The Global "Gourmet Salts Market" is expected to grow at a CAGR during the forecasting period (2022-2029).
Gourmet salts are derived from large saltwater bodies through crystallization techniques such as – open-air solar evaporation or quick vacuum evaporation process. These salts are unrefined and high-quality salts used in multiple cuisines primarily in seasoning and dressing for enhancing the taste and appeal of food. These salts can also be used to improve food texture and also to preserve food. The characteristic taste and flavor of these salts are due to their high mineral content and better solubility. The increasing demand for traditional cuisines with enhanced flavors positively impacts the gourmet salt market growth. Thus, growth in the demand for this product in the food and beverage industry is expected to drive the market in the forecast period at a high CAGR of 6.2%.
Growing food industry is one of the major factors to boost the market for gourmet salts. Especially, the increase in preference for traditional and extravagant cuisines is sustainably increasing the demand for gourmet salts globally. Gourmet salts are also increasingly being used in bakery foods, savory, confectionery, poultry, and seafood and for preserving food products, as these salts are highly soluble, enriched with mineral content, and offer exotic flavor to foods. They are natural products and have no added additives, and have lower sodium content. Therefore it is widely preferred globally. Thus, growth in the food industry is expected to drive the market. Also, the rising popularity of organic food products, awareness about benefits of gourmet salts are factors that are fuelling the global gourmet salts market growth.
The food and culinary shows aired online and on television channels increased the popularity of these salts among the consumers globally thus raising its demand. The beneficial characteristic of gourmet salts which the food preservation aspects, is augmenting its demand for meat and seafood processing and preservation applications.
However, factors that limit the growth of the gourmet salts market are the higher price as compared to conventional salts and low awareness.
Based on the application, the global gourmet salts market is broadly segmented as meat & poultry, bakery & desserts, seafood, and others. Among all these meat & poultry accounted for a major market share and is projected to grow at a high CAGR of XX% over the forecast period.
Increasing demand to decrease the sodium content in meat products, and to replace sodium chloride that possesses similar characteristics, without compromising on the quality of sensory attributes.
Also, rising health consciousness and increasing occurrences of health disorders due to high sodium levels in the body are anticipated to foster market growth. Gourmet salts help in reducing sodium content and offer exotic flavor along with enriched mineral content. According to the UN Food and Agricultural Organization meat consumption per person on average has increased by approximately 20% from 2000 to 2015. Thus, growth in the consumption of meat has driven the global gourmet salts market in this segment.
The global Gourmet Salts market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific region accounted for a major market share in the global gourmet salts market and is predicted to grow at a high CAGR over the forecast period. It is due to growth in the food industry along with uplifting living standards, surging demand for processed food, coupled with health consciousness. According to India Brand Equity Foundation (IBEF), the food processing industry is one of the largest industries in India. In FY15 food processing sector is has reached $ 258 billion.
Significant players of the global gourmet salts are Cargill, Amagansett, Dominion, Irish Atlantic, Devonshire, Alaska Pure, Murray, Marblehead, Infosa, and others. The industry is highly competitive due to a limited number of market players. However, in recent years new entrants are gradually rising as the industry offers high-profit margins. Most of the key companies are focusing to enhance product portfolios by the inclusion of better and economically feasible ingredients with broad application scope.
Few of the players are implementing organic and inorganic strategies such as product developments, collaborations, and expansions, and others to expand their product portfolio in the global gourmet salts market. For instance, in August 2016, Cargill launched its new Diamond Crystal Fine Kosher Salt.
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