Mineral salt ingredients are essentially mineral compounds that are usually derived from minerals like calcium, potassium, sodium, magnesium, iron and others. These ingredients are widely used in enhancing flavor, texture and color in food products. With rising focus on preventive healthcare and chronic disease prevention, demand for food products rich in essential minerals has increased substantially. Mineral salt ingredients help food manufacturers fortify their products with important micronutrients.
The global Mineral Salt Ingredients Market is estimated to be valued at US$ 10.56 billion in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
Rising health conscious consumer base presents a major market opportunity for mineral salt ingredients. With growing awareness about importance of diet in disease prevention and management, consumers are increasingly seeking foods fortified with essential vitamins and minerals. According to recent studies, over 60% of global population is deficient in important micronutrients like iron, iodine, zinc, calcium and magnesium. This represents a massive market potential for food products enriched with mineral salt ingredients. Food manufacturers can capitalize on this trend by launching new product lines fortified with mineral salt ingredients. They may also strategically market their existing product range as a healthy option to meet daily micronutrient requirements. This is expected to significantly boost demand for mineral salt ingredients over the forecast period.
Porter’s Analysis
Threat of new entrants: The mineral salt ingredients market requires high capital investment to produce high-performance materials and alloys. Also, established manufacturers enjoy economies of scale which makes entry difficult for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute materials. However, mineral salt ingredients have certain performance advantages over substitutes for specialized applications.
Bargaining power of suppliers: Suppliers of raw materials like graphite and other minerals have moderate bargaining power due to the differentiated nature of materials and limited supplier base for high-purity grades.
Threat of new substitutes: Potential threat from substitute materials like ceramics and composites which can replace graphite and other mineral salts in certain non-specialized applications.
Competitive rivalry: Intense competition among established players to gain market share and diversify across industries through innovation.
SWOT Analysis
Strength: High thermal and electrical conductivity properties make them suitable for specialized applications. Wide availability of raw materials.
Weakness: High R&D and capital costs. Supply chain disruptions can impact production.
Opportunity: Growing demand from industries like semiconductor manufacturing, aerospace and automotive. Expanding into developing markets.
Threats: Stringent environmental regulations. Substitution threat from newer materials.
Key Takeaways
The Global Mineral Salt Ingresdients Market Demand is expected to witness high growth over the forecast period of 2023-2030.
Regional Analysis: The Asia Pacific region currently dominates the market owing to high demand from industries like electronics and electrical equipment manufacturing. China is the largest producer as well as consumer while other Asian countries like Japan, South Korea and India are also major markets.
Key players operating in the Mineral Salt Ingredients market are Morgan Advanced Materials (UK), Mersen (France), TOYO TANSO (Japan), SGL Group (Germany), NAC Carbon Products, Inc. (USA), Graphite India Limited (India), Superior Graphite (USA), Qingdao Tennry Carbon Co., Ltd. (China), Zircar Ceramics (USA) & Schunk Group (Germany). The key players are focusing on expanding their production capacities and diversifying their product portfolio to capitalize on opportunities across different end use industries.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
