Persistence Market Research (PMR) delivers key insights on the global lecithin market in its published outlook titled, “Lecithin Market: Global Industry Analysis and Forecast, 2016–2024”.
New York, NY -- (SBWIRE) -- 05/15/2017 -- In terms of value, the global lecithin market is expected to expand at a CAGR of 5.4% during the forecast period due to various factors on which PMR offers vital insights in detail. Global lecithin market was valued at US$ 770.5 Mn in 2015 and is expected to reach a value of US$ 1225.0 Mn at the end of the forecast period in 2024.
Food additives are used in various food products in order to impart desirable qualities in various food products and also to make food more appealing. For example, emulsifiers such as lecithin improve the texture in salad dressings and other food products. Increasing preference for low fat food and rising demand for convenience foods and packed foods in the market in various developed and developing countries are factors primarily driving growth of the global lecithin market. In terms of the various food emulsifier products, demand for lecithin is expected to increase at a reasonable rate till the end of the forecast period.
On the basis of source type, the market is segmented into soya bean, sunflower and others. Soya bean segment is projected to witness a robust growth, followed by sunflower segment. On the basis of form type, the market is segmented into liquid, granules, and powder. Liquid segment is expected to witness highest revenue share, followed by granules and powder segment in the global lecithin market. On the basis of applications, the market is segmented into food & beverage, pharmaceuticals, cosmetics, animal feed, and industrial purpose. As a result of increasing demand for natural ingredients in various food products, the food & beverage segment is expected to witness highest growth in the global lecithin market over the forecast period. Food manufacturers are offering GMO (genetically modified organism) free products or replacing GMO ingredients to cater to increasing preference for GMO–free products.
Food manufacturers are focused on new product launches to fulfill the increasing demand of specialty ingredients for convenience food such as ready mixes and on-the-go products. As per US FDA, partially hydrogenated oils (PHOs) are not Generally Recognized As Safe (GRAS).
As a result of increasing consumer demand for non-GMO ingredients and raw materials alternatives other than soy, the companies are focusing on production capacity expansion in Asia Pacific region. The production capacity will supplement lecithin production and enable the manufacturers to serve customers in Europe and North America.
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This report discusses trends that drive growth of each segment and offers analysis and insights on the potential of the lecithin market in specific regions. Asia Pacific, North America and Europe are expected to record high growth rates between 2016 and 2024. Among all the regions globally, North America is estimated to account for comparatively higher value share in 2016, followed by Europe and Asia Pacific. The market in North America is expected to remain dominant over the forecast period, and is expected to account for 37.7% revenue share of the global market by 2024. Asia Pacific is another major market for lecithin. In Asia Pacific, increasing consumer demand for non-GMO ingredients and raw material alternatives other that soy, are some of the factors that is driving the lecithin market over the forecast period. India, China, and other countries in Asia Pacific region, are expected to witness significant growth over the forecast period in global lecithin market.
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This report covers detailed profiles of key players global lecithin market, which includes key strategies, key developments, product offerings and others. Key companies profiled in this report are E. I. du Pont de Nemours and Co, Cargill, Inc., Archer Daniels Midland Company, Sternchemie GmbH & Co. KG, NOW Foods, American Lecithin Company, Bunge Limited, Thew Arnott & Co. Ltd., and Lipoid GmbH.