The Salt Substitutes Market is estimated to be valued at US$ 1.22 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Salt substitutes are products used as an alternative to table salt (sodium chloride). They are used to enhance the taste in food products without increasing the sodium content. Salt substitutes help maintain the original taste of food but with low sodium content which is important for health-conscious consumers. Growing health awareness among consumers regarding cardiovascular diseases associated with high sodium intake is increasing the demand for salt substitutes.
Market key trends:
One of the key trends driving the growth of salt substitutes market is increased health awareness among consumers. Excessive sodium intake is associated with various health risks such as high blood pressure, heart disease, and stroke. As a result, consumers are looking to reduce their sodium consumption by replacing table salt with substitutes. According to the American Heart Association, nearly half of the US population suffers from heart disease. This has raised consumer awareness about managing sodium intake through their diets. Salt substitutes allow consumers to enjoy salty flavor without compromising health, thereby supporting the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and availability of substitutes pose a threat of new entrants. However, established players enjoy economies of scale and brand recognition.
Bargaining power of buyers: Buyers have significant bargaining power due to availability of substitutes and undifferentiated products. However, buyers prefer reputed brands for quality and reliability.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute raw materials. However, suppliers of specialty ingredients enjoy some bargaining power.
Threat of new substitutes: Alternative salt substitutes pose a significant threat. Substitutes such as spices, herbs, and seasonings offer health and flavor benefits.
Competitive rivalry: Intense due to many global and regional players competing on pricing and innovation.
SWOT Analysis
Strengths: Growing health consciousness. Wide applications in food processing industry.
Weaknesses: High costs compared to table salt. Negative perception of unusual/unfamiliar taste.
Opportunities: Increasing sodium-conscious population. Product innovations to enhance taste and functionality.
Threats: Stringent regulations. Vulnerability to input price volatility. Competition from alternatives.
Key Takeaways
The global Salt Substitutes Market Size is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing health awareness among consumers regarding sodium intake. The North America salt substitutes market accounted for largest share in 2023 and is expected to continue its dominance during the forecast period, owing to increasing obese and diabetic population in the US and Canada.
The Asia Pacific salt substitutes market is expected to grow at fastest CAGR during the forecast period. China, India, Japan, and Australia & New Zealand are major contributors to the regional market growth. Increasing health consciousness among millennial population due to rising living standards is expected to drive the demand.
Key players operating in the salt substitutes market are Cargill Inc., Nu-Tek Food Sciences LLC, Koninklijke DSM N.V., Montana Indusrie Holding A.G., Angel Yeast Co. Ltd., Tate & Lyle Plc, and Innophos Holding Inc. Players focus on new product launches, expansion into emerging markets and strategic acquisitions to gain higher share.
Read More: https://www.rapidwebwire.com/salt-substitutes-market-demand-growth-and-regional-outlook/
