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Salts and Flavored Salts Market - Growth, Trends and Forecast (2019 - 2024)

Salts and Flavored Salts Market - Growth, Trends and Forecast (2019 - 2024)

  • May 2019
  • 134 pages
  • ID: 5778236
  • Format: PDF
  • By Mordor Intelligence LLP

Summary

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Market Overview
The global salts and flavored salts market is forecasted to reach USD 2.4 billion by 2024 growing at a CAGR of 3.83% during the forecast period (2019 - 2024).

- The market is dynamic and highly fragmented, with the presence of numerous small and domestic players occupying major chunk of the global market share.
- The flavored salts market is influenced directly by the trends in the food industry, particularly the fast food and meat industries.
- Flavored salt is no different than regular table salt, except that it contains other herbs and spices to provide more complex flavors. The market is considered a recession-proof market as consumers can use flavored salts for home cooking as well.

Scope of the Report
The market study of salts and flavored salts is available as table salt, seasoned salt, flavored salt, lime and lemon salt, smoked salt, jalapeno salt and other flavored salts. Flavored salts are sub-segmented as truffle salt and garlic salt. By distribution channel, the market is segmented as supermarket/hypermarket, convenience stores, departmental stores and other distribution channels.

Key Market Trends
Increase in Seasoned and Flavoring Salt Demand

Consumers trying to get more creative with cooking and experiment beyond traditional pairings, are opting for flavored salts. The flavored salts are resulting in a flavor concoction that is more impactful than a seasoning blend. The increasing demand for foreign cuisines, such as Italian and French food, among consumers in emerging economies, due to rising westernization trends, has led to an increased usage of flavored salts. Consumers are purchasing seasoned and flavored salts from online channels, including company websites, such as The Meadow and third party sellers, like Amazon, due to the availability and accessibility of different varieties of the salts. The growing demand for hot and spicy fast food among young consumers have enabled food service restaurants to use flavored salts such as jalapeno salts in the regional processed meals.

Asia-Pacific Being the Largest as well as the Fastest Growing Region

China Salt Industry Group Co., Ltd (former China National Salt Industry Corporation) controls a major market share and production of edible salt in the country. It is the largest salt enterprise in Asia and second-largest in the world, with the production of 18 million metric ton of various salt products, in 2017. The Japanese consumers do not use a huge amount of spices or seasonings in their food, despite their love and appreciation for food, thus, natural sea salts that are made by boiling down Japanese sea water are preferred by the consumers in the country. For instance, The Salt Industry Center of Japan is a public foundation involved actively in performing investigative research on salt and supplying household cooking salt with 99% sodium content in the country.

Competitive Landscape
The salts and flavored salts market is fragmented, with small-scale manufacturers contributing a significant share to the market. Key players in the global salts and flavored salts market adopt key strategies, such as business expansions, product innovations, followed by partnerships and mergers and acquisitions. The most active companies in the market include key players, such as K+S Aktiengesellschaft, Tata Chemicals, Zoutman NV, Nouryon, and McCormick & Company, among others.

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