by 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 used as an alternative to sodium chloride or table salt. They help reduce sodium intake and thus are beneficial for health-conscious consumers. Salt substitutes are usually potassium-based and do not possess the same salty taste as table salt. They contain potassium chloride or magnesium chloride which mimics the flavor while containing little to no sodium. The increasing cases of hypertension and cardiovascular diseases worldwide has raised health concerns regarding high salt intake. As per the WHO, reducing salt intake is one of the most cost-effective ways to prevent cardiovascular diseases and strokes. This growing focus on lowering sodium consumption is driving sales of salt substitutes.
Market key trends:
Rising health awareness- Growing consumer awareness about the ill effects of excessive salt intake in diet is fueling the demand for salt substitutes globally. As per the American Heart Association, consuming less than 2,300mg of sodium daily can help reduce blood pressure and thus lower heart disease risk. This has prompted many households to replace table salt with low sodium substitutes.
Innovative product portfolio- Manufacturers are investing in R&D to develop varied salt substitute products catering to customer needs. For example, potassium chloride-based substitutes for cooking applications and magnesium chloride-based options for seasoning foods. Flavor enhancers are also being added to improvise taste. This wide range of products addressing different usage occasions is boosting market revenues.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants in low in the salt substitutes market as it requires high R&D investment and established distribution channels. The market is dominated by few major players.
Bargaining power of buyers: The bargaining power of buyers is high as the product is a commodity and buyers can easily switch between various brands. Buyers can negotiate on price owing to availability of substitutes.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the key raw materials like potassium chloride, calcium compounds are available and switching costs are low for suppliers.
Threat of new substitutes: The threat of new substitutes is moderate as alternatives like reduced sodium salt and seasoning mixes can be used as substitutes. However, customer loyalty and regulations restrict major substitutions.
Competitive rivalry: is high owing to presence of global and regional players competing on basis of new product innovation, quality and price.
Key Takeaways:
The global Salt Substitutes Market Size is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing health awareness about cardiovascular risks associated with high salt intake.
Regional analysis:
North America is expected to dominate the salt substitutes market during the forecast period. The growing health-conscious population and high awareness about sodium-reduced diet in the region is expected to drive the demand. Asia Pacific is expected to grow at the fastest rate during the forecast period owing to rising disposable incomes, growing middle class and changing lifestyle in countries like India and China.
Key players:
Key players operating in the salt substitutes market are 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. Cargill Inc. is one of the leading players offering wide range of salt substitute products in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
