USD 547.5 million
Report ID: SQMIG30C2113 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 97 | Figures: 76
Global Soy Lecithin Market size was valued at USD 547.5 million in 2021 and is poised to grow from USD 588.7 million in 2022 to USD 984.2 million by 2030, growing at a CAGR of 7.7% in the forecast period (2023-2030).
Lecithin is a dietary ingredient that may be found in soy, among other sources. It is often added to food as an emulsifier or lubricant, but it may also be used as an antioxidant and taste preserver. Soy lecithin, like many food additives, is not without controversy. Many people think it could be harmful to their health. However, very few, if any, of these assertions are supported by hard data. Due to the existence of consumers who are price-sensitive, lecithin manufacturers compete on the basis of competitive pricing. In order to stand out from the competition, manufacturers place a strong emphasis on process innovation and the source of their low-cost raw materials. Additionally, when lecithin production expands and end-use sectors including food, beverage, feed, and pharmaceutical expand quickly, this tends to exceed the gap between supply and demand, leading to mild price increases anticipated during the projection period.
For example, in the fourth quarter of 2021, Deoiled Soya Lecithin Powder costs were skyrocketing in the Asian market. Prices were skyrocketing in the Chinese market, supported by a drop in soybean imports from the US following a disruption in market dynamics brought on by storms. Throughout Q4 FY22, China saw a considerable increase in the cost of deoiled lecithin powder made from soy. Deoiled soy lecithin powder prices increased by 4.38 percent in India as a result of increased freight costs and increased demand from ongoing winter holidays. Deoiled soy lecithin powder was estimated to cost USD 4092.24 per MT on a CFR basis.
Due to the shutdown of several industrial facilities, the coronavirus pandemic has brought about a global stop in a number of industries, including the food and beverage and pharmaceutical sectors. Companies that produce soy lecithin had trouble keeping up with demand because to labour shortages, company closures of manufacturing facilities, transportation constraints, and hiccups in the supply of raw materials. The Black Sea region's sunflower seed production in 2020 declined by almost 20% from an average year, totaling 14,1 million t in Ukraine and 13,27 million t in Russia. India produced up to 10,45 million t of soybeans. Despite these data, prices of IP soy and sunflower lecithin fell to their all-time lows in December 2020 and January 2021 as a result of a decline in demand brought on by the COVID lockout and the entry of new competitors.
US Soy Lecithin Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 547.5 million
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Global soy lecithin market is segmented based on the source, end-use, form, and region. Based on the source, the global soy lecithin market is segmented as soy, sunflower, rapeseed, and others. Based on end use, the global soy lecithin market is segmented as convenience food, bakery, confectionery, pharmaceutical, personal care and cosmetics, animal feed, other industries, and others. Based on form, the global soy lecithin market is segmented into liquid, powder, and granules. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Soy Lecithin Market Analysis by Source
With a revenue share of approximately 75 percent in 2021, the soy sector led the global soy lecithin market. This can be attributed to the expanding food business in parts of Europe and Asia-Pacific, where large tracts of land are used for soybean production and cultivation. A total of 120.50 million hectares will produce 333.67 million tonnes of soybeans globally in 2019–20. With 114.27 million tonnes produced, Brazil leads the world in soybean production, followed by the United States (96.79 million tonnes), Argentina (55.26 million tonnes), China (15.73 million tonnes), and India (13.27 million tonnes), which together account for 34.25, 29.01, 16.56, 4.00, and 3.98 percent of global production. India is sixth in output with 11.22 million tonnes in 2019–20, and fourth in the area with 11.34 million hectares (28.02 million acres), or 9.41% of the global area. It is mostly employed in the production of dairy goods, ice cream, nutritional supplements, new-born formulae, bread, margarine, and other ready-to-eat meals. However, it is anticipated that throughout the projected period, demand would decline due to growing worries about rising cholesterol levels and the allergenic qualities of soybean.
Due to the extensive list of advantages the product offers, lecithin produced from sunflower seeds is predicted to experience a surge in demand in the expanding product category of healthy meals. The expanding use of sunflower lecithin in the production of supplements is another factor contributing to the expectation that demand will stay strong. Consuming seeds, notably sunflower seeds, has been related in studies to decrease incidences of high cholesterol, high blood pressure, and cardiovascular disease. Numerous vitamins and minerals included in sunflower seeds help strengthen your immune system and improve your capacity to fend against diseases.
