by Mineral salt ingredients include important minerals like calcium, magnesium, sodium and potassium which are essential for human nutrition and health. They are widely used as food additives in various food products like bakery, confectionery, cereals and dietary supplements to enhance taste and act as functional ingredients. Mineral salt ingredients play a vital role in managing blood pressure, bone health, hydration and electrolyte balance in the human body. The global mineral salt ingredients market is primarily driven by their indispensable usage in daily diets. Processed food manufacturers are increasingly incorporating mineral salt ingredients during formulation to add nutritional value.
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 Dynamics:
The mineral salt ingredients market is witnessing high growth owing to increasing demand from the food industry. Rising health consciousness and changing dietary patterns have fuelled the usage of mineral salt ingredients in diverse food applications. According to data by the United Nations Food and Agriculture Organization, global processed food sales reached US$ 2 trillion in 2020 and are expected to grow by 4% annually till 2025. This rising demand for processed food worldwide is boosting consumption of mineral salt ingredients. Furthermore, mineral deficiencies are widely prevalent which has augmented the adoption of mineral salt ingredients as supplements. For instance, according to a study by the Centers for Disease Control and Prevention (CDC), more than 50% of Americans do not attain the recommended daily intake level of magnesium. The need to overcome mineral deficiency through dietary intake is thereby driving the mineral salt ingredients market.
SWOT Analysis
Strength: The mineral salt ingredients provide various health benefits which drives their demand. They are used as nutrient supplements and perform important biological functions in the body. Several minerals salts have therapeutical properties to cure diseases. The market has established distribution and supply chain to ensure wide availability of products.
Weakness: High prices of premium mineral salt products limit their adoption in price sensitive regions. Requirement of specific production standards and regulations increases operational costs for manufacturers.
Opportunity: Growing health conscious population is shifting towards consuming fortified and nutritious food products. Technical advancements may lead to development of innovative product formulations with mineral salts.
Threats: Fluctuations in raw material prices can impact the overall costs. Certain alternative ingredients can substitute mineral salts in few applications.
Key Takeaways
The Global Mineral Salt Ingredients Market Demand is expected to witness high growth. The market size is projected to reach US$ 15.32 billion by 2030, growing at a CAGR of 4.6% during forecast period. Rising awareness about importance of maintaining electrolyte and mineral balance drives the demand of products.
Regional analysis: Asia Pacific dominates the global mineral salt ingredients market and accounted for over 35% market share in 2023. Countries like China, India has large consumer base and growing health supplement industry. Increasing disposable income is contributing to regional market growth. North America and Europe also have major market on back growing need for nutritious fortified food products.
Key players: Key players operating in the mineral salt ingredients market are Morgan Advanced Materials, Mersen, TOYO TANSO, SGL Group, NAC Carbon Products, Graphite India Limited, Superior Graphite, Qingdao Tennry Carbon Co., Ltd., Zircar Ceramics and Schunk Group. Key players are focusing on new product launches with novel formulations and ingredients 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
