Kosher Salt Market - Industry Outlook
Albany, NY -- (SBWIRE) -- 05/17/2019 -- The global kosher salt market stood at US$832.3 mn in 2015. Clocking a CAGR of 7.0% during 2016–2024, the opportunities in the market is projected to touch worth of US$1517.2 mn by 2024 end.
Attractive Texture and Iodine-free Characteristics of Kosher Salt make it apt for Culinary Delights
Kosher salt as iodine-free salt has been garnering substantial steam in culinary arts world over. Bereft of iodine and other additives, kosher salt has risen in popularity for cooking owing to its lighter and slightly metallic taste. It has witnessed extensive demand in seasoning of meat by fast food service chains. The easy to control texture of each pinch of kosher salt is another of its characteristics attracting chefs worldwide. In addition, the granular and coarse nature of kosher salt makes it a salt as an attractive texture to several food preparations. The aforementioned propositions are key underpinnings to the growth of the global kosher salt market.
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Burgeoning food and beverages industry in various developing and developed regions across the globe is a key trend propelling the expansion of the global kosher salt market. Rapid strides being made by the food and beverages industry in developed countries has made kosher salt increasingly attractive in new recipes.
Among the various key regional markets for kosher salt, North America has been holding its sway over the past few years. In the next few years as well, it is likely to retain its lead in the global kosher salt market. The growth is attributed to the substantially rising demand in the food and beverages industry.
Among the various product types, the demand for kosher salt crystals has been extensive in the global kosher salt market. The product type has witnessed substantial use in restaurants as a seasoning agent for meat.
Advances in Packaging and Storage unlock Promising Avenues
Retail and grocery shops have accorded kosher salt a shelf different from that of normal table salt products to attract discerning consumers. This factor is likely to offer an impetus to the global kosher salt market. Furthermore, awareness has risen regarding the ill health effects of consuming processed salt.
However, there still remains a lack of accessibility in some regions of the world. In addition, kosher salt isn't considered an apt option for making processes, hampering the demand. On other hand, in developed regions and a few emerging economies, kosher salt is widely preferred in variety of topping and seasoning applications. Furthermore, advances made in packaging of kosher salt will likely to improve its freshness and flavor. Moreover, these advances will enhancing the storage. These factors are new and lucrative avenues in the kosher salt market.
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The competitive dynamics in the global kosher salt market is increasingly consolidated, thanks to the top three players holding a sizeable share of 70.4% in the overall market in 2015, notes Transparency Market Research (TMR). These three companies are Compass Minerals International, Inc., Cargill, and K+S Aktiengesellschaft. Some of the other players are Qingdao Huifenghe Msg Co., Ltd., Redmont, Inc., and Morton Salt, Inc. TMR finds that the consolidated nature also accounts for limited opportunities for new entrants to gain an easy foothold in the global kosher salt market.