The Soy Lecithin Market
size is estimated to reach US$712.4 million by 2027, after growing at a CAGR of 4.6% during the forecast period 2022-2027. The growth of the Soy Lecithin market will be highly influenced by increasing demand from the food & beverages industry, transportation sector, cosmetics and others. Soy Lecithin is a fatty compound, which is widely used as a food additive, emulsifier or lubricant. Soy lecithin has growing applicability in the food & beverage sector for processed food items, packaged food, chocolate and others, thereby driving the soy lecithin market. For instance, according to the India Brand Equity Foundation (IBEF), the food processing sector in India is expected to reach US$535 billion by 2025-26. Soy lecithin is increasingly utilized in animal feed, food, cosmetics, pharmaceuticals and others, which is anticipated to boost its growth scope.
Soy Lecithin Market: Leading Segment is the Food & Beverages Sector
Based on the end-use industry, the Soy Lecithin market can be segmented into building & construction, transportation, medical & healthcare, cosmetics & personal care, food & beverage, textiles, agriculture and others. The leading segment in the soy lecithin industry has been evaluated to be food & beverage. During the forecast period 2022-2027, the food & beverage industry is projected to grow with a CAGR of 5.1%. This can be attributed to growth factors such as demand for packaged food items, rising food processing activities and changing lifestyles.
For instance, according to the Food & Drink Federation, the food and drink manufacturing business in the UK saw an increase of 7.9% in 2021 compared to 2020. Thus, the soy lecithin industry will grow significantly as a result of emerging applications in food & beverage for food additives, confectioneries, infant formulas and others over the forecast period.
Soy Lecithin Market: Leading Region is North America
Based on geography, the Soy Lecithin market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC's analysis, North America has emerged as the most profitable region. In 2021, the North American region held a 37% share of the total revenues earned by the market globally. The North American region is estimated to grow rapidly due to the established base for food & beverage, cosmetics, healthcare and other sectors. The cosmetics & personal care sector saw lucrative growth in North American countries, including the US, Canada and others due to increasing demand for premium cosmetic items, preference for color cosmetics and changing lifestyles.
With robust growth scope for soy lecithin across various industries such as cosmetics, food & beverages, healthcare and others in the North American region, the soy lecithin industry will emerge significantly over the forecast period.
The Soy Lecithin market will also gain demand from the Asia-Pacific region. China, Japan, India and others are emerging countries in the soy lecithin industry.
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Soy Lecithin Market: Competitive Landscape
Key companies holding major shares in the Soy Lecithin market are American Lecithin Company, Lipoid GmbH, DuPont de Nemours, Inc., Sonic Biochem Extractions, Cargill Inc., NOW Foods, Wilmar International, LECICO GmbH, Praan Naturals and Lasenor Emul, S.L.
Mr. Venkat Reddy
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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.