GOURMET SALTS MARKET ANALYSIS

Global Gourmet Salts Market was valued at US$ 1.8 Bn in 2022 and is expected to exhibit a CAGR of 9.79%, in terms of revenue, over the forecast period (2023-2030) to reach US$ 3.8 Bn by 2030. Due to its textural qualities, including taste enhancer, flavor booster, and others, gourmet salt is expected to experience respectable growth over the upcoming years. There has been a significant increase in the number of restaurants and cafeterias around the world due to the trend of diverse food and shifting consumer food eating preferences. The use of gourmet salts in various cuisines as a seasoning and dressing gives consumers a savory and opulent appeal, ensuring the industry's continued expansion on a global scale.

Global Gourmet Salts Market - Impact of Coronavirus (COVID-19) Pandemic

The coronavirus has spread throughout the entire world, and most nations are implementing lockdown procedures to stop the virus's spread and protect public health. The complete shutdown of all commercial and industrial operations, except for those in the food, medical, and other sectors, is causing an economic crisis in the nation. Inactive trade and transportation have completely disrupted the supply chain, which has slowed down business and caused manufacturing and production functions to stop. As a result, companies may soon suffer significant damage.

Figure 1. Global Gourmet Salts Market, By Product Type, in 2022

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Global Gourmet Salts Market: Growth Drivers

Consumer Preference for High-End Cuisine

Gourmet salt is prized for its elegant appearance, sophisticated flavor, and moist texture, and is considered by many chefs to be the best sea salt on the market. Everything tastes great with gourmet salt, including fried eggs, vegetables, salads, roasted or baked meats, or seafood. Smoked salts, for instance, go particularly well with foods that are grilled, like meats, chicken, and corn on the cob. They make food that was prepared on a stovetop taste like it was prepared over a campfire. For instance, in 2022, 10% of Americans, according to Kitchen Infinity, own a grill. Americans who enjoy grilling steaks are 34%. Sales of barbecue grills increased by 40% between 2020 and 2021. Less conventionally, they add a distinct depth to stews, tacos, mac and cheese, and caramel dessert combinations. The demand for luxury traditional cuisines with enhanced flavors is rapidly increasing, which is propelling the global gourmet salt market forward.

Increasing Food Service Industry Demand

The growing universalization is causing the food service industry to grow. The global crisis, according to the United States Department of Agriculture (USDA), caused a 16.9% decline in quick-service restaurants in 2021. The companies in this particular industry are therefore primarily concentrating on the innovation of healthy foods and beverages, which is driving up demand for healthy ingredients. Gourmet salt is one of the healthiest salts, and because it lowers the risk of many diseases, consumer demand for it is growing. The tastes and preferences of consumers for food are changing along with the increase in awareness. Additionally, the demand for foreign cuisines like Italian and French food, which call for specialized flavor salts, is rising as a result of globalization and the strong influence of Westernization in various nations. As a result, there is a growing need for salt. Gourmet salts are essential ingredients for all kinds of cuisines, especially in upscale restaurants. This is because each type of gourmet salt serves a distinct purpose and gives food a distinct flavor and texture. Hence, the expanding food industry globally.

Global Gourmet Salts Market: Market Restraints

Lower shelf-life and high cost of the machinery

Lower shelf-life of the gourmet salts as they are infused, smoked and natural &fresh products, compared to other sea salts is anticipated to restrict the market growth of gourmet salts over the forecast period. These salts have a delicate flavor and hence, flavor retention for long durations is expected to restrain the market growth of gourmet salts.

The high cost of machinery and labor cost is also projected to hamper the market growth of gourmet salts. Moreover, the lack of awareness regarding the health benefits of gourmet salts in the developing region is further anticipated to hinder market growth over the forecast period. Furthermore, due to its expense manufacturers are opting for conventional salts which are expected to affect the demand for gourmet salts, in turn hindering the market growth of gourmet salts.

