Soy Lecithin Market Analysis: Key Players, Market Size, and Growth Forecast

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.

The wide use of soybean lecithin in various industries such as pharmaceuticals, food, and feed is expected to accelerate its demand in upcoming years. This has made major key players in the market expand their manufacturing capacity to generate more revenues. For instance, in September 2019, Sweden-based company AAK acquired U.K.-based Soya International. The new business will trade under the name AAK Soy International Ltd. Such strategies are expected to favor the market during the forecast period.

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COVID-19 Impact

Supply Chain Disruptions during COVID-19 Hamper Market Growth

The COVID-19 pandemic impacted the global economy. The soy lecithin manufacturing companies faced difficulties in meeting the product demands due to labor shortages, firm closure of manufacturing facilities, restrictions on transportation, and disruptions in raw material procurements. Currently, the global pandemic situation is normalizing and several industries are returning to their normal operations.

Segmentation:

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 application, the food and beverage segment held the largest market share in 2020. Since, soybean lecithin is used in diverse food applications, because of its nutritional benefits. It is cholesterol-free, a rich source of polyunsaturated fats, and a natural source of choline. Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Report Coverage:

The soy lecithin market report provides a thorough analysis of various factors such as the drivers and restraints that will impact the market growth. In addition, the report provides country insights that cover different regions of the country, contributing to the growth of the market. It includes the competitive landscape, recent industry developments that involve strategies, new launches, and several other insights of leading players that will contribute to the market growth.

Drivers and Restraints:

Rising Raw Material Production and Increasing Expenditure on R&D to Drive Growth

The easy availability of soybean at low prices in the international markets is the major driving factor. Moreover, governments around the world are focusing on deploying technologically advanced systems to increase the yield. For instance, the Chinese government is embarking on abundant soybean production by increasing expenditure on technology for soybean seed breeding to improve productivity and yields of soybean protein and other derivatives, which will positively impact the soy lecithin market growth.

However, strict policies regarding the use of GMO soybean may hinder market growth.

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Regional Insights:

North America to Remain at Forefront Backed by Increasing Soybean Cultivation

North America is expected to remain at the forefront and hold the highest position market during the forecast period owing to the presence of major packaged food manufacturers in the region. Moreover, the rising area under soybean cultivation and abundant availability of soybeans within North America are expected to drive the regional market growth. The region’s market stood at USD 176.11 million in 2020.

The Middle East & Africa and South America is expected to showcase significant soy lecithin market share during the forecast period as soybean lecithin is expected to evolve further as an important additive in the food and feed in the region.

Competitive Landscape

Key Players to Focus on Investments to Strengthen the Market Growth

The market is consolidated by major companies striving to maintain their position by focusing on new launches and acquisitions. For instance, in March 2021, Cargill made an investment worth around USD 475 million in its U.S. soy processing capabilities. This investment will help in modernizing the plants to make them more efficient and expand operations at its crush facilities network.

Such investments will significantly enhance their portfolio of innovative products in the dentistry segment, and such proactive strategies are expected to drive the market in upcoming years.

Key Industry Development

February 2019: Lasenor Emul, S.L., and Simmons Grain Co. formed a joint venture named Lasenor USA LLC. This joint venture will help in producing a full set of organic soya lecithin products that will be used for food as well as feed.

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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