The global 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 essentially products which are used as an alternative to table salt/sodium chloride. They allow consumers to reduce their sodium intake while maintaining the salty taste. Salt substitutes are primarily composed of potassium chloride which has similar taste profile to that of table salt but contains little to no sodium.
Market key trends:
One of the major trends in the salt substitutes market is the rising demand for clean label and natural ingredient-based products. Consumers are increasingly preferring foods with natural ingredients and opting for alternatives to processed foods high in sodium, sugar, and chemicals. This shifting preference towards natural and organic products is encouraging food manufacturers to focus on developing clean label salt substitutes using ingredients like herbs, spices and potassium lactate which do not require any chemical processing. For example, companies are offering salt substitutes made from seaweed, orange essence or Himalayan pink salt.
SWOT Analysis:
Strengths: Wide availability of low-cost raw materials to produce salt substitutes. Growing health hazards of high salt intake are driving increased adoption.
Weaknesses: Certain salt substitutes have an unpleasant aftertaste which limits user experience. High capital investments are required to set up manufacturing plants.
Opportunities: Scope for product innovation and development of blended formulas for enhanced taste. Growing vegan consumer base favors plant-based salt substitutes.
Threats: Customer loyalty towards table salt continues to be a challenge. Price sensitivity may limit sales of premium substitutes.
Key Takeaways:
The global Salt Substitutes Market Size was valued at US$ 1.22 Bn in 2023 and is expected to reach over US$ 2 Bn by 2030, expanding at a CAGR of around 6.1% during the forecast period. The high growth can be attributed to rising awareness about health risks associated with excessive salt intake such as hypertension.
Regionally, North America accounted for the highest share in the salt substitutes market in 2023 due to large health-conscious consumer base. However, Asia Pacific region is anticipated to witness fastest growth due to growing population, rising disposable income, and increasing influence of Western food habits.
Key players operating in the salt substitutes market include 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. These companies are focusing on new product launches and partnerships to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
