The Mineral Salt Ingredients Market Is Estimated To Witness High Growth Owing To Versatility In Food Application
Mineral salt ingredients are obtained by extracting naturally occurring salts from various sources. They help maintain the flavor profile and enhance texture when added in food products. The increasing demand for convenience and processed foods has propelled the use of mineral salt ingredients as preservatives and texture agents.
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 Opportunity:
The versatile application of mineral salt ingredients in various food categories presents a major market opportunity. Their usage in bakery products improves structure, texture and extends shelf life. In meat products, mineral salt ingredients function as preservatives and ensure uniform distribution of flavors. They are extensively utilized in snacks and packaged foods due to long shelf life and cost-effectiveness. Moreover, the rising demand for clean label, traceable and natural ingredients is driving innovation of mineral salt ingredients sourced from different origins. The growing market for convenience foods worldwide will continue to drive the demand for mineral salt ingredients owing to increased usage in various food applications.
Porter's Analysis
Threat of new entrants: The mineral salt ingredients market requires significant investment to set up production facilities and processes. Established players have strong brand recognition and economies of scale which poses entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power as mineral salt ingredients have applications across diverse industries. Buyers can negotiate on price and favor suppliers offering value-added services.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternatives. Supply contracts and regulations ensure steady supply of raw materials.
Threat of new substitutes: Few alternatives exist for mineral salt ingredients used as preservatives, nutrient supplements, and flavor & texture enhancers. Alternatives require changes to established product formulations.
Competitive rivalry: The market is competitive due to presence of large global players. Players differentiate through proprietary extraction & processing technologies, customized product portfolios, and expansion into emerging markets.
SWOT Analysis
Strength: Wide applications in food processing, animal feed, pharmaceuticals and personal care products ensure consistent demand. Proprietary production technologies provide competitive edge.
Weakness: Regulatory scrutiny and need for product innovation to replace table salt consumption patterns. Fluctuating raw material prices affect margins.
Opportunity: Growth in processed food markets in developing nations. Product development for fortified and clean label offerings catering to changing consumer preferences.
Threats: Stringent purity and composition standards increase compliance costs. Supply disruptions due to geopolitical issues or natural calamities affect continuity of operations.
Key Takeaways
The Global Mineral Salt Ingredients Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing demand for processed and fortified foods worldwide.
Regional analysis for Asia Pacific comprises the largest share of over 35% of the global market in 2023. Presence of major emerging economies, growing middle class, and shift towards western diets supplement market growth. China contributes significantly to overall APAC demand.
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. Players focus on expanding production capacities, strategic acquisitions and new product development to strengthen market position and cater to evolving demand.
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