In a new publication, Future Market Insights (FMI) projects that in terms of value, the global micronized salt market revenue will expand at a CAGR of 3.6% during the forecast period. In terms of revenue, the global micronized salt market accounted for US$ 2,319.0 Mn in 2018 and is anticipated to increase to reach US$ 3,305.8 Mn by 2028. A detailed competition assessment and revenue forecasts for a period of 10 years from 2018 to 2028 are elaborated with respect to each segment and sub-segment of the global micronized salt market.
The micronized salt market is segmented based on grade and application. By grade, the micronized salt market is segmented into purity 98% 99.5% and purity above 99.5%. Among both of these segments, purity above 99.5% is expected to dominate in the global micronized salt market both in terms of value and volume during the forecast period. By application, the micronized salt market is segmented into bakery & confectionery products, meat, poultry & seafood, milk & dairy products, beverages, canned/preserved fruits & vegetables, prepared meals and others. Among all these segments, bakery & confectionery products is expected to account for the largest value share followed by the meat, poultry & seafood segment by 2028 end.
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Micronized Salt Market: Segmental Insights
By region, the market in North America is the largest in terms of volume but the market in China is expected to exhibit high growth opportunities owing to a growing industrial sector and increasing consumption in households.
By type, the high purity segment (above 99.5%) is likely to lead the global market with a high market share and value; this segment is also expected to grow at a robust rate over the forecast period.
By end use, the bakery and confectionery segment is expected to surpass all the other segments owing to high demand for micronized salt for the preparation of baked goods, breads, snacks and other products. However, the prepared meals segment is projected to grow at a higher growth rate of 4.6% during the forecast period owing to the greater per capita consumption of high quality prepared meals incorporating pure salt.
Factors Influencing Growth in Demand for Micronized Salt
The growth of the global micronized salt market is influenced by a plethora of factors. The magnitude of these factors and their impact changes from one region to another, thereby impacting the growth of the market in the assessed geographies. Various factors contributing to the growth of the global micronized salt market include increasing production of beverage products and processed food, demand for low sodium content salt, an expanding food and beverage sector across the globe, rising production of preserved and processed meat products, and increasing demand for micronized salt from the household sector, among others.
However, the advent of salt substitutes, high costs of micronized salt, and abundance of alternatives such as high purity solar salt are posing challenges to the growth of the global micronized salt market.
Detailed profiles of some of the companies operating in the micronized salt market are included in the scope of the micronized salt market report to evaluate their long-term and short-term strategies, key offerings and recent developments in the micronized salt market. Micronized salt manufacturers include K+S Aktiengesellschaft, Ciech S.A.., Tata Chemicals Ltd., AkzoNobel N.V., INEOS Group Limited, Dominion Salt Limited, AB Hanson & Mohring, Cerebos Ltd, Kensalt Ltd., Cheetham Salt Limited, ACI Limited, WA Salt Group, Cerebos Ltd, Infosa, Nirma Limited, Zoutman NV, BGR International Ltd., China Salt Jintan Co., Ltd., Australian Saltworks and Suedwestdeutsche Salzwerke AG among others.
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