Lecithin Market size to exceed $2.4bn by 2024
Published Date: September 3, 2018 Authors: Kunal Ahuja, Kritika Mamtani
Lecithin Market size is set to surpass USD 2.4 billion by 2024, according to a new research report by Global Market Insights, Inc.
Growing consumer demand towards various bakery products like breads, pastries and cakes may drive lecithin industry demand. Emulsifying properties may cater to pharmaceutical and cosmetic industries, thus propelling the industry growth over the forecast timeframe. They are applied in manufacturing of various confectionary products which includes fudges, chocolates, caramels and toffee owing to its antioxidant and flavor protective properties. Pharmaceutical industry prefers soy product owing to its maintenance in oil-in-water and water-in-oil emulsion, thus increasing the industry trends.
Rapeseed or canola-based lecithin market size is set to surpass an annual consumption of 29 kilo tons by 2024. Increasing demand for non-GMO lecithin for its allergen free, lubricant, antioxidant and dispersing properties is expected to boost the product demand. They have technical properties similar to soy and sunflower and can be substituted in ratio of 1:1 for both.
Rapeseed lecithin demand from cosmetic applications may account for over 10% of the total demand by 2024. This oil is widely used as a remedy for skin ailments as it acts as a rich source of vitamins E & K which reduces skin afflictions and aging signs like acne, fine lines, spots and wrinkles. It also contains anti-oxidant in good amount which protects the skin from oxygen free radicals thus, making it soft and nourished and enhance the overall product demand.
Egg yolk-based lecithin market exceeded USD 115 million in 2017. It constitutes 66% to 76% of phosphatidylcholine and is used to repair cell membranes. These product act as an emulsifier and is successful in mixing two immiscible liquids. Eggs are widely used in food products owing to its emulsifying properties in products like mayonnaise which aids to blend water and oil, thereby driving the product demand.
Browse key industry insights spread across 415 pages with 519 market data tables and 45 figures & charts from the report, “Lecithin Market Statistics By Source (Soy [GMO, Non-GMO], Rapeseed/Canola, Sunflower, Egg Yolk), By Application (Food & Beverages, Animal Feed, Industrial, Pharmaceutical, Cosmetics), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
U.S. canola lecithin market revenue is expected to register more than 4.5% CAGR over the forecast period. Increasing demand for various organic cosmetic products owing to several benefits may boost product demand in the region. Growing demand for various skincare products which includes creams, and lotions, may foster industry growth. The consumers are now focusing towards organic, ethical and vegan cosmetic products which may enhance market demand.
Germany egg yolk lecithin market size from food & beverages is anticipated to register gains around 2.5% through 2024. Increasing convenience of ready to eat products and changing food preferences coupled with low fat and organic baked products are predicted to provide a stimulus to the industry growth.
Spain non-GMO based soy lecithin industry is poised to exceed USD 19 million by 2024. Lecithin in aquafeed improves survival rate of fish and improves growth rate. It reduces the leaching of water soluble nutrients and act as natural antioxidant and feed attractant which may increase the product demand.
China sunflower-based lecithin market demand from pharmaceutical applications is set to cross USD 3.4 million by 2024. With government increasing investment in healthcare and R&D, China represents great opportunity for innovative products and technologies and collaboration between international and domestic pharmaceutical companies. It is used in the form of tablets for the treatment of disorders such as dementia in Alzheimer disease. It is also used for treating bladder disease and types of depression, cholesterol and skin disease eczema, which may favor the industry outlook.
ADM, SOYA, Bunge, Lekithos and Sun Nutrafoods are key lecithin producers. Strong R&D spending and new product launches may enhance the product portfolio, thereby stimulating the industry growth.