Gourmet Salts Market size exceeded USD 1 billion in 2016 and is set to exceed 120 kilo tons by 2024.
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Rapid urbanization, changing lifestyles and increasing processed food production will drive gourmet salts market size. The product will contribute a major share in food application owing to gradual change in dietary patterns over the forecast period.
High consumption of mineral salts leads to hypertension and cardiovascular illness. As per Global Health Observatory (GHO), globally high blood pressure caused over 7 million deaths in 2015. Population aged 25 and above accounted for over 40% of the global high blood pressure instances. Low sodium content along with mineral presence will remain key factors fueling gourmet salts penetration over its conventional counterpart.
On trade food industry expansion owing to change in consumer demographic & lifestyle will support the product business growth. Global restaurant industry generated over USD 3 trillion revenue in 2016 with the U.S. contributing over USD 750 billion in the same year.
|Market Size in 2016:||1 Billion (USD)|
|Forecast Period:||2017 to 2024|
|2024 Value Projection:||1.5 Billion (USD)|
|Historical Data for:||2013 to 2016|
|No. of Pages:||260|
|Tables, Charts & Figures:||159|
|Segments covered:||Product, Application and Region|
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Rising wave of westernization and growing popularity of natural or organic food products are the key factors driving the gourmet market on a global level. Increase in consumer willingness to spend high price on gourmet food owing to rising consumer taste development for specialty and artisanal food has favored industry growth.
Globally, gourmet salts industry share witnessed high market demand from bakery & confectionary, meat processing, seafood, and sauces & savories segments. Texture & flavor enhancement, better solubility, and presence of mineral are key properties stimulating product market demand. According to FDR guidelines, salt usage should not exceed 0.01% of potassium iodine. In addition, WHO also states that the limit of saline intake is to be reduced around 30% by 2025. These all factors will favor gourmet salts market demand.
The logistics cost of the product is higher than conventional salt as it requires proper care and handling during transportation. Gourmet salts availability is limited owing to small-scale production. The harvesting, processing, labeling, merchandising, and transportation cost is higher as a result product prices are significantly more than conventional salt.
Gourmet salts are expensive due to their distinct flavors, mineral content, colors, and appeal that add value to the dish. The prices also depend on the fact that they are hand-harvested from a typical sources and exotic places. These may hinder the growth of gourmet salts market outlook.
Fleur De Sel accounted for over 35% of the overall gourmet salts market share in 2016. Strong application potential in salads, roasted meats and vegetable dishes is will support product demand. The product has wide acceptance in bakery products for seasoning caramels, bread, and chocolates owing to exotic flavor, high mineral content, better solubility, and moisture.
Sel Gris will witness market growth over 8% GAGR up to 2024. The product finds usage in cooking and garnishing product. Sel Gris is perfectly suited for heartier foods, such as seasoning both meats and vegetables as it does not pull out moisture from food.
Meat & poultry processing application will surpass USD 500 million by 2024. The meat consumption is anticipated to surge in Asia Pacific with increasing disposable income and increasing focus on healthy lifestyle in the coming years.
Strong application potential in meat processing and preservation of canned meats, hams, roasts, meatballs, and fish will favor gourmet salt market growth. According to OECD, meat consumption in developed countries on average is around 80 kilograms per person compared to 32 kilograms per person in developing countries.
Bakery & confectionery is observed to be the fastest growing application increasing at over 8.5% CAGR through to 2024. The product has wide acceptance in bakery & confectionery owing to its enhancing food taste, distinct flavor, appearance, color, and aroma properties.
Europe, driven by Germany and UK dominated the gourmet salts industry demand and accounted for over 35% in 2016. Surge in demand for nutritional food items with the aging population to increase the life expectancy level will benefit product demand. Currently, the region accounts for more than 24% of the population aged over 60.
China gourmet salts industry size was valued at over USD 50 million in 2016. Upsurge in meat consumption owing to rising population and high standard of living will propel regional gourmet salts market growth. In 2015, Asia Pacific was the largest meat and processed meat consumer accounted for more than 65% of the global demand. According to recent statistics, an average Chinese person consumes 60 kg of meat per year.
LATAM will register above 6% CAGR up to 2024, with brazil and Mexico being the major contributor. Seafood industry expansion owing to increase in tourism will open new avenues for the gourmet salts industry growth. Stringent government policies pertaining to health will support product demand. For instance, Mexico City to raise awareness of hypertension and other diseases in society owing to consumption of sodium diets permanently bans salts shakers in pubs, restaurants, and cafes.
Competitive Market Share
Global gourmet salts market key players include Cargill, Infosa, San Francisco Saltsworks, Mortan, Murray River, Amagansett, Pyramid, Alaska, Maldon Crystal, and Devonshire. The market of this industry is competitive in nature owing to the presence of a limited number of manufacturers.
Companies are engaged in collaboration and partnership with high-end restaurants, which will provide an opportunity for them to increase their footprint. In order to capture a bigger share companies are anticipated to increase their supply chain network across North America and Asia Pacific. Entry of new industry players will increase gradually due to high-profit margin over the forecast period.
Gourmet Salts Industry Background
Gourmet salts are naturally occurring mineral which possesses exotic flavors and textures depending upon their original source. The product is different from conventional counterparts in terms of mineral and moisture content with aromatic and aesthetic qualities.
In last few years, global consumption of saline in food items witnessed a steady downward market trend. Food experts urged customers to check product labels and choose items with lower saline content. Restaurant industry making efforts to reduce saline content in their food offerings as a result product will witness significant gains in the market forecast period.