An Incisive, In-depth Analysis on the Micronized Salt Market
This study offers a comprehensive, 360 degree analysis on the Micronized Salt market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Micronized Salt market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Micronized salt is extremely fine granules of salt that is specially pulverized and finely powdered for increased solubility. It is obtained by evaporating salt brine into high purity salt crystals under artificially produced vacuum. The advantage of using this technique is that the purity of salt produced in output is more than 98%. Also, using pressure reduces the temperature required for such efficient evaporation.
The global Micronized Salt market is estimated to be valued at US$ 2,319.0 Mn by 2018 end and is forecast to be valued at US$ 3,305.8 Mn by 2028 end. Sales revenue is expected to increase by a CAGR of 3.6% during the forecast period.
Micronized Salt Market: Drivers & Restraints
According to the USDA, for micronized salt, the processed food industry is the prime revenue-generating sector in the North America region. With the export of almost all kinds of processed preparations and meat products, the region is in substantial demand for ingredients to feed the industries. Micronized Salt is primarily used to increase the shelf life of meat and vegetables and as a flavoring agent. These two sectors are expanding into global markets, which are expected to fuel the demand for food grade salt. Micronized salt is majorly used in the food industry due to its high purity and consistency. This, with the high demand for food grade salt in the processed food and beverage industry, is expected to drive the micronized salt market in the region over the forecast period.
However, the 2015-2020 Dietary Guidelines for Americans recommend that Americans need to consume less than 2,300 mg of sodium each day as part of a healthy eating pattern. But, in reality, the average consumption of salt per day per person in the U.S is 3,400 mg, according to the U.S. Center for Diseases Prevention and Control. This has resulted in food manufacturers and the salt sensitive population (25% of total population) to opt for salt replacers, as high sodium is linked to many sedentary diseases. The demand for salt replacers is high in the region, as they significantly drop the sodium level in food, and maintain the equivalent taste. With modern technology and techniques, companies have removed the bitter aftertaste of potassium salt by using bitterness blockers and masking agents like L- lysine. This is expected to limit the potential for growth in the micronized salt market, as the food industry is a major consumer of micronized salt.
Micronized Salt Market: Taxonomy
The micronized salt market is segmented based on grade and application segment. By grade, the micronized salt market is segmented into purity 98% - 99.5% and purity above 99.5%. Among these segments, above 99.5% purity salt 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 of the segments bakery & confectionery products segment is expected account for largest value share followed by meat, poultry & seafood segment by 2028 end.
Micronized Salt Market: Analysis by Region
By region, the global micronized salt market is segmented into North America, Western Europe, South East Asia & Pacific, Latin America, Eastern Europe, Middle East & Africa, China, Japan, and India. The micronized salt market report covers trends driving each segment and offers analysis and insights regarding the potential of the micronized salt market in specific regions with region wise drivers, restraints, opportunity and trends. In terms of volume, North America and Western Europe collectively accounted for more than 40.3% share in the global micronized salt market in 2017. Also, China is expected to witness a high growth rate of the micronized salt market through 2028 in terms of demand. India is anticipated to also show a substantial amount of consumption over the forecast period.
Future Market Insights offers a 10-year forecast for the global micronized salt market between 2018 and 2028. The global micronized salt market is expected to register a CAGR of 3.6% during the forecast period. The primary objective of the report is to offer insights on the advancements and opportunity in the micronized salt market. The study demonstrates micronized salt market dynamics that are expected to influence the current challenges and future status of the global micronized salt market over the forecast period. This report also offers updates on trends, drivers, restraints, value forecasts, and opportunities for manufacturers operating in the global and regional micronized salt market.
The micronized salt market is segmented based on grade and application segment. By grade, the micronized salt market is segmented into purity 98% - 99.5% and purity above 99.5%. Among both of these segment, 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 of the segments bakery & confectionery products is expected account for largest value share followed by meat, poultry & seafood segment by 2028 end.
FMI utilizes robust methodology and approach to arrive at market size and related projections. The research methodology for this report is based on 3-dimensional model. We conduct about 45-60 min duration detailed interviews with product manufacturers; apart from this we also collect market feedback from industry experts. To validate this data, we interact with senior panel members having more than 10 years of experience in relevant field. The panel members help in validating the findings and fill the gaps if any. In addition, we leverage on our existing pool of information, paid database and other valid information sources available in public domain. Usually, industry interactions extend to more than 50+ interviews from market participants across the value chain.
FMI collects data from secondary sources including company annual reports, association publications, industry presentations, white papers, and company press releases, apart from these we leverage paid database subscriptions and industry magazines to collect market information and developments in an exhaustive manner. After being done with desk research, a detailed questionnaire and discussion guide is formulated to initiate primary research with key industry personnel; the discussion aims at collecting key insights, growth perspectives, prevalent market trends and quantitative insights including market size and competitive developments. Both of these research approaches help us in arriving at base year numbers and market hypothesis.
In this phase, FMI validates the data using macro and microeconomic factors. For instance, growth in per capita food and beverage consumption, chemicals industry growth, other industry factors, economic performance, growth of top players and sector performance is closely studied to arrive at precise estimates and refine anomalies if any.
Data Analysis and Projection
Data analysis and projections were made based on proprietary research frameworks and statistical analysis, which was further validated by industry participants. These frameworks include Y-o-Y growth projections, macroeconomic factor performance, market attractiveness analysis, key financial ratios, and others.
For public companies, we capture the data from company websites, annual reports, investor presentations, paid databases. While for privately held companies, we try to gather information from the paid databases (like Factiva) and based on the information we gather from databases we estimate revenue for the companies. In addition, the team tries to establish primary contact with the companies in order to validate the assumptions or to gather quality inputs.
Detailed profiles of the providers are also included in the scope of the micronized salt report to evaluate their long-term and short-term strategies, key offerings and recent developments in the Micronized Salt space. Micronized Salt manufactures includes 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.
Key Segments Covered
Purity 98% - 99.5%
Purity Above 99.5%
Bakery & Confectionery Products
Meat, Poultry & Sea Foods
Milk & Dairy Products
Canned/Preserved Fruits & Vegetables
Micronized salt market report includes market share of each segment according to the region with analysis towards market trends respectively. A section of the report highlights micronized salt demand region wise. It also provides a micronized salt market outlook for 2018–2028 and sets the forecast within the context of the micronized salt ecosystem, including the new product developments as well as product offerings in the global micronized salt market. Micronized salt market study discusses key trends contributing to the growth of the global micronized salt market, as well as analyses the degree to which drivers are influencing the global market.
In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR but also analyze on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities. Also, another key feature of this micronized salt report is the analysis of all key segments in terms of market attractiveness. This is traditionally overlooked while forecasting the market. However, micronized salt market attractiveness is critical in assessing the level of opportunity that a provider can look for, as well as to identify potential segments from a sales and delivery perspective in the global micronized salt market.