutrition & health supplements, cosmetics, and other applications. By geography, the globallecithinmarket has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Soya accounted for the largest market share in the source segment
Global Lecithin Market, by Source
Soya accounted for the largest market share in 2016, in the source segment, and is expected to continue its dominance during the forecast period 2016 – 2024,owing to the therapeutic and functionalbenefits obtained by soyawhich is boosting the demand for products produced from these sources.
Food accounted for the largest market share in the application segment
Global Lecithin Market, by Application
Foodaccounted for the largest market share in 2016, in the application segment, and are expected to continue its dominance during the forecast period 2016 – 2024,owing to its usage as food additive,due to its functional property of emulsifier and anti-spatter coupled with increasing intake of convenience foods.
Europedominated the global market with largest market share in 2016
GLOBAL LECITHIN MARKET SHARE BY GEOGRAPHY, 2016 (%)
Europedominated the global lecithin market with largest market share of 33.3% in 2016, owing to high adoption and demand for lecithinbased products in the nutrition & health supplements. This has led to rise in demand for lecithin in this region.
The major players in the market areBunge Limited, DuPont Nutrition& Health, Lipoid GmbH, American Lecithin Company, Thew Arnott & Co., Ltd., Archer Daniels Midland Company, Cargill Inc., NOW Foods,Sternchemie GmbH & Co. KG., and VAV Life Sciences Pvt. Ltd., among others.