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.
Global Salt Substitutes Market - Insights
Salt substitutes are food ingredients that can be used as a substitute for table salt. Increasing urbanization and sedentary life>
Yeast extracts is gaining significant traction among product segment in salt substitutes market, witnessing a CAGR of 9.82% during the forecast period. Yeast extracts ingredients are majorly obtained from Saccharomyces cerevisiae. Furthermore, it can be formulated with potassium chloride to reduce the metallic taste of potassium chloride and enhance salty taste. Moreover, in food and beverages industry, it is used as a flavoring agent, additive or preservative. It has replaced Monosodium Glutamate (MSG), which is a sodium salt for glutamic acid. MSG contains 90% of glutamate, which can cause nausea, weakness and headache. Yeast extract only contains 5% of glutamate, making it the more preferred option.
Dairy & frozen foods segment held largest market share of 46.3% in 2016. According to Coherent Market Insights, salt content were found to be high in canned foods with a mean of 935mg/serving as compared to processed foods with a mean of 805 mg/serving. The replacing of salt by its substitutes is expected to propel the demand for these products over the forecast period.
Figure 1. Global Salt Substitutes Market Share, By Application, 2016
SOURCE: COHERENT MARKET INSIGHTS (2018)
Europe is the second largest market for salt substitutes. Increasing health awareness among population and introduction of new products majorly focusing on the health requirement of the consumers are the major factors driving growth of the market. Manufacturers in the region are working towards introduction of healthy variants of existing products. European manufacturers are focused on reducing the concentration of sodium in meat, dairy, and convenience food products.
Asia Pacific is expected to be the third-fastest growing market in the global salt substitute market. Increasing adoption of salt substitutes in China, South Korea, and India is anticipated to bolster market growth. Economies in Central Asia such as Kazakhstan, Uzbekistan, Turkmenistan and Tajikistan consumed an average of 14.25g of salt per day as compared to the 5g/day recommendation pegged by the World Health Organization (WHO). These factors are creating an awareness among the consumers to adopt salt alternatives, which is a major factor boosting growth of salt substitutes market in this region.
Manufacturers operating in the global salt substitutes market are adopting various strategies such as merger and acquisitions, collaborations, and new product launches among others to retain its position in the market. For instance, in 2016, Koninklijke DSM N.V., launched ModuMax, a natural taste modulator, which is allergen-free, clean label and it can be used in a wide variety of applications from savory soups and sauces to sweet beverages and desserts.
Key players operating in the global salt substitute market include Cargill Inc., Nu-Tek Food Sciences LLC, Koninklijke DSM N.V., Montana Indusrie Holding A.G., Angel Yeast Co. Ltd., Tate & Lyle Plc, and Innophos Holding Inc.