Gourmet Salt Market Overview
Gourmet Salt market size was
valued at $ 3,938 million in 2020, and is anticipated to grow at a CAGR of 4.81% during the forecast period 2021-2026. Gourmet salts are unrefined, comparatively high-quality salts with a low sodium content derived from a natural source. These salts are of various types such as fleur de sel, sel gris, himalayan salt, flake salt, specialty salt and others. This salt is used in cooking various cuisine to increase the flavor of food as well as to make it more attractive to the eye. It is also used to improve the texture and flavor of food. Gourmet salts have an advantage over regular table salt due to properties like high mineral content and high solubility. Gourmet salts are utilized in a wide range of applications, including bakery, confectionery, savory, poultry, and seafood which aids in the enhancement of the organoleptic properties of the food thereby, appealing to the customers. The Gourmet Salt market is growing owing to the increased awareness and health consciousness among the people, the demand for processed food production is increasing. Hence, the food manufacturers produce processed food products, which in turn help stimulate market growth over the forecast period 2021-2026. However, high cost and lack of awareness in developing countries which is poised to hinder the Gourmet Salt market growth.
Report Coverage
The report: “Gourmet Salt Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Gourmet Salt Market:
By Type: Fleur de Sel, Sel Gris, Himalayan Salt, Flake Salt, Specialty Salt and Others.
By Application: Bakery & Confectionery, Meat & Poultry Products, Seafood Products, Sauces & Savory and others.
By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC (China, Japan, India, South Korea, Australia and Others), South America(Brazil, Argentina and Others) and RoW(Middle East and Africa).
Key Takeaways
- Geographically, Asia Pacific region held the highest market share of 35.34% in 2020.
- The factors such as the increasing consumer awareness regarding the positivity of Gourmet Salt coupled with rising use of processed food products across the globe are amongst the major factor projected to impel growth of Gourmet Salt market.
- Additionally, factors such as companies investing in product innovations to improvise and evaluate their product portfolio through technological up gradations thereby, obtaining varying formulations, taste and flavors at all levels are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
Gourmet Salt Market Segment Analysis - By Product Type
On the basis of product type, sel gris segment accounted for the largest segmental revenue of the Gourmet Salt market in 2020. The large share can be attributed to the fact that Gourmet Salt are currently preferred as it promotes a restful sleep pattern and has a calming effect on the central nervous system which thus accelerates the growth of the Gourmet Salt market. Moreover, the product can be used in cooking and as a garnish owing to the fact that it does not absorb moisture from food and hence, is ideal for flavoring heartier dishes like meats and vegetables.
On the other hand, Fleur De Sel segment is projected to dominate over the forecast period 2021-2026 with a CAGR of 4.3% as the product demand is poised to be supported by the product's strong application potential in salads, roasted meats, and vegetable meals. Owing to its unique flavour, high mineral content, improved solubility, and wetness, the product is often used in bakery items for flavouring caramels, bread, and chocolates., which are also aiding further increase in the growth of this market.
Gourmet Salt Market Segment Analysis - By Application
In 2020, on the basis of application, Bakery and Confectionery segment accounted for the largest segmental revenue of the Gourmet Salt market on account of the factors such as growing demand for gourmet salts in confectionery, availability of choice of flavour, increase in the inclination towards a sedentary lifestyle, increase in the product launches and innovations and rise in the disposable income of individuals are to cater the market revenue for the segment.
On the contrary, sauces and savories segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 4.6% since there is an increase in the standard of living, shift in the consumption patterns of foods and growing demand for innovative products in sauces and savories which is also set to increase the growth of the market during the forecast period 2021-2026.
Gourmet Salt Market Segment Analysis - By Geography
Asia Pacific is the major region dominating the Gourmet Salt market with a market share of 35.34% in the year 2020. This can be attributed growing demand for gourmet salts in bakery industry. Moreover, upsurge in meat consumption owing to rising population and high standard of living are rising the demand for Gourmet Salt market. Apart from this, increase in the disposable income of individuals, increase in the demand for convenience foods and increase in the investment by the major companies are also to pave for its growth.
On the other hand, North America is projected to be the significant-growing market during the forecast period 2021-2026 health consciousness among individuals, increase in the inclination towards taste, sedentary lifestyle and increase in the product launches and innovations, leading to an increased demand for Gourmet Salt in the region.
Gourmet Salt Market Drivers
Rising Demand For High-Quality Premium Foods
The Gourmet Salt market driver can be attributed to the increase in the demand for high-quality premium foods is estimated to enhance the growth of Gourmet Salt Market. Increase in the disposable income of individuals and sedentary lifestyle are also the factors that enhance the growth of Gourmet Salt Market. Moreover, rapid increase in the demand for traditional cuisines with enhanced flavours. This led to rapid increase in the growth of Gourmet Salt Market.
Gourmet Salt Market Challenges
High Product Price
The restraining factor that is to create a negative impact during the forecast period 2021-2026 is the High cost of gourmet salt products which is projected to hamper the market growth. As gourmet salt harvesting involves high capital investment for processing, packaging, labeling, and marketing, which ultimately increases the final product cost. This additional cost associated with the processing of gourmet salt acts as a major challenge for the growth of the Gourmet Salt Market during the forecast period 2021-2026.
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