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Lecithin And Phospholipids Market 2024-2033: Global Outlook, Business Statistics, Latest Trends And Major Players
Lecithin And Phospholipids Market Size
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According to The Business Research Company's, The lecithin and phospholipids market size has grown strongly in recent years. It will grow from $1.66 billion in 2023 to $1.8 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to food and beverage industry growth, pharmaceutical applications, cosmetics and personal care products, animal feed additives, health supplements.
The lecithin and phospholipids market size is expected to see strong growth in the next few years. It will grow to $2.58 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to consumer preferences and awareness, environmental concerns and sustainability, biodiesel production, industrial applications expansion, animal nutrition demand. Major trends in the forecast period include regulatory compliance and quality assurance, customized industrial applications, expanded applications in cosmetics, green and sustainable practices, enhanced emulsification and stabilization.
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Market Drivers and Trends:
An increase in plant-based ingredients and foods is expected to propel the growth of the lecithin and phospholipids market going forward. Plant-based ingredients refer to substances derived from plants that are used as components in various food, beverage, and product formulations. Plant-based lecithin and phospholipids are derived from various plant sources, including soybeans, sunflower seeds, rapeseed, peanuts, and rice bran. These plant-based sources offer a healthy and sustainable alternative to animal-derived lecithin and phospholipids. For instance, in August 2021, the Institute of Food Technologists, a US-based international, non-profit scientific society engaged in food science and food technology published an article according to which, 7 in 10 U.S. adults have tried a plant-based alternative and sales of plant-based foods and drinks intended to substitute for animal products reached $7 billion for the year 2021, which has increased by 27% compared to 2019. Plant-based dairy sales are expected to reach $5.2 billion by 2024. Therefore, an increase in plant-based ingredients and foods is driving the lecithin and phospholipids market.
The development of methods to produce lecithin and phospholipids from renewable sources, is a key trend gaining popularity in the lecithin and phospholipids market. Major players operating in the lecithin and phospholipids sector are focused on developing innovative methods to produce lecithin and phospholipids from renewable sources, to sustain their position in the market. For an instance in April 2022, Louis Dreyfus Company, a Netherlands-based food, and beverages manufacturing company inaugurated its new soy liquid lecithin plant, which focused on the production of soy lecithin via the soybean processing method and lecithin refining operations along with a food-grade packaging line and canola oil distribution facility. The plant can process 1.75 lakh buses of soybeans per day.
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Major Key Players of the Market:
Cargill Incorporated, The Archer-Daniels-Midland Company, DuPont de Nemours Inc., IMCD Group B.V., Bunge Limited, Stern-Wywiol Gruppe GmbH & Co. KG, Wilmar International Limited, Sonic Biochem Extraction Pvt. Ltd., American Lecithin Co., VAV Life Sciences Pvt. Ltd., Kewpie Corporation, Lipoid GmbH, Lecital, Lasenor Emul S.L, Sun Nutrafoods, Lecilite Ingredients Pvt. Ltd., Avril Group, Sodrugestvo Group S.A., Fismer Lecithin, Global River Food Ingredients, Haneil Soyatech Pvt. Ltd., NOW Foods, Thew Arnott & Co. Ltd., GIIAVA Pvt. Ltd., AKK Soya Internationa, Imcopo Food Ingredients B.V., Sime Darby Oils, Sternchemie GmbH & Co. KG, Ruchi Soya Industries Limited, Solgar Inc.
Lecithin And Phospholipids Market 2024 Key Insights:
• The lecithin and phospholipids market size is expected to see strong growth in the next few years. It will grow to $2.58 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%.
• Lecithin And Phospholipids Transforming The Bakery And Food Industry
• Transforming Lecithin And Phospholipids Production Through Renewable Sources
• Asia-Pacific was the largest region in the lecithin and phospholipids market share in 2023
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