Gourmet Salt Market size is estimated to reach $3.2Billion by 2026, growing at a CAGR of 5.5% during the forecast period 2021-2026. Gourmet salts are high-quality unrefined salts that are mostly hand-harvested and used particularly in upscale culinary applications. Gourmet salts are available in various textures depending on the method of harvesting and processing. Increase in the demand for high-quality premium products, growing demand for traditional cuisines with enhanced flavours, growing demand for gourmet salts in the bakery industry, increase in the standard of living, changing customer preferences, increase in the demand for convenience foods and increase in the health consciousness among individuals are the factors that are set to drive the growth of the global market for the forecast period 2021-2026.
Gourmet Salt Market Segment Analysis - By Product Type
The Global Gourmet Salt Market based on the Product Type can be further segmented into Sel Gris, Flakey Salt, Himalayan Salt, Fleur de sel, and others. The Sel Gris segment held the largest share in 2020 owing to the factors such as it promotes a restful sleep pattern and has a calming effect on the central nervous system. It also improves the function of the brain by allowing the nerve cells to communicate and process information. Flakey Salt segment held the second-largest share in 2020 owing to the factors such as growing applications in food and beverages industry and growing demand for toppings. The growing demand for quality premium products owing to rise in the standard of living is driving the demand for flakey salt.
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Gourmet Salt Market Segment Analysis - By Application
The Global Gourmet Salt Market based on the Application can be further segmented into Confectionery, Bakery, Meat and Poultry, Sea Food, Sauces and Savories, and Others. The Confectionery segment held the largest share in 2020 owing to the factors such as growing demand for gourmet salts in confectionery, availability of choice of flavour, increase in the inclination towards a sedentary lifestyle, increase in the product launches and innovations and rise in the disposable income of individuals. Sauces and Savories is estimated to be the fastest-growing segment with a CAGR of 6.37% owing to the factors such as rise in the standard of living, shift in the consumption patterns of foods and growing demand for innovative products in sauces and savouries.
Gourmet Salt Market Segment Analysis - By Geography
The Global Gourmet Salt Market based on the Geography can be further segmented into North America, Asia-Pacific, Europe, and Rest of World. Asia-Pacific held the largest share contributing around 36% of market share in 2020. The growth in this segment is owing to the factors such as growing demand for gourmet salts in bakery industry, increase in the disposable income of individuals, increase in the demand for convenience foods and increase in the investment by the major companies. North America is estimated to be the fastest-growing segment owing to the factors such as increase in the health consciousness among individuals, increase in the inclination towards taste, sedentary lifestyle and increase in the product launches and innovations.
Gourmet Salt Market Drivers
Growing demand for high-quality premium foods.
The increase in the demand for high-quality premium foods is estimated to enhance the growth of Gourmet Salt Market. Increase in the disposable income of individuals and sedentary lifestyle are also the factors which enhance the growth of Gourmet Salt Market.
Increase in the demand for traditional cuisines with enhanced flavours.
There is a rapid increase in the demand for traditional cuisines with enhanced flavours. This led to rapid increase in the growth of Gourmet Salt Market. Growing demand for gourmet salts in bakery industry is also estimated to enhance the growth of the Gourmet Salt Market.
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Gourmet Salt Market Challenges
High cost and lack of awareness in developing countries.
High cost of gourmet salt is one of the major factors that is estimated to reduce the growth of the Gourmet Salt Market. Lack of awareness in developing nations is also said to reduce the growth of the Gourmet Salt Market.
Gourmet Salt Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Gourmet Salt Market. Key companies of this market are Cargill Inc, Morton Salt Inc, Murray River Salt, Saltworks Inc, Cheetam Salt Ltd, Pyramid Salt Ltd, Maldon Crystal Salt Co, Alaska Pure Sea Salt Co, Amagansett Sea Salt Co, Kalahari Pristine Salt Worx among others.
Acquisitions/Product Launches:
In 2016, Saltworks Inc. has launched a brand new e-commerce website to better serve wholesale customers purchasing large volume quantities of gourmet salt.
In 2017, Cargill Inc. has launched a new multi-million dollar facility in Watkin’s Glen, New York to produce popular gourmet salt to meet the customers demand.
In 2020, Morton Salt Inc. has launched new packaging for its complete portfolio of retail gourmet salt products to boost the sales of the brand.
Key Takeaways
Geographically, Asia-Pacific Gourmet Salt Market accounted for the highest revenue share in 2020 and it is poised to dominate during the forecast period 2021-2026 owing to the high demand.
Growing demand for traditional cuisines with enhanced flavours is likely to aid in the market growth of Gourmet Salt Market.
Lack of awareness in developing nations is one of the major factors which is said to reduce the growth of Gourmet Salt Market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Gourmet Salt Market report.
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