Salt substitutes are alternatives for table salt that contain little or no sodium chloride. Salt substitutes help people reduce their sodium intake without compromising on taste. They help control blood pressure and reduce risks of heart diseases and stroke. Growing health concerns regarding high sodium intake has increased demand for no or low sodium food products. Salt substitutes contain potassium chloride or calcium chloride and natural flavors that mimic the taste of salt without negative health effects. They are used in cooking as well as on food items to enhance taste.
The global salt substitutes market is estimated to be valued at US$ 1.41 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
Rising health consciousness is a major driver for the salt substitutes market. With growing awareness about risks of excessive salt intake, consumers are changing eating habits and preferring low sodium food options. According to several studies, high sodium intake increases blood pressure and risk of heart diseases and stroke. The WHO recommends daily sodium intake of less than 2,000mg which is equivalent to 5 grams of table salt. However, average sodium consumption worldwide exceeds 3,000mg per day. This disconnect between recommendations and actual intake has raised alarms among health organizations as well as consumers. Salt substitutes provide a convenient and tasty alternative to reduce sodium intake. As health continues to be a top priority, demand for salt substitutes as a healthier table condiment is expected to increase significantly over the forecast period.
Porter's Analysis
Threat of new entrants: Low capital requirements and availability of raw materials create threat of new entrants in the salt substitutes market. However, established players have strong brand recognition and distribution network.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitute products. Buyers can switch to regular table salt or seasonings.
Bargaining power of suppliers: Suppliers including ingredient manufacturing companies have moderate bargaining power due to availability of substitute raw materials.
Threat of new substitutes: High as regular table salt, seasonings are used as substitutes. Additionally, low-sodium salt is emerging as new substitute.
Competitive rivalry: High due to strong presence of some global and regional players. Players compete on basis of new product innovations, flavors, and marketing.
SWOT Analysis
Strength: Growing health awareness about reducing salt intake. Wide range of product offerings in terms of flavors and formats.
Weakness: High pricing of salt substitutes limits adoption. Reliance on few major global players increases supply risks.
Opportunity: Rising obese and hypertensive population increases market potential. Product extensions in convenience food categories.
Threats: Price fluctuations of raw materials affect production costs. Strong bargaining power of buyers poses pricing challenges.
Key Takeaways
The global Salt Substitutes market Growth is expected to witness high growth over the forecast period due to increasing obese and hypertensive population worldwide. The global salt substitutes market is estimated to be valued at US$ 1.41 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031.
Regional analysis - North America currently dominates the global salt substitutes market led by the US and Canada. This is attributed to factors such as growing health awareness among consumers regarding reducing salt intake. Asia Pacific market is expected to grow at fastest pace during the forecast period. China and India are emerging as high potential markets in the region supported by rising disposable income, healthcare expenditures and growing obese population. Furthermore, increasing collaborations between international brands and local players will aid market growth. Other regions including Europe, Latin America, and Middle East & Africa also offer lucrative opportunities for players operating in the salt substitutes market.
Key players operating in the salt substitutes market are Keysight Technologies Inc., Rohde & Schwarz GmbH & Co. KG, Agilent Technologies, Inc.,Anritsu Corporation, TDK-Lambda Corporation, Advanced Energy Industries, Inc., Tektronix, Inc., Amplifier Research (AR),Thales Group, Teradyne, Inc., National Instruments Corporation, AMETEK, Inc., Boonton Electronics (Wireless Telecom Group), Electronics & Innovation, Ltd. Major players focus on new product innovations with varied flavors to cater to changing consumer preferences. Additionally, companies partner with food processing industry and restaurants to expand adoption of salt substitutes.
Explore more related article on this topic: https://www.ukwebwire.com/salt-substitutes-market-size-analysis/
https://blogger-veritas.blogspot.com/2024/01/the-global-bioinformatics-market-growth.html
