The table salt market is projected to grow at a CAGR of 5.64% to reach US$989.328 million by 2027, from US$674.031 million in 2020.
The world's continental salt resources are vast, and ocean salt content is nearly limitless [Source: USGS]. Moreover, increasing the production of more processed food, rapid urbanization, and changing lifestyles are transforming dietary patterns. Highly processed foods are becoming more widely available and more affordable. People worldwide are consuming more energy-dense foods that are high in salt, among others things. However, salt is the primary sodium source, and increased sodium consumption is associated with hypertension and an increased risk of heart disease and stroke [Source: WHO].
However, the consumption of iodine is essential to ensure the optimal functioning of the organs. Thus, it incentivizes the consumer to shift toward speciality table salts, paving the way for a meteoric rise in the table salt market during the forecast period. Further, the current pandemic of COVID-19 has led to a rise in home cooking and indoor food consumption, which necessitates the use of table salt in profusion. Further, the tourism sector around the world is poised to drive the growth of the table salt market despite current restrictions since markets are going to open, as presently evidenced by certain countries.
Tourism entails providing tourist food and beverage services, which is why the table salt market is expected to grow during the forecast timeframe. For instance, around 66,420 accommodation facilities were registered in Austria in 2018, an increase of 1,590 facilities from 64,830 accommodation facilities. Further, for the year 2018, there were 149,819,382 overnight stays registered, which increased to 153 million overnight stays with 46 million guests in 2019.
Without taking into account private accommodation, Austria's tourism intensity was 14.4 overnight stays per inhabitant [Source: STATcube – Statistical Database of STATISTICS AUSTRIA, Bundesanstalt Statistik sterreich]. This catapults Austria in fourth place in the EU. For the APAC region, in the case of China, it should be noted that during 2019 6.01 billion domestic tourists were registered, which is an increase of 8.4% over the previous year. The revenue generated by domestic tourism alone totalled 5,725.1 billion yuan, which is an increase of 11.7 % from the preceding year.
Furthermore, the count of inbound visitors to China reached 145.31 million, a 2.9 percent increase. The receipts from tourism were to the tune of 131.3 billion US dollars, which was an increment of 3.3 percent compared to the previous year. Therefore, by the increments mentioned above, it is clear that there is a growing number of visits to the country. Furthermore, per capita, disposable income in urban households was 42,359 yuan, up 7.9 percent from 2018 [Source: National Bureau of Statistics of China]. This is also enabling the population in China to be inclined towards spending on food and beverage establishments and availing the same in more quantities and frequency. As a result, a snippet of the performance of both countries' tourism sectors, and thus the region, indicates that the table salt market in the region is expected to rise in the coming years.
Moreover, the increasing healthy dietary preference is further poised to add to the expanding table salt market.
According to the WHO, increased sodium intake is directly proportional to increased blood pressure. It further leads to cardiovascular diseases. It also advises to switch switching over to a reduced-sodium diet to aid in decreased chances of non-communicable diseases. WHO also estimates that a probable 2.5 million deaths could be prevented each year if global salt consumption were reduced to the recommended level of 5 g (just under a teaspoon) of salt per day for adults and children. WHO advises that the recommended maximum salt intake for adults be adjusted downward for children aged two to 15 years based on their energy requirements relative to those of adults [Source: WHO].
Furthermore, on March 27, 2020, the Mexican Ministries of Health approved the new law, which requires new front-of-package labelling (FOPL) system for all packaged foods. Furthermore, on March 27, 2020, the Mexican Ministries of Health gave their approval to the new law, which requires a new front of package labelling (FOPL) system for all packaged foods. According to NOM-051, products containing more than 350mg of sodium per 100g must prominently display the warning Exceso de Sodio (Excess Sodium).
Furthermore, in response to this rising consumer pattern, various developments have occurred in the global table salt sector, which is destined to fuel a robust growth of the market in the near future, motivated by the human end-user perspective.
In May 2020, it was disclosed that RM Phyto Corporation, a Korea-based plant-based product, had launched its first plant-based salt in the country, PhytoSalt, which the organization claims are low-sodium and microplastic-free. It is primarily directed at health-conscious customers. It provides an abundance of other mineral salts, such as Potassium Chloride, Magnesium Chloride, and Calcium Chloride, which relate to the salty taste, as well as glutamic acid, which serves as a natural enhancer, in addition to sodium chloride, normal table salt.
The Stockpiling or hoarding of the essential item during COVID-19 somewhat boosted the market for Table Salt market. As table salt is an essential item used in almost every cooking preparation, the demand for table salt was high during COVID-19. However, the closure of HoReCa and the disrupted supply chain impeded the market growth during COVID-19. Where the out-of-home consumption decreased during the disease outbreak, the in-home consumption of table salt had seen a boon.
Market Development & Product Offering
|Market size value in 2020||US$674.031 million|
|Market size value in 2027||US$989.328 million|
|Growth Rate||CAGR of 5.64% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Distribution Channel, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Tata Chemicals Ltd., Compass Minerals, DS Group, K+S Aktiengesellschaft, Morton Salt, Inc., Südwestdeutsche Salzwerke, United Salt Corporation, British Salt|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the table salt market size by 2027?
A1. The table salt market is projected to reach a market size of US$989.328 million by 2027.
Q2. What is the size of the global table salt market?
A2. Table Salt Market was valued at US$674.031 million in 2020.
Q3. What are the growth prospects for the table salt market?
A3. The global table salt market is projected to grow at a CAGR of 5.64% over the forecast period.
Q4. What factors are anticipated to drive the table salt market growth?
A4. Tourism involved availing food and beverage services by the tourist which is the rationale behind the projected growth of the table salt market during the forecast period.
Q5. How is the global table salt market segmented?
A5. The global table salt market has been segmented by type, end-user, distribution channel, and geography.
Tata Chemicals Ltd.
Morton Salt, Inc.
United Salt Corporation
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