Mineral Salt Ingredients Market To Make Great Impact In Near Future by 2024

Minerals salt ingredients normally occur in the form of chemical compounds and most often they are crystalline and abiogenic in origin. Every person uses products made from minerals in day-to-day life. The mines and sea water are the major sources of mineral salt ingredients although plants, dairy products, meat, fruits, flowers, grains, and oil are also considered important sources of organic mineral salt ingredients. Mineral salt ingredients are most widely used in industries such as agriculture, food and beverages, and pharmaceuticals. The global mineral salt ingredients market registered a market value of US$ 7,438.7 Mn in 2015 and is anticipated to reach a value of US$ 11,625.2 Mn by 2024 with a projected CAGR of 5.1% during the forecast period (2016–2024).

Key factors influencing the global mineral salt ingredients market

Increasing population and rapid growth of the food and beverages industry over the last few years is primarily responsible for the significant growth of the global mineral salt ingredients market. Other factors impacting market growth are an increasing deficiency of mineral salt ingredients, which leads to a number of health problems and diseases. Besides, escalating health consciousness in emerging economies leads to a rising demand for functional foods, which also drives the growth of the global mineral salt ingredients market. Mineral salt ingredients possess various medical properties and work as an anti-aging formula and this is likely to further fuel revenue growth of the global mineral salt ingredients market. Increasing urbanization, changing lifestyles of people, and rapid advancements in product offerings are other factors likely to boost the growth of the global mineral salt ingredients market during the forecast period.

Segment analysis

The global mineral salt ingredients market is segmented by product type into Micro Mineral salt ingredients and Macro Mineral salt ingredients (Sodium, Potassium, Chloride, Calcium, Phosphorus, Magnesium) and by application into Dairy products, Infant formula, Functional food, Cosmetics and personal care, Pharmaceuticals, Agriculture, and Others. The Macro Mineral salt ingredients product type segment accounted for 89.4% value share in 2015. In terms of volume, the Micro Mineral salt ingredients segment is estimated to be pegged at 2,499 tons by 2016 end. The demand for the macro mineral salt ingredients segment is more as they are required in large quantities for various metabolic activities and in cosmetics and personal care products due to their medicinal properties, which in turn is likely to fuel the growth of this segment. The Functional food application segment accounted for 25.1% value share of the global mineral salt ingredients market in 2015.

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Regional analysis

The global mineral salt ingredients market has been segmented into the five key regions of North America, Latin America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA). North America accounted for 21.8% revenue share of the global mineral salt ingredients market in 2015. The APAC region leads market share both in terms of revenue and volume in the global mineral salt ingredients market owing to the highest population in the region and increasing demand for mineral salt ingredients from the food and beverages industry in most of the APAC countries.

Key market players

Corbion, Minerals Technologies Inc., Compass Minerals International Inc., Albion Laboratories, Inc., Dr. Paul Lohmann GmbH KG, K+S AKTIENGESELLSCHAFT, Gadot Biochemical Industries Ltd., Arla Foods amba, DuPont, Jungbunzlauer Suisse AG, SEPPIC, and Koninklijke DSM N.V. are some of the top companies operating in the global mineral salt ingredients market. Leading market players are focusing on new market expansion through strategic mergers and acquisitions and joint ventures and are making significant investments in research and development activities to launch new products and cement their foothold in the global mineral salt ingredients market.