MINERAL SALT INGREDIENTS MARKET ANALYSIS

Global mineral salt ingredient market is projected to reach around US$ 16.64 Billion by 2030, in terms of revenue, exhibiting a CAGR of 5.2% during the forecast period (2023-2030).

Global Mineral Salt Ingredient Market: Drivers

Rising Demand from Food Industry due to health benefits awareness

Growing food industry coupled with rising awareness regarding the health benefits of minerals salt is expected to drive the market growth. Rising cases of minerals salt deficiency such as insomnia, fatigue, weakness, osteoporosis, anemia, depression, and goiter is also expected to drive the market growth. Growing number of health-conscious consumers around the globe due to rising health wellness awareness is further expected to drive the market growth.

Increasing Demand for Nutritional Supplements

Growing demand for dietary supplements especially among the geriatric population is expected to boost demand for the mineral salt ingredient. Rapid urbanization and changing lifestyle of the consumer that leads to various chronic diseases such as cardiovascular diseases, hypertension and stroke, and cancer is also expected to drive the market growth over the forecast period.

Global Mineral Salt Ingredient Market: Restraints

Complex Process of Extracting Mineral Salt

False claims and misleading information on the product by certain manufacturers and suppliers creates a negative image and leads to mistrust among consumers, and this  is expected to restrict the market growth. Extraction of minerals salt ingredients from organic sources such as vegetables, dairy, fruits, and meat & seafood is a little complex and time-consuming process. This factor is expected to hinder the market growth over the forecast period.

Global Mineral Salt Ingredient Market: Opportunity

Increasing Geriatric Population

Growing geriatric population around the globe is expected to boost demand for dietary supplement that incorporates minerals salts ingredients. This is expected to offer potential growth opportunities in the market over the forecast period. According to the World Health Organization, during 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. In 2050, 80% of older people will be living in low- and middle-income countries.

Increasing Demand for Cosmeceuticals

Rising demand for cosmeceuticals that combine cosmetic and pharmaceutical with active ingredients is expected to drive the market growth. Cosmeceuticals are produced with various nutritional ingredients such as amino acids and fibers, vitamins, and minerals salt ingredients. Therefore,  growing consumption of cosmeceuticals among health conscious people is expected to drive the market growth over the forecast period.

Global Mineral Salt Ingredient Market: Trends

Shift in Pharmaceutical and Cosmetics Applications of Minerals

Growing pharmaceutical and cosmetic applications of minerals salt ingredients is expected to be a major trend in the market. This trend is expected to drive the market growth. Increasing consumption of food supplements coupled with growing food industry and growing demand for healthy food among consumers is projected to drive the market growth over the forecast timeframe.

Innovation in Salts

Various manufacturers offer products with better solubility, reactivity, flavors, and colors in salts. This is expected to drive the market growth. Most minerals salts are tasteless or bitter in nature. Thus, increasing adoption of such initiatives for the manufacturer is expected to a drive the market growth over the forecast period.

Global Mineral Salt Ingredient Market: Key Developments

In April 2023, Minerals Technologies Inc., a leading, technology-driven specialty minerals company, announced that it had signed a three long-term precipitated calcium carbonate (PCC) supply agreements in order to further expand the company's Specialty Additives product line in China and India.

In May 2023,  Corbion, a global ingredient supplier and global leader in preservation solutions, has announced the expansion of its laboratory facilities in the Netherlands city of Gorinchem, a key site for the company's research, development and production. This expansion will enable Corbion to collaborate on more projects with European meat industry clients. The upgrade provides more space and equipment to support processors' efforts to innovate, train and develop new products.

In May 2023, The AlgaViaTM product line from Corbion, a market leader in algae-based feed ingredients, is now available in the human nutrition market.

In Jan 2022, Gadot Biochemical Industries (GBI), a leading manufacturer of food and nutraceutical ingredients,  launched "Cal2Mag," an effective mineral blend that combines calcium citrate and magnesium citrate in the proportion that has been scientifically proven to be effective for long-term bone support, in response to the expanding market for products that support bone health.

Global Mineral Salt Ingredient Market: Regional Analysis

Global mineral salt ingredient is expected to be dominated by the Asia Pacific throughout the forecast period. This region has larger consumer base in the food industry. However, the massive consumption of agricultural products like plain salt blocks, stock salt, feed mix salt, and others is also expected to drive the market growth.

Figure 1. Global Mineral Salt Ingredient Market Share (%), By Region, 2022

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Regionally, Asia Pacific dominated the global mineral salt ingredient market in terms of revenue, in 2022, followed by North America and Europe, respectively.

Global Mineral Salt Ingredient Market: Segmentation

Global mineral salt ingredient market is segmented on the basis of type, application, and region.

On the basis of type, the market is segmented into micro minerals and macro minerals.

On the basis of application, the market is segmented into: dairy products, infant formula, functional food, cosmetics and personal care, pharmaceuticals, agriculture, and others.

Figure 2. Global Mineral Salt Ingredient Market Share (%), By Type, 2022

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On the basis of type, in 2022, the macro minerals segment accounted for the largest market share of 87% in terms of value, followed by the micro minerals.

Global Mineral Salt Ingredient Market: Impact of Coronavirus (COVID-19) Pandemic

Around the world, the COVID-19 outbreak had a negative effect on a number of industries. Companies are operating remotely as a result of the government's strict rules and regulations designed to stop the infection from spreading. Many businesses are attempting to put strict controls in place to operate with the fewest risks possible. Several number of businesses shut down their manufacturing facilities that had a negative effect on the market for mineral salt ingredients. Lack of workers has stopped all mining and extraction activities.

Global Mineral Salt Ingredient Market: Key Companies

Key Companies operating in global mineral salt ingredients market are Corbion, Minerals Technologies Inc., Compass Minerals International Inc., Albion Laboratories, Inc., Paul Lohmann GmbH KG, K+S Aktiengesellschaft, Gadot Biochemical Industries Ltd., Arla Foods amba, DuPont, Jungbunzlauer Suisse AG, SEPPIC, and Koninklijke DSM N.V.

*Definition: Minerals salt ingredients usually occur in the mineral form, and are widely used in the daily diet. Some of the major sources of minerals salts are seawater, mines, and brines. However, these can be also extracted from dairy products, meat, plants, fruits, flowers, and grains. Agriculture, food & beverages, and pharmaceutical industries are some of the major industries of minerals salts ingredients.