The Lecithin & Phospholipids Market is projected to be valued at USD 7.5 billion by 2027, at a CAGR of 6.3%. Asia Pacific is estimated to dominate the global market in 2022. The rising demand for natural ingredients is witnessing a rise in the usage of lecithin in bakery and confectionery, convenience foods, and feed products. The increasing number of food outlets and foodservice joints seem to be driving the demand for lecithin as a food additive in the food & beverage industry.
The global lecithin & phospholipids market is driven by shifting consumer preferences to convenience food, changing work culture, and expansion of the retail industry globally. However, health issues associated with the consumption of genetically modified (GM) products are expected to restrain the market growth.
The market for lecithin and phospholipids is expected to grow in the coming years, driven by increasing demand for natural and healthy food ingredients, rising popularity of functional food and dietary supplements, and growing awareness about the health benefits of phospholipids. These ingredients are used in a variety of applications such as functional foods, infant formula, pharmaceuticals, cosmetics, and animal feed. The Asia-Pacific region is projected to be the largest market for lecithin and phospholipids, due to the growing demand from countries such as China and India.
Drivers: Growing demand for natural food additives and increasing consumers awareness about clean-label products
Increase in consumer awareness about the ill effects of the consumption of chemical ingredients and the presence of natural or organic ingredients as alternatives in the market drive the demand for natural fruit & vegetable additives. “Additive-free” and “natural” have become part of a consumer’s checklist while buying food & beverage products.
Ingredient labeling has become mandatory in developed economies such as the US and EU countries due to the rising consumer awareness. Consumers look for natural ingredients and products that taste good and have fewer calories. Although artificial or non-organic ingredients have found approval among consumers and have gained a significant market presence, there is a need to replace these artificial ingredients with natural alternatives.
The demand for natural food additives is increasing, owing to which manufacturers are launching various products with natural ingredients that can provide an advantage to drive consumption. As lecithin, a type of food emulsifier, is of natural origin, it is poised to witness an increase in adoption by the industry, thereby driving its market growth.
What are some of the drivers fueling the growth of lecithin & phospholipids market?
Key players in this market include Cargill (US), ADM (US), DuPont (US), IMCD Group B.V. (US), Bunge Limited (US), STERN-WYWIOL GRUPPE (Germany), Wilmar International Ltd. (Singapore), Sonic Biochem (India), Avril Group (France), American Lecithin Company (US).