Fortified Salts Market Study by Main Players- Cargill, AkzoNobel, Tata Chemicals, Compass Minerals, Ankur Salt, Sambhar Salt, United Salt Corporation, Kutch Brine Chem Industries
Fortified salts market is slated to witness a lucrative growth over the coming years, subject to the product’s ability to curb the deficiency of micronutrients such as iron and iodine in diet that may give rise to ailments such as anemia and goiter. As per NCBI reports, a diet deficient in iron and iodine was the main cause of health-related ailments among more than 33% of the global population in 2002. Moreover, WHO has clearly recommended that a proper diet be fortified with iodine for women and children to reduce the occurrence of nutrition-related disorders such as goiter and thyroid, which may, in all likelihood, propel fortified salts market share. The Fortified Salts Market Worth USD 7 Billion by 2024; according to a new research report by Global Market Insights, Inc.
Growing demand for food preservation due to increasing preference for processed & packaged food will propel the fortified salts market. Growing hospitality & services industry along with increasing multi-cuisine restaurants are the key factors supporting the industry growth.
Positive outlook in curing dental caries along with rising dental hygiene concerns are the key factors fueling the industry growth. Globally, 60- 90% of school going children and almost every adult has dental cavities.
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High profit margins will enhance vendors and manufacturers to boost production capacity and improve supply chain network for revenue growth.
Online stores are the fastest growing distribution channel with gains over 7% up to 2024. Increasing preference for online shopping owing to hectic & busy lifestyles will drive the industry growth in this segment. Expansion in the e-commerce industry along with provision of discounts & offers has provided positive outlook for fortified salts demand. Global online retail sales are growing and is estimated to surpass 8.5% of total retail spending in 2018 as compared to 7.4% in 2016.
Grocery stores were valued over USD 1.5 billion in 2016. Increasing product consumption in household along with buying convenience of the grocery stores will support the product demand. Health threats including kidney ailments and tuberculosis due to overconsumption of product may hamper the product demand.
Hospitality & service industry was valued over USD 900 million in 2016. Rising demand for processed meat including preservation of for canned hams, hams, roasts, fish and meatballs will drive the demand. By 2025, the consumption of meat is predicted to increase by as much as another 100%.
Household industry is estimated to generate over 5,800 kilotons in volume by 2024. High application scope as cooking salt owing to its health benefits has enhanced the product scope. Changing lifestyle along with increasing disposable income will support the fortified salts market.
Iodine will witness gains at 7.1% up to 2024. Iodine deficiency causing fatigue, constipation, chances of stillbirth in pregnant women, depression, abnormal weight gain and goiter will propel the product penetration.
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Double fortified salts were valued around USD 845 million in 2016. Growing anemia concerns among children and women globally will surge the product demand.
North America fortified salts market was worth over USD 1.5 billion in 2016. Increase in occurrence of obese population, gestational hypertension, miscarriages, and neurological disorders including cretinism among newborns will drive industry growth.
Asia Pacific market is anticipated to worth over USD 2.4 billion by 2024. Increasing consumer awareness pertaining to health & diet along with improving standard of living will propel the industry growth.
Vietnam is the fastest growing country in APAC with CAGR over 7.5% up to 2024. Presence of numerous finest salt producing companies along with increasing exports are the major factors fueling the fortified salts market size.
Global fortified salts industry is fragmented in nature due to large presence of regional manufacturers. Cargill, AkzoNobel, Tata Chemicals, Compass Minerals, Ankur Salt, Sambhar Salt, China National Salt Industry Windsor Salt, United Salt Corporation, Kutch Brine Chem Industries, Ahir Salt Industry and Schweizer Salinen are the major industry players.
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