Soy Lecithin Market Analysis by End Use
With the biggest revenue share of more than 45% in 2021, the animal feed sector has led the global soy lecithin market. This results from the majority of people throughout the world consuming more meat on a daily basis. The highly developed animal husbandry sector has also contributed favorably to the industry's overall expansion. In the 30 years from 1988 to 2018, the output of meat quadrupled, and since the middle of the 1960s, it expanded fourfold. And more output is anticipated in the future. It is anticipated that between 460 million and an astounding 570 million tonnes of beef would be consumed worldwide by 2050. A beef consumption of 570 million tonnes would be twice as high as in 2008. 90 percent of the world's steadily growing soybean output is used for animal feed. The Food and Agriculture Organization of the United Nations anticipates a more than 1% increase in worldwide meat consumption this year. The nations with low and moderate incomes, where incomes are steadily rising, will have the quickest growth. This is expected to boost the soy segment and further fuel the growth of the global soy lecithin market.
A significant portion of the global soy lecithin market is made up of the food and beverages segment. This kind of lecithin provides nutritional advantages in addition to being a flexible component in a variety of culinary applications. This kind of lecithin is naturally rich in choline, devoid of cholesterol, and loaded with polyunsaturated fats. As a replacement for cocoa butter and as an emulsifier, it is widely used in chocolate and complex coatings. The substance serves as a release agent in crackers, cookies, pies, and cakes and enhances shortening dispersion. It is frequently employed in the baking sector to increase moisture retention, even mix, and as a shelf-life extender. Lecithin interacts with proteins, lipids, and carbohydrates among other nutritional components. For example, Lecithin is added to chocolate by weight; its proportion is frequently displayed on the packaging and is nearly never more than 0.1 percent. This is due to the fact that lecithin's viscosity-reducing effects actually start to reverse after 0.5 percent; adding more than this might even make the chocolate too thick.
Soy Lecithin Market Analysis by Form
In 2021, the global soy lecithin market was led by liquid form, which had the biggest revenue share of more than 82 percent. A significant increase in the demand for liquid form across a variety of end-use application sectors, including industrial coatings, cosmetics, food processing, and confectioneries, is responsible for this high share. While it is ingested as a nutritional supplement in addition to being utilized in liquid form as a food additive or naturally in many food products. Instead of being pure phosphatidylcholine, liquid lecithin in dietary supplements is typically a blend of choline, inositol, phosphatidylcholine, phosphatide, and other substances. Additionally, compared to its previous forms, the liquid form spreads in oil more easily.
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With the biggest revenue share of more than 30% in 2021, Europe dominated the global soy lecithin market. This is explained by the fact that the region has a sizable number of lecithin producers. Demand is also being fueled by an abundance of raw resources and rising health consciousness among customers in the area. The 2.7 million tonnes of soybeans produced in the European Union over the years remained largely consistent. More than 15 million tonnes of soybeans and over 19 million tonnes of soybean meal were imported into the EU28+ in 2019. 243.880 tonnes of beans (195.104 tonnes of equivalent soybean meal) and 461.408 tonnes of the meal were exported, respectively, to nations outside the EU28+. The majority of the imported soybeans and soybean meal are used in the EU28+ for feed, food, and fuel after being crushed. In addition to direct soy imports, embedded soy is also imported into the EU28+ (263.087 tonnes), but embedded soy exports are far greater at more than 3 million tonnes, demonstrating the crucial role the EU28+ plays in animal-based agriculture.
The presence of significant end customers and the accessibility of raw resources in the North American region are the main drivers of demand. Large soy fields in the United States and canola farms in Canada are promoting market expansion in this region. One of the main sources used in the production of lecithin is soybeans. Soybean output in North America is rising as a result of extensive soy farming and an increase in the number of small-scale crushing plants. Production of soybeans reached a record high in 2021 of 4.44 billion bushels, up 5% from the previous year. The average soybean yield is anticipated to be 51.4 bushels per acre, which is 0.4 bushels more than 2020 and the second highest on record, with record-high yields in 21 states. An estimated 87.6 million acres will be planted with soybeans in 2021, an increase of 5% over the previous year. In 23 of the major producing States, planted acres have increased since last year. With 86.7 million acres expected to be harvested, this represents an increase of 5% from 2020. This would be the third-highest planted and harvested soybean acreage in history if realized.
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The global soy lecithin market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
Top Players in the Global Soy Lecithin Market
Soy Lecithin Market Recent Developments
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According to our Global Soy Lecithin Market Analysis, in terms of source, the soy segment held the largest share in the global soy lecithin market in 2021. This can be attributed to the expanding food business in parts of Europe and Asia-Pacific, where large tracts of land are used for soybean production and cultivation. By end-use, the animal feed segment held the largest share in the global soy lecithin market. This results from the majority of people throughout the world consuming more meat on a daily basis. And, by region, the largest share in the global soy lecithin market was held by Europe. This is explained by the fact that the region has a sizable number of lecithin producers. Demand is also being fueled by an abundance of raw resources and rising health consciousness among customers in the region.
|Market size value in 2021||USD 547.5 million|
|Market size value in 2030||USD 984.2 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Soy Lecithin Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
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