Global Gourmet Salts Market: Market Segmentation

On the basis of product type, fleur de sel dominated the global gourmet salts market in 2022 with around 39% of the market share in terms of revenue, followed by sel gris, smoked sea salt, indian black salt, flake salt, italian sea salt, coarse salt, others respectively. The largest shareholder during the forecast period is the fleur de sel category. Due to its high nutritional value, rising per-person consumption of bakery products, and inclusion in a variety of applications like salads, roasted meats, and vegetable dishes, it has amassed the largest market share. High levels of sodium chloride, a high standard of living, widespread acceptance of bakery products, convenience and ease of use, as well as quick urbanization all stimulate growth. It is cost-effective, contrasts the level of sweetness, dissolves quickly, improves the flavor of food products, and has finer qualities.

The market's fastest-growing segment will be sel gris, though. It is also referred to as grey salt and is free of additives, chemicals, and preservatives. It will expand the fastest due to the rising demand for high-quality premium products, primarily used for cooking and garnishing food products, the rapidly growing baking industry, cutting-edge technologies, ongoing product innovation, and greater accessibility & availability. It promotes sound sleep, calms the central nervous system, enhances brain function, and increases resistance to illnesses and infections.

Figure 2. Global Gourmet Salts Market, By Region, 2022

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Global Gourmet Salts Market: Regional Analysis

Europe dominated the global gourmet salts market in 2022, reporting a 36% market share in terms of revenue, followed by North America and Asia pacific, respectively. The gourmet salt market is dominated by the European region. Consumers in the region are switching from table salt to gourmet salt as they become more aware of the health benefits of gourmet salts, such as Himalayan salt, which contains less sodium than regular table salt. According to European Cardiovascular Disease Statistics, cardiovascular diseases account for 45% of all deaths in the region. As a result, consumers are becoming more health-conscious and gravitating toward gourmet salt consumption in daily life, as salt aids in the prevention of heart disease. As a result of the increasing popularity of gourmet cuisine and sophisticated fine dining in the region, the region is expected to witness significant growth in the gourmet salts market and contribute a significant market share. The increasing application of gourmet salt in meat, poultry processing as well as seafood is also driving the market forward.

Global Gourmet Salts Market: Recent Developments

• In January 2021, Cargill Salt introduced a new pure sea salt flour. The active ingredient is an ultra-fine cut, powder-like sodium chloride. It is appropriate for blending applications that require extremely fine sizing, such as dry soup, cereal, flour, and spice mixes, as well as topping snack foods. Cargill Salt is a leading producer of salt in North America with a focus on food processing ingredients.
• In April 2020, SaltWorks announced the implementation of sophisticated new B2B eCommerce tools to improve the customer experience and drive sales growth. The new platform, developed in collaboration with B2B eCommerce innovator OroCommerce, provides SaltWorks with the robust, flexible sales infrastructure required to meet the diverse needs of its customers at scale. SaltWorks is America's Sea Salt Company
• In July 2022, Cargill and Continental Grain purchased Sanderson To complete the acquisition, Cargill and Continental Grain merged Sanderson Farms and Wayne Farms, a Continental Grain subsidiary, to form a new, privately held chicken company. Sanderson Farms is an American poultry producer which is based in Laurel, Mississippi.

Global Gourmet Salts Market: Key Companies

Key players active in the global gourmet salts are J.C. Peacock, The Meadow, SeaSalt Superstore LLC, The Savory Pantry, Evolution Salt Co., and HEPP'S Salt C.

*Definition: Gourmet salt is untreated salt that is harvested naturally and has extra taste and flavor as compared to other salts. It is high-quality salt commonly used to cook food as it enhances the taste and texture of food. Gourmet salt has a high level of mineral content and improved solubility properties. This salt is also used to preserve canned food items to enhance the shelf-life of the product. Moreover, gourmet salt is also used to prepare pickles as it helps to hold back the moisture content of the food product and is also used in the preparation of dressings and seasoning as they have exotic flavors.