Lecithin is composed of phospholipids and is produced from oilseeds such as sunflower, rapeseed, and soybean. Ample availability of raw materials is expected to have a positive impact on the lecithin market. Flexible and multifunctional properties of lecithin are expected to boost the market.
Changing lifestyle of the people including an increase in women workforce and growing work people are expected to boost demand for packed foods. Lecithin is used as an emulsifier in the processing of packed food. Growing demand for processed food is expected to have a positive impact on the market growth of lecithin.
The decline in demand for whole grain bread products in North America, and Europe due to growing concerns related to high cholesterol is expected to affect the market growth in the region. Fluctuating prices of oilseeds on account of political instability and drought in major manufacturing countries are expected to hamper the growth of the market over the forecasted period.
Source segment of the market includes sunflower, soybean, and rapeseed. Sunflower lecithin market is projected to grow over the forecast period. It is considered as a substitute for soybean lecithin. Usage of chemicals such as acetone and hexane in soybean lecithin is expected to boost the demand for sunflower lecithin.
Application segment of the market includes animal feed, pharmaceuticals, confectionery, bakery, industrial and others. Pharmaceuticals segment is expected to grow owing to growing demand emulsion based pharmaceutical products.
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Regional segmentation includes North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific is estimated to be the fastest growing region owing to the presence of large amount of farmlands in the region that are employed to cultivate oilseed such as sunflower, soybean, and rapeseed.
Key players operating in the global lecithin market include Cargill Incorporated, Lipoid GmbH, Thew Arnott Group, Swanson Health Products, Archer Daniels Midland, American Lecithin Company, Global River Food Ingredients Inc., Soya International, Sternchemie GmbH & Co. KG, and NOW Foods.