Soy Lecithin Market Top Players, Competitive Landscape, Global Demand, Size and Forecast by 2028
The global soy lecithin market size is expected to gain momentum by reaching USD 740.62 million by 2028 while exhibiting a CAGR of 4.72% between 2021 to 2028. In its report titled “Soy Lecithin Market, 2021-2028,” Fortune Business Insight mentions that the market stood at USD 525.82 million in 2020 and USD 536.18 million in 2021.
Lecithin is a necessary fat in the body. It is extracted from soy oil, and is used in processed food, pharmaceuticals and protective coatings. It acts as a natural emulsifier in the lubricant, paint and textile industry. Besides, it is used as coatings in chocolates, and various drugs. Therefore, its application in varied industries is expected to spur its demand in upcoming years.
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Liquid Segment to Hold the Major Market Share
By form, the market is bifurcated into liquid and solid. By application, the market is segmented into food and beverage, nutritional supplements, animal feed, and others. Based on form, the liquid segment held the largest market share in 2020 as liquid form products are easily blended into several processed food products, thus removing blending barriers commonly found in both granules and powder. Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Drivers & Restraints:
Tremendous Application in Food and Beverage Industry to Spur Product Sales
Soy is a food ingredient that primarily functions as an emulsifier in the food, paint cosmetics and pharmaceuticals industry. Therefore, the wide and varied industry in which it is used is expected to generate traction in upcoming years and promote the soy lecithin market growth.
Additionally, the continuous changing food habits and high disposable income is driving the growth of the nutritious packaged and processed food industry which is furthermore projected to benefit the market as soy is rich in protein. For instance, in 2021, India-based company Kiri Nutrients made major investments in soybean lecithin extraction processes to produce soy-based protein and soybean lecithin at its Dewas plant.
However, the growing concerns related to using GMO soybean in production process may hinder market growth.
Europe to Remain at Forefront Backed by Well Established Infrastructure
North America is expected to remain at the forefront and hold the highest position market during the forecast period owing to the increasing use of soybean in processed food, especially bakery and confectionery. Moreover, the rapid evolution across the food and beverage industry in the region is accelerating the product’s demand. For instance, according to a report by the Food and Agriculture Organization Corporate Statistical Database (FAOSTAT) data, the area under soybean cultivation in the U.S. has increased from 116 million hectares in 2016 to 120 million hectares in 2018. The region’s market stood at USD 176.11 million in 2020.
Europe is expected to showcase a steady soy lecithin market share in upcoming years owing to the rising demand for plant-based protein-rich. Moreover, extensive research on Non-GMO soybean lecithin is anticipated to support the market.
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Key Players to Focus on New Launches to Strengthen Market Growth
The market is consolidated by major companies striving to maintain their position by focusing on new launches and acquisitions. For instance, in October 2018, Lasenor launched VEROLEC ORGANIC. It is an organic soya lecithin developed with help of the USDA (United States Department of Agriculture) Organic Certification. Such new launches will significantly enhance their portfolio of innovative products in the dentistry segment, and such proactive strategies are expected to drive the market in the coming years.
Key Industry Development
January 2019: Avril acquired Lecico, a German company specializing in the production and distribution of soya lecithins.
List of Key Players Profiled in Report
- Archer Daniels Midland Company (Illinois, U.S.)
- Cargill, Incorporated (Minnesota, U.S.)
- American Lecithin Company (Connecticut, U.S.)
- Bunge Limited (Missouri, U.S.)
- Denofa (Fredrikstad, Norway)
- Lasenor (Barcelona, Spain)
- Lipoid GmbH (Ludwigshafen, Germany)
- DuPont de Nemours, Inc. (Delaware, U.S.)
- Ruchi Soya Industries (Mumbai, India)
- Ceresking Ecology & Technology Co. Ltd. (Tianjin, China)
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