Salt Substitutes Market Is Estimated To Witness High Growth Owing To Growing Health Conscious Population & Increasing Demand For Low Sodium Food Products
Market Overview:
Salt substitutes are used as an alternative to regular table salt (sodium chloride). They include potassium chloride, magnesium chloride, and calcium chloride, which provide salty flavor just like table salt, but with little to no sodium. They are commonly used in household cooking, baking, and processed food products to enhance flavor without increasing the sodium content. Salt substitutes play an important role in meeting the rising demand for low-sodium food products.
Market Dynamics:
Growing health conscious population around the globe is driving the demand for healthy food and beverages with reduced sodium content. According to studies, excessive intake of sodium has been linked to high blood pressure and increased risk of heart diseases and stroke. This has prompted consumers to opt for low-sodium food products and seasonings including salt substitutes. Additionally, increasing incidences of lifestyle conditions such as obesity and diabetes are also accelerating the demand for salt substitutes among health-conscious consumers. Furthermore, growing demand for convenience and processed food products is augmenting the sales of salt substitutes as they provide flavor enhancement without added sodium, allowing food manufacturers to offer low-sodium options.
SWOT Analysis
Strength: Salt substitutes provide healthier options for consumers looking to reduce sodium intake. They contain little to no sodium and are a good alternative for people with high blood pressure or heart conditions. Some salt substitutes enhance flavor through potassium chloride or yeast extracts. Manufacturers are developing new blend of herbs and spices to mimic salty taste.
Weakness: Many consumers find salt substitutes lack the same taste as regular table salt and tend to leave a bitter or chemical aftertaste. Due to lack of long term usage studies, there are concerns about potential side effects of excessive potassium intake from salt substitutes.
Opportunity: With increasing health consciousness, demand for low sodium food options is growing. Rising incidence of lifestyle diseases such as hypertension, cardiovascular issues provide opportunities for salt substitutes market. Manufacturers can expand product range and invest in research to develop salt substitutes with better taste matching abilities.
Threats: Strong consumer preference for original taste acts as a challenge. Price sensitivity may limit adoption of salt substitutes among cost-conscious customers. Intense competition from regular table salt producers can hamper market growth of substitutes.
The global Salt Substitutes Market Trends is estimated to be valued at US$ 1.16 Billion in 2023 and is expected to exhibit a CAGR of 5.67% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways
The global salt substitutes market is expected to witness high growth, exhibiting a CAGR of 5.67% over the forecast period, due to increasing health awareness among consumers regarding sodium intake.
Regional analysis
The North America region dominates the global salt substitutes market currently. U.S. and Canada together accounts for over 35% of market share due to growing diabetic and obesity population. Asia Pacific is expected to be the fastest growing market during the forecast period owing to rising health consciousness in populous countries like India and China.
Key players
Key players operating in the salt substitutes market are Cargill Inc., Nu-Tek Food Sciences LLC, Koninklijke DSM N.V., Montana Indusrie Holding A.G., Angel Yeast Co. Ltd., Tate & Lyle Plc, and Innophos Holding Inc. Cargill and DSM captured over 30% market share due to their diverse product portfolio and global presence.
Read More: https://www.timessquarereporter.com/food/salt-substitutes-market-high-demand-for-low-sodium-products
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