An Overview of the Global Gourmet Salts Market with Reference to the Food and Beverages Global Industry Outlook
The food and beverage industry in North America is colossal and comprises and number of players in largely fragmented and multi-tiered supply chains. The industry is stringently regulated and players often have to adapt to a landscape that changes quite frequently. The primary demand drivers in North America are witnessing fast-paced evolution, as dietary habits receive emphasis, especially among consumers who scour every label to read the ingredients. Although mergers and acquisitions have been a staple in the food and beverage industry, uncertainties in political climate in Europe and America lead to a slowdown in 2016. As there is more clarity on the U.S. Presidential election and Brexit, the pace of mergers and acquisitions is likely to pick up.
The evolving tastes and preferences of consumers are not lost on manufacturers, as offerings have been broadened to accommodate organic and natural food products. Many established players are focusing in acquiring smaller companies which have the expertise and reputation of being pros in specific organic and natural domains. These smaller companies have deep brad loyalty, and owing to the small scale of production, it is much easier for them to come up with innovative products. These factors, combined with increasing emphasis on organic and natural, are likely to make smaller companies attractive targets for mergers and acquisitions.
In Europe, notable developments that the food and beverage industry needs to lookout for are stricter monitoring of unfair trade practices (UTPs) by the European Commission (EC). Many food and beverage manufacturers are currently assessing the risk to business once Brexit comes into effect. As the timing and full impact of Brexit is still uncertain, food and beverage companies are focusing on taking preventive action to secure their business interests.
List of factors tracked in the Food Ingredients Market Report
In the food ingredients sub-domain, the following factors have been tracked.
PMR utilizes robust methodology and approach to arrive at market size and related projections. The research methodology for this report is based on 3 dimensional model. We conduct about 45-60 min duration detailed interviews with product manufacturers; apart from this we also collect market feedback from industry experts. To validate this data, we interact with senior panel members having more than 10 years of experience in relevant field. The panel members help in validating the findings and fill the gaps if any. In addition, we leverage on our existing pool of information, paid database and other valid information sources available in public domain. Usually industry interactions extend to more than 50+ interviews from market participants across the value chain.
PMR collects data from secondary sources including company annual reports, association publications, industry presentations, white papers, and company press releases apart from these we leverage over paid database subscriptions and industry magazines to collect market information and developments in exhaustive manner. After being done with desk research, detailed questionnaire and discussion guide is formulated to initiate primary research with key industry personnel; the discussion aims at collecting key insights, growth perspectives, prevalent market trends and quantitative insights including market size and competition developments. Both of these research approaches help us in arriving at base year numbers and market hypothesis.
In this phase, PMR validates the data using macro and micro economic factors. For instance, growth in electricity consumption, industry value added, other industry factors, economic performance, growth of top players and sector performance is closely studied to arrive at precise estimates and refine anomalies if any.
Data Analysis and Projection
Data analysis and projections were made based on proprietary research frameworks and statistical analysis, which was further validated from industry participants. These frameworks include Y-o-Y growth projections, macro-economic factor performance, market attractiveness analysis, key financial ratios, and others.
For public companies we capture the data from company website, annual reports, investor presentations, paid databases. While for privately held companies, we try to gather information from the paid databases (like Factiva) and based on the information we gather from databases we estimate revenue for the companies. In addition, the team tries to establish primary contact with the companies in order to validate the assumptions or to gather quality inputs.
Standard Report Structure
By Product Type
Gourmet salts are naturally harvested sea salts that contain low sodium levels. The demand for these salts is relatively high across the globe with consumers shifting their food patterns towards consumption of healthy alternatives over their conventional counterparts. Burgeoning demand for gourmet salts is predominantly due to rapid globalization, growing awareness of consumers, and frequent innovation in ingredients and flavors. Evolving lifestyles and food habits of consumers compel them to prefer healthy food choices, strongly backed by their increasing per capita expenditure.
Urbanization plays a pivotal role in influencing the lifestyle and consumption patterns among consumers, worldwide. Owing to the employment prospects, migration of the working population to Tier-1 cities has increased extensively, which is expected to continue over the coming years. Increasing awareness among consumers about food products and their contents has been attributed to exploding Internet penetration, mushrooming infiltration of electronic gadgets, and burgeoning use of social media. While online promotion strategies contribute a lion’s share in boosting the popularity of organically-sourced food products, the food and beverages industry has been witnessing reorganization in recent years. Salts form a noteworthy part of a meal and are available extensively, after a series of processes in food processing factories. However, growing consumer inclination towards consuming food products in their natural form is expected to push the sales of gourmet salts over the forecast period.
The retail sector also plays a prominent role in influencing the changing consumption pattern. The expansion of the global retail chain has triggered the use of different food and beverage products, owing to improved strategies being adopted by key stakeholders, for product promotion and consumer outreach.
Use of gourmet salts in broiler meat production to maintain high demand in meat and poultry division
To decrease the sodium content in meat products, processors are probing for a replacement for sodium chloride that possesses similar functionality, without compromising on the quality of sensory attributes. One idea that meat scientists are pursuing is the use of alternative gourmet salts, which are not purified and thus, contain several trace elements. A recent study demonstrates the similarities between the functionality of potassium chloride and sodium chloride with respect to their effects on muscle enzymes, which will possibly trigger demand for gourmet salts in the meat and poultry division.
Bakery and confectionery are expected to maintain the second position in terms of gourmet salts consumption
Gourmet salts are found in different forms such as flake salts, fleur de sel, Italian sea salt, sel gris, smoked sea salt, Indian black salt, coarse salts, and others such as Himalayan pink salt, and specialty flavored salt. Fleur de sel has a distinct taste and is used in several cuisines along with coarse salts, especially in bakery products. As they are healthy and organic in nature, the demand for gourmet salts is expected to gain traction in the bakery and confectionery division in the coming years.