The Flavored Salt Market To Be Led By Constructive Joint Ventures
The global market for flavored salt is set to witness acceleration at a CAGR of 6.6% over the next ten years, and close in on a valuation of US$ 5.5 Bn by 2031. The market is projected to offer an incremental $ opportunity of US$ 2.6 Bn by 2031-end.
Increased popularity and utilization of flavored salt in the foodservice industry is due to the fact that it offers operational flexibility. A number of flavor options are available and can be utilized according to the need, either for flavor or for improving the presentation of meals in the foodservice industry. Most end use of flavored salt is found in food & beverages, retail/households, and the foodservice industry. The first two account for 53.3% market share, and the rest is held by the foodservice industry.
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With flavored salt, users have the option to eliminate a considerable amount of sodium intake on a daily basis. As per the World Health Organization (WHO), adults should limit their sodium intake to 5 grams per day.
Companies are focusing on coming out with innovative products to increase their market share and profits.
- For example, in 2019, Morton Salt added a colorful new product to its product line-up with the launch of all-natural Himalayan pink salt, which is available in both, fine and coarse grain sizes.
Key Takeaways from Market Study
- South Asia and East Asia markets are expected to surge at CAGRs of 8.7% and 8.2%, respectively.
- On the basis of end use, the foodservice industry is leading market expansion. This industry accounts for 46.7% of the overall market share.
- When it comes to flavors, high share is accounted for by spices with a value of US$ 1.3 Bn at present.
- The business to business segment is valued at nearly US$ 2 Mn, and is set to top US$ 3.6 Bn by 2031.
- Europe and North America are the two leading regional markets for flavored salt.
- The U.S and India hold major market shares in North America and South Asia at 67.9% and 52.9%, respectively.
- COVID-19 had a significant impact on demand for flavored salt. However with increasing consumer demand for nutritious food, the market is expected to come back to normal in the near future.
“Flavored salt has varied uses in food & beverages, foodservice, and retail/household. Although the foodservice industry is already dominating global consumption, increased utilization in food & beverages will provide optimistic growth for market players,” says a Persistence Market Research analyst.
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Major manufacturers of flavored salts are acquiring various quality certifications that are accepted on a global level to ensure high quality products and also ensure wider acceptability of their products. Companies are also launching of new flavored salts to widen their product range.
- Saltworks has more than 50 trademarks to its name. The company has various certifications such as Kosher Certificate, SQFI, Global Food Safety Initiative, Hazard Analysis Critical Point Control, Good Manufacturing Practices Certificate, and many more.
- In April 2020, Twang Partners Ltd. announced the launch of pickle beer salt. By adding new flavors every time, the company keeps customers attached to the brand.
Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global flavored salt market, presenting historical data (2016-2020) and estimation statistics for the forecast period of 2021-2031.
The study offers compelling insights on the basis of flavor (spices, herbs, and specialty), end use (food & beverages, retail/household, and foodservice industry), and distribution channel (business to business and business to consumers), across seven major regions of the world.
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