Impact of COVID-19 on Lecithin Market : Global Forecast over 2019 to 2027
The coronavirus or COVID-19 (formerly 2019-nCoV) broke out in December 2019, which has been imposed as a medical emergency worldwide. More than 183 countries and territories have reported cases of coronavirus to date. This is the latest report, covering the current coronavirus impact on the Lecithin market .
Market Overview
According to a new report published by Fast.MR titled, “Lecithin Market by Source and Application : Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global lecithin market was estimated at around USD 954 million in 2019 and is expected to grow with the CAGR of 5.8% during forecast period 2020-2027. Rising prominence of healthy supplements in bakery products driving market growth of lecithin products.
Lecithin has numerous health benefits such as lowering cholesterol, improving heart condition, better digestion, and many more. Owing to its aforementioned health benefits, the market for lecithin in bakery application is expected to observe swift growth over the forecast period. European region is anticipated to remain a key hub for bakery related products and thus is projected remain a key regional market for lecithin related product as well. Growing consumer awareness related to health is the primary driver for the growth of bakery industry in the European region.
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Sunflower based lecithin is likely to witness strong demand over the forecast period. Numerous sunflower lecithin manufacturing plants in the Europe are expected to positively influence market growth. In addition, European region comprises of largest sunflower producing nations including Russia and Ukraine, which is expected to provide ease in raw material procurement for the vendors of the market. Thus, easy availability of raw material is projected to boost the production capability of the vendors present in the European region.
Asia Pacific region is also predicted to play a key role in the growth of lecithin market over the coming years. Increasing urbanization in the region coupled with evolving eating habits is likely to fuel the demand for packaged food over the coming years. Lecithin being an emulsifier is largely used in manufacturing of packaged foods. Thus, growth in the consumption of packaged food is directly influencing the lecithin market growth.
Key vendors of the industry are GIIAVA, Thew Arnott & Co. Ltd., NOW Foods, Sternchemie GmbH & Co. KG, Bunge Ltd., American Lecithin Company, Lipoid GmbH, Cargill Corporation, Archer Daniels Midland, and DuPont. Industry participants are focusing on the development of non-GMO based soy lecithin to cater large industrial demand.
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