Lecithin Market Worth $1,068.8 Million By 2030A Chapter by Markets InsightsThe global lecithin market size was valued at USD 547.5 million in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 7.7% from 2022 to 2030.The global Lecithin Market size is expected to reach USD 1,068.8 million by 2030, expanding at a CAGR of 7.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly driven by rising demand for lecithin, which has compelled the end-use manufacturers to include it in their product formulations. Growing demand for lecithin in the developed economies of North America and Europe, despite the high prices of the products, is estimated to offer various opportunities for natural ingredient manufacturers, thereby opening new avenues to market entrants. Companies operating in the product market can focus on expanding their production capacities and product offerings. The products are majorly used in bakery applications and convenience foods, as well as in the confectionery and pharmaceutical industries. This depends on the various kinds of end-user applications and depends on the use in different applications. As global lifestyles are changing and rising disposable incomes are foreseen to boost the demand in the market. The animal feed and functional food industries are the main consumers of lecithin. Therefore, changes, turmoil, and advances in these industries are expected to have a direct impact on the demand. The animal feed industry is one of the most affected sectors by the COVID-19 pandemic. In addition, the preventive shutdown of restaurants and the decrease in tourists have led to a sharp decline in meat and meat product consumption, which has had a significant impact on production, reducing livestock production and adding lecithin-containing feeds. Related Press Release@ Lecithin Market Report Lecithin Market Report Highlights
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StatsAuthorMarkets InsightsFelton, CAAboutAbout Us: Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer c.. more..Writing
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