Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Definition of Market/Industry:
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, they 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.
The global mineral salt ingredients market is estimated to be valued at US$ 10,108.0 million in 2021 and is expected to exhibit a CAGR of 5.0% % over the forecast period (2021-2028).
- On July 26, 2021 Minerals Technologies Inc. acquired Normerica Inc. a leading supplier of premium pet care products in North America. MTI is financing the acquisition through a combination of cash on hand and its current credit facilities. The purchase of Normerica is expected to be accretive to MTI’s earnings per share in 2021.
- On July 1, 2021 Corbion has acquired full ownership of Granolife for an undisclosed price. Granolife is a key player in functional blends for the Mexican bakery and fortification industries. The company is based in Querétaro, Mexico, employs around 60 staff and operates a production facility and an application and development center. Corbion has taken over the Granolife business with immediate effect
- On 1 July 2021, Compass Minerals has completed the sale of the company’s South America specialty plant nutrition business to a subsidiary of ICL Group. The successful transaction represents a significant step in Compass Minerals’ prioritization of core assets and, by strengthening its balance sheet, enhances the company’s ability to pursue potential strategic growth opportunities.
Figure 1. Global Mineral Salt Ingredients Market Value (US$ 9,611.2Mn), by Region, 2020
- Asia Pacific region held dominant position in the global mineral salt ingredients market in 2020, accounting for 35.60% share in terms of revenue followed by Europe and North America, respectively. An increase in demand for mineral-rich food products and beverages has resulted in a 3% increase in sales of Mineral Salt Ingredient in the Asia-Pacific region. The presence of a large population that relies on external additives to complete the nutrient requirement of their body has resulted in a 3.5% increase in consumption of Mineral Salt Ingredients by the Food & Beverages and Pharmaceuticals Industry in this region.
Rapidly growing food industry coupled with the rising awareness regarding the health benefits of minerals salt is expected to propel the market growth of the mineral salt. Rising cases of minerals salt deficiency such as insomnia, fatigue, weakness, osteoporosis, anemia, depression, and goiter are also contributing to market growth of the mineral salt ingredients. A growing number of health-conscious consumers around the globe due to rising health wellness awareness is further expected to accelerate the market growth of the mineral salt ingredients.
Growing demand for dietary supplements especially among the geriatric population is anticipated to accelerate the demand for the mineral salt ingredient. Rapid urbanization and changing lifestyle of the consumer leading to various chronic diseases such as cardiovascular diseases, hypertension and stroke, and cancer is also projected to accelerate the market growth of the mineral salt ingredients over the forecast period.
Mineral Salt Ingredients Market Report Coverage
||Market Size in 2021:
||US$ 10,108.0 Mn
|Historical Data for:
||2017 to 2020
||2021 to 2028
|Forecast Period 2021 to 2028 CAGR:
||2028 Value Projection:
||US$ 13,545.69 Mn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: U.K., Germany, France, Italy, Spain, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, ASEAN, South Korea, Australia, and Rest of Asia Pacific
- Middle East & Africa: GGC, South Africa, Rest of MEA
- By Types: Micro Minerals, Macro Minerals
- By Applications: Dairy products, Infant Formula, Functional Food, Cosmetics and Personal Care, Pharmaceuticals, Agriculture, Others
Corbion, Minerals Technologies Inc., Compass Minerals International Inc., Albion Laboratories, Inc., Dr. Paul Lohmann GmbH KG, K+S AKTIENGESELLSCHAFT, Gadot Biochemical Industries Ltd., Arla Foods amba, DuPont, Jungbunzlauer Suisse AG, SEPPIC, and Koninklijke DSM N.V.
- Rapid growth in food industry
|Restraints & Challenges:
- Complex extraction process of mineral salt
The growing geriatric population around the globe is expected to fuel the demand for a dietary supplement that incorporates minerals salts ingredients. This is expected to create 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. Thus, a growing aged population will favor market growth.
Rising demand for cosmeceuticals that combine cosmetic and pharmaceutical with active ingredients is expected to augment the market growth of minerals salt ingredients. Cosmeceuticals are produced with various nutritional ingredients such as amino acids and fibers, vitamins, and minerals salt ingredients. Therefore, the growing consumption of cosmeceuticals among health conscious people is expected to augment the market growth over the forecast period.
Growing pharmaceutical and cosmetic applications of minerals salt ingredients are expected to be a major trend in the market. This trend is expected to fuel the market growth. Increasing consumption of food supplements coupled with growth in the food industry and growing demand for healthy food among consumers is projected to foster the market growth of the mineral salt ingredients over the forecast timeframe
Various manufacturers are focusing on offering products with better solubility, reactivity, flavors, and colors in salts. This is expected to accelerate market growth. Most minerals salts are tasteless or bitter in nature. Thus, increasing adoption of such initiatives for the manufacturer is expected to augment the market growth over the forecast period.
Figure 2. Global Mineral Salt Ingredients Market Share, By Type 2020
Key Takeaways of the Graph:
- The Macro minerals type held dominant position in the market and accounted for 89.20% share in the global mineral salt ingredients market in 2020. The segment is expected to reach US$ 12508.09 million in 2028. Growing use of the mineral salt ingredients as supplements and in dairy products, agricultural industry and infant formula is expected to contribute massively to the mineral salt ingredients market.
False claims and misleading information on the product by certain manufacturers and suppliers are creating a negative image and leading to mistrust. This factor is expected to restrict the market growth of minerals salt ingredients.
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.
- Minerals Technologies Inc.
- Compass Minerals International Inc.
- Albion Laboratories, Inc.
- Dr. Paul Lohmann GmbH KG
- K+S AKTIENGESELLSCHAFT
- Gadot Biochemical Industries Ltd.
- Arla Foods amba
- Jungbunzlauer Suisse AG
- Koninklijke DSM N.V.