The global lecithin market was valued at USD 1.15 billion in 2018 and is projected to reach USD 1.59 billion by 2023, at a CAGR of 6.7% during forecast period. The global phospholipids market was valued at USD 3.23 billion in 2018 and is projected to reach USD 4.36 billion by 2023, at a CAGR of 6.2% during forecast period. The lecithin market is driven by factors such as increased demand from the feed segment, a shift in preference towards convenience foods in the emerging economies of the Asia Pacific and South American regions. On the other hand, the phospholipids market is driven by the increased demand for natural ingredients in personal care products and cosmetics in countries such as China, India, Japan, and South Korea.
Based on type, the lecithin market has been segmented into fluid, de-oiled, and modified. The fluid segment dominated the lecithin market in terms of both value and volume in 2017. The growing demand for fluid lecithin from the feed industry in European countries is expected to create export opportunities for manufacturers in regions such as Asia Pacific and South America. Apart from this, fluid lecithin is also used in paints, varnishes, and textiles. Thus, increased demand in industrial applications is expected to boost sales of fluid lecithin during the forecast period.
Soy lecithin is growing popularity in the feed application and is also being used as a replacement to cocoa butter in the chocolate industry, owing to rise in price of cocoa butter. Based on source, the phospholipids market has been segmented majorly into soy and egg. The soy segment is estimated to account for the largest share of the phospholipids market in 2018. Increased demand for natural sources in the cosmetics and pharmaceutical industry has boosted the demand for soy-based phospholipids at a global level.
The market for lecithin & phospholipids is dominated by key players such as include Cargill (US), ADM (US), Stern Wywiol Gruppe (Germany), DowDuPont (US), and Bunge (US). Other players include Lipoid GmbH (Germany), Wilmar International (Singapore), Sonic Biochem Extractions (India), Avanti Lipids Polar (US), Lecico (Germany), VAV Life Sciences (India), Sodrugestvo (Luxembourg), Kewpie Corporation (Japan), Sojaprotein (Serbia), American Lecithin Company (US), Sime Darby Unimills, Lecital (Austria), and Lasenor Emul (Spain).
