The global lecithin market was valued at $787.7 million in 2014, and it is expected to grow with a CAGR of 5.4% during 2015 – 2020. As per P&S Market Research, the factors driving the growth of the global lecithin market include increasing demand for low fat and convenience foods, and high flexibility and multifunctional nature of lecithin. The high flexibility and multifunctional nature of lecithin increases its adoption among end-user industries, such as food, nutrition and health, and cosmetics. The food industry accounted for largest market share in the application segment of the global lecithin market in 2014; however, the cosmetics application segment of the global lecithin market is expected to witness fastest growth with a CAGR of 5.8%, in terms of revenue, during 2015 – 2020.
Geographically, the European lecithin market accounted for the largest share in the global lecithin market in 2014. The lecithin market in Europe is growing mainly due to increasing demand from industries, such as animal feed, health and nutrition, processed food and cosmetics. The increasing global meat consumption, growing awareness about meat quality and dairy products are fueling the demand for lecithin in the region. However, in terms of future growth, the Asia-Pacific lecithin market is poised to grow at a fast pace with 9.1% CAGR, which is led by increasing economically active population along with increasing urbanization and disposable income in China and India. The Asia-Pacific is providing huge growth opportunities for the lecithin market, due to significant growth of end-user industries for lecithin in the region. The continuous investment in food, nutrition and health supplement, and cosmetics industries is the key catalyzing factor for the growing demand of lecithin, which in turn is driving the growth of the lecithin market in Asia-Pacific.
The growing demand of processed food products is driving the growth of the global lecithin market. Lecithin is used as an emulsifier in the manufacturing of food products, such as chocolate, baked food and cheese products; and cosmetic products, such as lipsticks, conditioners and creams. The lecithin market for food products is driven by increasing demand of novel ingredients for reducing fat content in the processed food. The increasing usage of sunflower as lecithin source by major players due to increased demand in bakery industry is driving the growth of the global lecithin market.
The production capacity expansion by global chocolate manufacturers is expected to create strong opportunities for the growth of the global lecithin market. Most of the global chocolate manufacturers are increasing their manufacturing capacities, in order to increase their market footprints; hence, providing strong growth opportunities for the global lecithin manufacturers. However, the availability of various other emulsifying agents (mono- and di-glycosides, sorbitan esters, sucrose esters, poly glycerol esters of fatty acids and poly glycerol polyricinoleate among others) as substitute of lecithin and increasing prices of raw materials for lecithin are the major restrains in the growth of the global lecithin market. Moreover, the demand for high-quality lecithin at low costs has created a challenge for the lecithin manufacturers
The key companies operating in the global lecithin market include Archer Daniels Midland Company, Lipoid GmbH, Ruchi Soya Industries Ltd., Cargill Incorporated, Lasenor Emul S.L., Kewpie Corporation, E. I. du Pont de Nemours and Company, Aceitera General Deheza S.A., VAV Life Sciences Pvt. Ltd. and Sternchemie GmbH & Co. KG.
News Courtesy: P&S Market Research