The sunflower lecithin market is driven by an increase in trends for health-related awareness and consumer’s consciousness of their health and wellness, Clean Label and Non-GMO Movement, escalating demand from food industry, and rise of plant-based products.
PORTLAND, Ore., Oct. 20, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Sunflower Lecithin Market by Nature (Organic, Conventional), By Form (Liquid, Powder, Others), By End Use Industry (Food and Beverage, Cosmetics, Nutraceutical, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global sunflower lecithin market was valued at $324.6 million in 2018, and is projected to reach $ 754.8 million by 2032, growing at a CAGR of 5.7% from 2023 to 2032.
Sunflower lecithin, a natural lipid blend obtained from sunflower seeds, presents numerous functional advantages and potential health benefits across a range of industries. This versatile ingredient is well-known for its exceptional emulsifying and stabilizing properties and derived through mechanical or chemical methods from the oil-rich seeds of the sunflower plant. Fundamentally, lecithin consists of phospholipids, which are vital components of cell membranes found in both plant and animal cells. This distinctive composition empowers lecithin to serve as an efficient emulsifying agent, aiding in the even distribution of fat molecules within aqueous solutions.
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Prime determinants of growth
The sunflower lecithin market is driven by an increase in trends for health-related awareness and consumer’s consciousness of their health and wellness, Clean Label and Non-GMO Movement, escalating demand from food industry, and rise of plant-based products. However, volatility in prices of sunflower lecithin may restrain the growth of the sunflower lecithin market. Nevertheless, Rise in demand for natural ingredients, Growing plant-based and vegan markets, and Ongoing research and development will provide ample growth opportunities in the upcoming years.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2018 |
$324.6 million |
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Market Size in 2032 |
$754.8 million |
|
CAGR |
5.7 % |
|
No. of Pages in Report |
321 |
|
Segments covered |
Nature, Form, End Use Industry, and Region. |
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Drivers |
Health and wellness trends Allergen concerns Clean Label and Non-GMO Movement Functional Properties Escalating demand from food industry Rise of plant-based products Global supply chain and sustainability |
|
Opportunities |
Rise in demand for natural ingredients Growing plant-based and vegan markets Ongoing research and development |
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Restraints |
Volatility in price Supply Chain Disruptions Limited Awareness Technological Challenges |
Covid-19 Scenario
- The sunflower lecithin market, like many industries, has experienced various effects due to the COVID-19 pandemic. Restrictions on movement, lockdowns, and transportation disruptions have affected the supply chain of sunflower lecithin. This led to challenges in sourcing raw materials and transporting finished products .
- Moreover, the pandemic and associated safety measures led to labor shortages, impacting production and distribution processes. In addition, changes in consumer behavior and economic uncertainty influenced the demand for certain products that use sunflower lecithin as an ingredient. For instance, shifts in consumption patterns could affect the demand for baked goods, confectionery, and other products that commonly use lecithin.
- However, as restrictions ease and consumer confidence return, there is pent-up demand for products that were in lower demand during the pandemic. People are willing to spend on discretionary items, including products that use sunflower lecithin. Moreover, companies have reevaluated and adjusted their supply chains to enhance resilience and reduce vulnerabilities. This led to changes in sourcing strategies for ingredients like sunflower lecithin.
The powder segment to maintain its lead position during the forecast period
Based on the form, the powder segment accounted for the largest share in 2022, contributing to more than two-fifths of the global sunflower lecithin market revenue. The same segment is estimated to witness a notable CAGR of 6.0% during the forecast period. Consumers are increasingly seeking products with natural, recognizable ingredients. Sunflower lecithin powder aligns with the clean label trend, as it is a naturally derived ingredient that can replace synthetic additives and enhancers. This factor may act as one of the key drivers responsible for the growth of the sunflower lecithin market for powder form. Moreover, sunflower lecithin powder is used in baking to improve dough elasticity, moisture retention, and overall product quality. The demand for high-quality baked goods with improved texture and shelf life is driving the adoption of this ingredient. These factors altogether may lead the sunflower lecithin market for powdered form to witness a significant growth during the forecast period.
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The food and beverages segment to maintain its lead position during the forecast period
Based on application, the food and beverages segment accounted for the largest share in 2022, contributing to more than two-fifths of the global sunflower lecithin market revenue. Consumers are seeking foods and beverages that align with their health and wellness goals. Sunflower lecithin’s potential nutritional benefits and functional properties contribute to its demand. Furthermore, sunflower lecithin improves the texture and mouthfeel of products, contributing to a more enjoyable eating experience. These factors altogether may surge the demand for sunflower lecithin in the growing food and beverage sector. However, the nutraceuticals segment would cite the fastest CAGR of 6.2% throughout the forecast timeframe.
North America to maintain its lead position during the forecast period
Based on region, North America accounted for the largest share in 2022, contributing to more than one-third of the sunflower lecithin market revenue. The same region is estimated to showcase the fastest CAGR of 5.8% during the forecast period. North America has been witnessing a trend toward healthier and more natural food and beverage products. This trend has driven the demand for natural emulsifiers and ingredients like sunflower lecithin, which is considered a clean-label alternative to synthetic emulsifiers. Furthermore, the region has a significant consumer base that follows plant-based diets or seeks allergen-free products. Sunflower lecithin, being plant-derived and allergen-free (compared to soy lecithin), has gained traction among manufacturers looking to cater to these consumer segments.
Leading Market Players: –
- Ciranda, Inc.
- Sonic Biochem
- Lecilite
- ConnOils LLC
- Process Agrochem Industries Pvt Ltd.
- GIIAVA
- Fismer Lecithin Corporation
- Sun Nutrafoods
- MITUSHI BIO PHARMA
- Matrix Life Science Private Limited
The report provides a detailed analysis of these key players in the sunflower lecithin market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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