Market Overview:
Salt substitutes are food additives used as an alternative to table salt (sodium chloride) in reduced and reduced sodium products. Salt substitutes help to enhance flavor without adding sodium and are often made from potassium chloride or magnesium sulfate which mimic the taste of salt. The increasing health consciousness among consumers about reducing sodium intake is fueling the demand for salt substitutes. According to a report by World Health Organization (WHO), reducing sodium intake to less than 2,000 mg per day can help prevent hypertension.
Market key trends:
One of the key trends in the salt substitutes market is the surge in demand for clean label and natural products. Consumers are increasingly preferring food products with simple and recognizable ingredients. This has prompted manufacturers to develop salt substitutes from natural sources like herbs and spices. For instance, Accent Flavor Innovations offers NoSalt seasonings made from garlic, onion and paprika to provide savory taste without the sodium. Moreover, the rising incidence of chronic diseases due to high salt consumption is also driving the demand for healthier salt alternatives made from sources like potassium chloride and calcium chloride. According to WHO report around 1.13 million deaths occur annually due to excessive sodium intake. This is expected to propel the salt substitutes market growth over the forecast period.
The global Salt Substitutes Market Trends is estimated to be valued at US$ 1.16 Billion in 2023 and is expected to exhibit a CAGR of 5.67% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the salt substitutes market is moderate. The capital requirement to enter the market is high owing to strict regulations and standards for food products.
Bargaining power of buyers: The bargaining power of buyers is high in this market as salt substitutes are available from several manufacturers in different forms. Buyers can easily switch between brands based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key raw materials like potassium chloride and yeast extracts are available from a few specialized suppliers globally.
Threat of new substitutes: The threat of substitutes is low as salt substitutes offer a unique proposition of reducing sodium intake without compromising on taste. No direct substitute matches the functional benefits of salt substitutes.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of several established players globally offering varied product ranges. Players compete based on new product innovations, quality, and pricing.
Key Takeaways
The global salt substitutes market is expected to witness high growth, exhibiting CAGR of 5.67% over the forecast period 2023-2030, due to increasing health consciousness among consumers regarding sodium intake. The market size for 2021 was US$ 1.09 Billion.
Regionally, North America dominated the global salt substitutes market in 2021 accounting for around 35% of market share owing to the growing obese and hypertensive population. Asia Pacific is expected to be the fastest growing region during the forecast period with China and India emerging as lucrative markets.
Key players operating in the salt substitutes market are Cargill Inc., Nu-Tek Food Sciences LLC, Koninklijke DSM N.V., Montana Industrie Holding A.G., Angel Yeast Co. Ltd., Tate & Lyle Plc, and Innophos Holding Inc. Key players are focusing on expansion in emerging economies through partnerships with local food processing companies.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
