Mineral Salt Ingredients Market is Expected to Surpass US$ 13,545.69 Mn by The End of 2028 - Coherent Market Insights

Definition of Market/Industry:

The minerals salt ingredients are crystalline in nature and occur naturally. They contain a high nutritional value which is important for the overall development of the body. Minerals' salt ingredients can be classified into sodium, chloride, phosphorus, calcium, potassium, and magnesium. Dairy products, functional food, infant formula, cosmetics, and personal care, agriculture, and pharmaceuticals are some of the major applications of mineral salt ingredients.

Market Statistics:

The global mineral salt ingredients market is expected to surpass US$ 13,545.69 Mn in terms of value by the end of 2028.

Drivers:

Growing demand for vitamin and mineral-rich food ingredients across health-conscious consumers coupled with the growing awareness regarding weight management is expected to augment the market growth. Rising awareness regarding the health benefits of minerals salts such as anti-oxidants and anti-aging properties is also projected to accelerate the market growth of the minerals salt ingredients. Growing initiatives by the government in the form of campaigns and other education programs to encourage people to increase the intake of minerals salts is again expected to foster market growth.

Market Opportunities

Increasing demand for organic minerals over inorganic minerals due to growing awareness regarding the health benefits of organic products is expected to serve major growth opportunities over the forecast period. Organic minerals are extracted from natural sources such as fruit, milk, and vegetable, and these minerals breakdown very slowly in the body and offer various nutritional benefits. Moreover, the growing demand for organic salt minerals is expected to serve immense opportunities to the manufacturer of minerals salt ingredients market.

Global Mineral Salt Ingredients Market: Recent Developments

• On April 19, 2021 Minerals Technologies Inc. signed an agreement with Zhumadianshi Baiyun Paper Co., LTD (“Baiyun Paper”) to build a 50,000 metric ton per year satellite precipitated calcium carbonate (“PCC”) plant at its paper mill in Suiping County, Zhumadian City, Henan Province, China. The facility will be wholly owned by MTI. The new facility is scheduled to begin operations in the first half of 2022.
• On 3 Feb 2021, Corbion announced launching of a multi-faceted initiative to substantially increase its capacity for producing lactic acid and lactic-acid derivatives ahead of its previously announced major expansion in Thailand scheduled for 2023. The global initiative, involving capital expenditures at four existing Corbion facilities to maximize efficiencies and leverage synergies, is expected to produce a combined additional output roughly equivalent to a new production site without actually having to build one.
• On 08 April, 2021, Compass Minerals has entered into a definitive agreement to sell certain of its North America micronutrient assets to Koch Agronomic Services, LLC (Koch), a subsidiary of Koch Industries, for approximately $60.25 million, payable at closing and subject to a closing inventory adjustment.

Market Restraints

Consumption of dietary food that incorporates minerals salt produced from industrial chemicals may pose some side-effects that are expected to hamper the market growth. Moreover, chemical mineral salts ingredients do not possess the same anti-oxidants properties as natural one which is further expected to restrict the market growth.

Global Mineral Salt Ingredients Market - Impact of Coronavirus (Covid-19) Pandemic

The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on mineral salt ingredients market. Moreover, the lack of laborers has bring mining and extraction activities to a halt.

Key Takeaways:

• The global mineral salt ingredients market was valued at US$ 9,611.2Mn in 2020 and is forecast to reach a value of US$ 13,545.69 Mn by 2028 at a CAGR of 5.0% between 2021 and 2028.
• The Agriculture application segment was valued US$ 3133.25 Mn in 2020 and is expected to witness a CAGR of 4.8% over the forecast period. Mineral Salt Ingredients are used on a large scale in manufacturing nutrient-rich fertilizers. This has resulted in a 4.5% increase in demand for Mineral Salt Ingredients by the Global Agriculture Sector.

Market Trends

The rising trend of traditional medicine due to growing awareness regarding the side-effects associated with the consuming modern chemical medicine is expected to propel the market growth. Moreover, growing awareness regarding the nutritional benefits of traditional medicine among consumers is another major expected to propel the market growth of the mineral salt ingredients over the forecast period.

Increasing production capacity of mineral salt ingredients by the manufacturer in order to meet the rising need for salt is expected to foster market growth. For instance, in February 2020, Wilkinson Minerals extracts brine to make salt products, and the company is planning to construct a new facility in the northeast part of Bay City. Thus, the growing focus of the manufacturer to increase the production capacity of the salt is projected to favor market growth.

Competitive Section:

Company Names 

1. Corbion
2. Minerals Technologies Inc. 
3. Compass Minerals International Inc.
4. Albion Laboratories, Inc.
5. Dr. Paul Lohmann GmbH KG 
6. K+S AKTIENGESELLSCHAFT
7. Gadot Biochemical Industries Ltd.
8. Arla Foods amba 
9. DuPont
10. Jungbunzlauer Suisse AG
11. SEPPIC
12. Koninklijke DSM N.V.