Demand for micronized salt has seen an upswing in the recent past and is anticipated to continue on this course at a steady clip during the forecast period. A ‘new normal’ has emerged in the meat processing industry with top players increasing the utilization of micronized salt, owing to its high efficacy in usage and increased affordability.
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Investments have surged considerably in the processed food and meat processing industry which is instrumental in catalyzing the growth of micronized salt market. On this premise, micronized salt market is expected to present an absolute $ opportunity of more than US$ 900 Mn during the forecast period.
Key Takeaways of the Global Micronized Salt Market
- Pure micronized salt, with purity of more than 99.5%, is anticipated to maintain its supremacy in the micronized salt market. It is also forecast to show a positive growth trajectory.
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- Asia-Pacific accounts for the largest share in micronized salt market, with China and India together accounting for nearly 30% of the global share.
- Utilization of micronized salt in bakery and confectionery applications are expected to remain constant in terms of market share. However, they are set to grow 1.3X by 2028 over 2019.
- Premium grade micronized salts are projected to show moderate growth rate in the market, while value grade micronized salts are expected to present high growth rate during forecast.
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“Investments in micronized salt to fit industrial specifications and specific functionalities is expected to increase demand. Companies catering to the food processing industry are expected to gain long term benefits.” says Fact.MR analyst.
Regional Expansion to be Key Forte of Stakeholders
The market of micronized salt is fragmented with top players accounting for nearly 40% revenue share. Top players like Cargill Incorporated, K+S Aktiengesellschaft, Ciech S.A, Tata Chemicals Ltd., AkzoNobel N.V and INEOS group Ltd have focused on increasing their presence in micronized salt market.
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Some companies have been trying to increase their revenue streams by gaining new contracts in foreign markets, while others are establishing their distribution channels with collaborations with regional suppliers and distributors. These efforts of micronized salt manufacturers are expected to be supplemental to growth of market.
For More Insights – http://www.globenewswire.com/en/news-release/2020/03/26/2007034/0/en/Micronized-Salt-Market-to-Maintain-Steady-Growth-Through-2028-High-Purity-Options-Remain-Bestselling-Says-a-New-Fact-MR-Report.html
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