October 2017
Market Insights
Gourmet salt is crystallized from current bodies of seawater, either by open-air solar evaporation or by quick vacuum evaporation process. Gourmet salts are used in cuisines that demand extravagance and appeal; gourmet cooks use these salts as seasoning and dressing. They are used as enhancers of texture, appeal, and taste, as against simple blending with food, giving an everyday-flavor. These salts have a better solubility, exotic flavor, moisture, and higher mineral content. They are used in cooking and food preservation. The increasing demand for traditional cuisines with enhanced flavors positively affect the gourmet salt market growth. The global gourmet salt market had a revenue of USD 1.1 billion in 2016 and is expected to reach USD 1.5 billion by 2022, with an estimated CAGR of 6.1% during 2017-2022 (forecast period).
Market Dynamics
Increased Demand in Traditional Cuisines = Gourmet Salt Market Growth
The cosmopolitan culture created a demand for traditional cuisines in the metros and, subsequently, gourmet salts found their increased application, owing to their ability to incorporate the ting of traditional flavor and aroma in foods. These salts have also gained popularity among professional chefs in luxury hotels. With boasted benefits over commercial salt, the health conscious population of the Western countries started using rock salts for domestic purpose, creating a demand for the same in the market. Gourmet salts also boast of high-profit margins to the retailers, acting as a driver for the market. These salts are expensive compared to conventional salt and the lack awareness in developing countries, which are major constraints to the market. The increase in gourmet restaurants was witnessed during the past five years, globally, positively influencing the gourmet salt market. The food and culinary shows aired on major TV channels increased the popularity of the salt among the viewers. Gourmet salts, due to their high preservation characteristics, are increasingly finding their application in meat & seafood processing industry. The unexploited market in developing countries created a major prospect for prolific investing in these region.
Market Segmentation
By type, the gourmet salt market has been segmented into sel gris, flakey salt, Himalayan salt, specialty salts and fleur de sel. Specialty salt, like flavored salt and fluer de sel, is growing in demand for its ability to feature enhanced flavor. It is used comprehensively by professional chefs and is expected to register the highest CAGR of 7.1% during the forecast period. Gourmet salts find their application in the bakery, confectionary, meat & poultry, seafood, sauces and savories’ industries. The seafood industry and meat sector, collectively, hold over 60% of the gourmet salt share, due to its augmented seasoning abilities.
Regional Analysis
In 2016, Europe was a major market for gourmet salt, with 34% share, followed by North America with 28%, due to the higher recognition of natural salts in the Western countries. The gourmet salt sector is in its nascent stage in Asia-Pacific, with an untapped market owing to the lack of cognizance. North America, with its increasing number of gourmet restaurants and higher domestic intake, is expected to grow at a faster pace of 7.2%, during the forecast period.
Competitive Environment
Cargill, Saltworks, San Francisco Salt Company & San Francisco Bath Salt Company, Devonshire Gourmet Salts, and Morton Salt, are some of the major players in the sector. There is tough competition in the gourmet salt market due to the limited number of players; however, the number of new entrants is gradually increasing due to the high-profit margins of the market. The key players have engaged in far-reaching scientific research, to identify better and economically feasible ingredients with wider function range. With numerous mergers & acquisitions and new entrants into the sector, the global gourmet salt market is expected to grow considerably during the forecast period.
Our report on the global gourmet salt market covers:
