NEW YORK, Dec. 20, 2018 (GLOBE NEWSWIRE) -- Global Lecithin market is expected to reach USD 1331.0 million in 2024, at a CAGR of 5.6% from 2018 to 2024. Major factor driving the growth of the market is the increasing demand from various end use industries. Moreover, growing preference for natural ingredients is further propelling the market growth.
Lecithin is a naturally occurring fatty substance found in several foods, including egg yolks, soybeans, nuts, and whole grains. The lecithin molecules have both hydrophilic and lipophilic (water-loving and fat-loving) parts that support the dispersion of oil and water. Lecithin is a natural emulsifier used in food and pharmaceutical industries.
Key findings of the report:
- The global Lecithin market is expected to reach USD 1331.0 million in 2024, at a CAGR of 5.6% during 2018 -2024
- On the basis of source,
- The sunflower segment is expected to register the highest CAGR during the forecast period
- Based on the application,
- The food segment held the major share of the market in 2017
- Asia-Pacific lecithin market is expected to grow at the highest CAGR in 2017
- Some of the key companies operating in the market include Cargill; Archer Daniels Midland; Lipoid GmbH; American Lecithin Company, DuPont; Bunge, Inc.; Soya International; Bristol-Myers Squibb; Lecico GmbH; Sodrugestvo Group, among others.
Increasing demand of sunflower lecithin
The sunflower lecithin segment is expected to grow at the fastest rate during the forecast period. Sunflower lecithin is replacing soy lecithin in various food applications. The major factor behind this change is the growing concern regarding the use of soy lecithin due to allergies associated with soy, usage of chemicals to produce soy lecithin, and worries of soy being genetically engineered have resulted in the adoption of sunflower lecithin as an alternative. Sunflower lecithin is hypoallergenic, and can be obtained raw and chemical-free. Moreover, the sunflower lecithin can replace soy lecithin without requiring any major changes in the formulation.
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Global Lecithin Market– Regional insight
Geographically, the global lecithin market is segmented into North America, Europe, Asia-Pacific, Central & South America, and Middle East and Africa. Europe held the major share of the global lecithin market in 2017, and is projected to retain its dominance during 2018-2024. The growth in the region is attributed to various government regulations regarding the use of phospholipids. The Asia-pacific lecithin market is expected to grow at the highest CAGR during the forecast period owing to the growing food, and pharmaceutical industries in the region.
This report segments global Lecithin market based on products, distribution channel, and regional.
By Products
By Source
- Soy
- Egg
- Sunflower
- Others
By Application
- Animal feed
- Nutrition and health supplements
- Food
- Cosmetics
- Others
By Region
- Asia-Pacific
- Europe
- North America
- Central & South America
- Middle East and Africa
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