February 22, 2024

Rising Demand For Specialty Foods To Drive Growth Of The Gourmet Salts Market

The global gourmet salts market is estimated to be valued at US$1.98 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Gourmet salts are speciality salts distinct from regular table salt due to their unique color, taste and mineral content. Pink Himalayan salt, smoked sea salt, alaea sea salt and black lava salt are some common types of gourmet salts. Compared to regular table salt which contain only sodium chloride, gourmet salts add rich flavors and textures to food. They are widely used in cooking, baking and as finishing salts. The increasing demand for specialty and organic foods among health-conscious consumers has boosted the demand for gourmet salts.

Market key trends:

The rising popularity of world cuisines has been a major driver for the gourmet salts market. Different types of salts are traditionally used in specific cuisines to enhance flavors. For example, alaea sea salt is popular in Hawaiian cuisine while Turkish red salt or Maldon sea salt is commonly used in Mediterranean dishes. The booming foodservice industry catering to global and ethnic dishes has augmented the demand. Furthermore, gourmet salts have gained traction as a finishing salt and condiment in the food retail sector. Finishing salts like pink Himalayan or smoked Maldon salt add unique flavors and visual appeal to finished dishes. This trend has propelled growth of the gourmet salts market.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the gourmet salts industry requires adequate infrastructure for salt production and distribution. Brand loyalty is also a barrier.

Bargaining power of buyers: The bargaining power of buyers is high given the availability of product substitutes and undifferentiated products. Buyers can easily switch to regular table salt.

Bargaining power of suppliers: Suppliers have low bargaining power due to easy availability of raw materials like sea salt and minerals. Suppliers face less threat from forward integration by buyers.

Threat of new substitutes: The threat of new substitutes is high as regular table salt is considered an affordable alternative to gourmet salts by consumers.

Competitive rivalry: The competitive rivalry is high given the presence of several national and international brands.

Key Takeaways

The global gourmet salts market is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing consumer preference for unique and premium food products. The market size for gourmet salts is estimated to reach US$ 1.98 Bn by 2023.

North America dominates the global gourmet salts market owing to rising health consciousness among consumers in the US and Canada. Europe holds a significant share due to increasing demand for artisanal specialty salts from countries like France, Italy and Germany. Asia Pacific is expected to grow at a fast pace during the forecast period with China, India and Japan emerging as lucrative markets.

Key players operating in the gourmet salts market are J.C. Peacock, The Meadow, SeaSalt Superstore LLC, The Savory Pantry, Evolution Salt Co., and HEPP’S Salt Co. These companies offer a variety of gourmet salts including flake salts, smoked salts, hawaiian black salts and unique blends to cater to the needs of chefs and home cooks.