What is the projected market size of the global Gourmet salt market?
The global gourmet salt market is projected to be valued at USD 477.40 million by 2028, recording a CAGR of 6.17% during the forecast period. The growth of the gourmet salt market is anticipated to be driven by several factors during the forecast period from 2021 to 2028. Salt has always been a common household staple and commodity across the globe. However, there has been a gradual transformation of common cooking ingredients into a gourmet item that has multiple origins and processing methods. Owing to the rarity and high production cost, the price labels of gourmet salt is always 15-20 times higher than table salt. For instance, few exotic varieties of gourmet salt are sold for more than USD 20/ounce as compared to regular table salt at USD 0.02/ounce. There has been a gradual reduction in salt usage across the world where food manufacturers are focusing on cutting salt in their production processes. The US has seen falling sodium levels in certain product categories such as 14% decrease in potato snacks, 23% fall in snack mixes, and nearly 11% decrease in bread and bread products.
Worldwide lockdown due to the outbreak of COVID-19 has affected the production process of gourmet salt, which has highly impacted the supply of the raw materials required to produce gourmet salt. This has led to the increased prices of raw materials for the manufacturers of gourmet salt. Moreover, the COVID-19 impact on logistics is also expected to contribute to the increased prices of raw materials. With barriers in the cross-border transportation of commodities in this pandemic situation, the manufacturers are highly dependent on local raw material suppliers, which increases the bargaining power of the suppliers. Thus, the increased raw material prices would lead to an increased price of gourmet salt in the next couple of years.
Market Research Future has recognized the following companies as the key players in the global gourmet salt market: Morton Salt, Inc. (US), Saltworks, Inc. (US), Cargill, Inc. (US), Murray River Gourmet Salt (Australia), Cheetham Salt Ltd. (China), Alaska Pure Sea Salt Co. (US), Amagansett Sea Salt Co. (US), Infosa (Spain), Pyramid Salt Pty.Ltd. (Australia), Maldon Crystal Salt Company Ltd (UK).
The global gourmet salt market has been segmented based on product type, category, claim, application, and region.
By product type, the global gourmet salt market has been divided into Himalayan salt, fleur de sel, sel gris, smoked roasted salt, flavored salt, and others. The Himalayan salt segment accounted for the largest gourmet salt market share in 2020. Himalayan salt is the purest form of salt which is widely available as pink coloured crystals. This type of gourmet salt are hand selected, hand crushed, and sun dried which makes them a rich source of minerals and amino acids. Himalayan salt also offers a good source of calcium and iron. One serving of Himalayan salt contains 0g sugar, 0g trans fat, and 0mg cholesterol. Growing health concerns among consumers are expected to drive the sales of Himalayan salt segment during the years to come.
On the basis of category, the global gourmet salt is segment on the basis of refined and un-refined. The un-refined segment captured the lion’s share and is also expected to grow at a faster rate during the forecast period. Gourmet salt differ from table salt majorly on the basis of refining. Gourmet salt are usually un-refined as the trace minerals retained offer unique taste and flavor.
Based on claim, the global gourmet salt market analysis has been segmented as organic, sodium free/low sodium, and conventional. The organic segment is projected to exhibit the highest CAGR of 6.28% during the forecast period. Since salt is a mineral, therefore there are no such organic certifications set by governmental regulations. However, gourmet salt harvested in a natural and safe environment are labelled as organic. Organic gourmet salt are harvested entirely by hand by using wooden tools. Moreover, the ponds and salt mines from which gourmet salt are harvested are located in nature reserve that are at a safe distance from roads and industrial areas to maintain pollution-free environment. Increasing demand for clean label ingredients are majorly aiding to the growth of organic gourmet salt market revenue across the globe.
Based on application, the global gourmet salt market size has been segmented into bakery confectionery; meat, poultry, seafood; soups, sauces, savory; and others. The meat, poultry, and seafood segment accounted for the largest market share in 2020. The bakery confectionery segment captured the second largest market share in the same year. Salt helps in binding meat proteins together which leads to the formation of a desirable gel texture upon cooking. Gourmet salt are widely added in meat dishes such as roasted chicken, grilled beef, BBQ pork, and smoked fish for an added smoky flavor and unique taste. Wide applications of gourmet salt in food beverages is boosting the market growth across the globe.
Geographically, the global gourmet salt market has been categorized as North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, Europe constituted a dominant share of the gourmet salt market in 2022. Improvements in the lifestyles of the consumers prompt them to consume natural and healthy alternatives, which is fueling the growth of the regional gourmet salt market. Additionally, consumers have now become conscious regarding the ingredients that are used in daily cooking, such as salt and cooking oil, which in turn is positively impacting the growth of the gourmet salt market in Europe. Also, the market in Asia-Pacific offers lucrative opportunities for manufacturers of gourmet salt owing to rising rate of globalization which is creating a traction for foreign cuisines in the region. The key manufacturers in North America emphasize promotional activities through cooking shows and celebrity endorsements to drive the sales of gourmet salt. Furthermore, innovations in gourmet salt in terms of added flavor and taste is accelerating the growth of the North American market. The Middle East Africa gourmet salt market is projected to register a slow growth during the forecast period. Limited advancements in technology and low per capita spending capacity of the population in Africa are curbing the regional market growth.
Key Findings of the Study:
- The global gourmet salt market is projected to register a growth rate of 6.17% from 2021 to 2028.
- The Himalayan salt segment is estimated to retain its prominent share till 2028. The smoked roasted salt segment is projected to record the highest CAGR of 6.41% during the forecast period.
- The un-refined segment accounted for the larger market share in 2020 and is also estimated to register a higher growth rate during the forecast period.
- The organic segment is expected to register the highest growth rate during the forecast period.
- The meat, poultry, seafood segment is estimated to retain its dominant share till 2028, whereas the others segment is estimated to register a highest growth rate during the forecast period.
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