Mineral Salt Ingredients Market Is Estimated To Witness Robust Growth Owing To Increasing Demand From Food And Beverage Industry
Mineral salt ingredients such as calcium carbonate, magnesium oxide, potassium chloride, and sodium chloride are widely used in various food and beverage products such as dairy and frozen desserts, bakery and confectionery, snacks, noodles and soups, sauces and dressings and seasonings and condiments. Mineral salt ingredients impart crucial functionality to these food items including taste enhancement, texture improvement, pH adjustment and shelf-life extension. The global mineral salt ingredients market provides immense opportunities for manufacturers and suppliers to expand their consumer base and gain competitive advantage.
The global Mineral Salt Ingredients Market is estimated to be valued at US$ 10.56 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand from food and beverage industry remains the key driveraiding the growth of the mineral salt ingredients market. According to FAO, the global population is expected to reach 9.7 billion by 2050 which will fuel the demand for food products globally. To cater to this increasing demand, food and beverage manufacturers are focusing on improving food quality and shelf life through incorporation of functionality enhancers such as mineral salt ingredients. Moreover, the growing health-consciousness among consumers has prompted them to prefer food products with balanced nutritional profile. Mineral salt ingredients help manufacturers formulate products with improved micronutrient content. These factors are anticipated to propel the global mineral salt ingredients market over the forecast period.
SWOT Analysis
Strength: Mineral salt ingredients are crucial for maintaining proper osmotic balance and physiological functions in the human body. They also act as flavor enhancers in foods. Three leading applications of mineral salt ingredients are food and beverages, animal feed, and industrial usage.
Weakness: Fluctuating prices of raw materials used for producing mineral salt ingredients can negatively impact profit margins. Strict regulations regarding the use of certain mineral salts can restraint their applications. Changing consumer preferences towards reduced salt intake also pose challenges.
Opportunity: Growing health-conscious consumer base is raising demand for specialty minerals and clean label alternatives to table salt. Expanding processed food market in developing countries augurs well for mineral salt ingredients market. Launch of fortified salt variants by players can capture new opportunities.
Threats: Availability of alternatives like herbs and spices limits the scope of mineral salt ingredients in certain food applications. Environmental regulations regarding salt mining activities are becoming stringent over time. Intense competition among existing players keeps pricing pressures high.
Key Takeaways
The Global Mineral Salt Ingredients Market Size is expected to witness high growth. The market size for 2023 is estimated at US$ 10.56 billion and projected to rise at a CAGR of 5.2% during the forecast period of 2023 to 2030.
North America currently accounts for the largest share of over 30% of the global market due to robust demand from food, dairy, and confectionery industries in the US and Canada. However, the Asia Pacific region is emerging as the fastest growing market for mineral salt ingredients attributed to rising living standards, growing working population, and expansion of food processing industry in China, India, Japan, and other Southeast Asian nations. India is poised to offer lucrative opportunities for mineral salt ingredient manufacturers on account of increasing imports of processed foods in India and rising disposable incomes.
Key players
Key players operating in the mineral salt ingredients market are Corbion, Minerals Technologies Inc., Compass Minerals International Inc., Albion Laboratories, Inc., Paul Lohmann GmbH KG, K+S Aktiengesellschaft, Gadot Biochemical Industries Ltd., Arla Foods amba, DuPont, Jungbunzlauer Suisse AG, SEPPIC, and Koninklijke DSM N.V.
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