Fortified Salts Market - Forecast(2024 - 2030)

Report Code: FBR 21894 Report Format: PDF + Excel

Fortified Salts Market Overview

The Fortified Salts Market size is estimated to reach $7.9 billion by 2028, growing at a CAGR of 8.5% during the forecast period 2023-2028. The rising health risks owing to reduced utilization of iodine and iron are set to drive the Fortified Salts Market. The growing requirement for nutritious meals including double iodized salts is also set to propel the growth of the Fortified Salts Industry during the forecast period. Iodised salt is fortified to offer 100% of the iodine requirements of a human being. The application of fortified salt like double-fortified salts in meals in the hospitality & service sector is vital. Double-fortified salts constitute a type of table salt produced with added iron and iodine. In food processing, the application of fortified salts would be beneficial. Animal feed may include I-fortified feed for cattle breeding. If children and unborn infants have very less iodine, there can be issues with normal development involving brain damage and intellectual disability. As per World Health Organization (WHO), 1.88 billion people, involving 241 million school-age children, have inadequate dietary iodine consumption. There are initiatives wherein the state government has drawn out a close subsidy of Rs.25 crore annually for a period of two years, to permit double-fortified salt to be distributed economically at prices 30-60% cheaper than that of iodized salt sold by way of retail.

Fortified Salts Market Report Coverage

TheFortified Salts Market Report - Forecast (2023-2028)” by IndustryARC, covers an in-depth analysis of the following segments in the Fortified Salts Market.

By Product: Iodine, Iron and Double-fortified Salts.
By Application: Hospitality & Service, Food Processing and Household & Animal Feed.
By Geography: North America (the US, Canada and Mexico), Europe (Germany, France, the UK, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and the Rest of South America) and the Rest of the World (the Middle East and Africa).

Key Takeaways

  • Geographically, Asia-Pacific (Fortified Salts Market share) accounted for the highest revenue share in 2022 and it is poised to dominate the market over the period 2023-2028 owing to the surging requirement for nutritious food including double-fortified salts in the Asia-Pacific region.
  • The growth of the Fortified Salts Market is being driven by increasing cases of anemia brought about by iron deficiency. However, including iron in iodized salt may at times result in unfavorable alterations in the product, particularly discoloration, which is one of the major factors hampering the growth of the Fortified Salts Market.
  • The Fortified Salts Market Detailed Analysis of the Strengths, Weaknesses and Opportunities of the prominent players operating in the market would be provided in the Fortified Salts Market report.

Fortified Salts Market: Market Share (%) by Region, 2022

Fortified Salts Market

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Fortified Salts Market Segment Analysis - by Product

The Fortified Salts Market based on product can be further segmented into Iodine, Iron and Double-fortified Salts. The Double-fortified Salts Segment held the largest share of the Fortified Salts Market in 2022. This growth is due to the surging application of double-fortified salts in normal cooking to assist in surmounting iron deficiency (anemia) and iodine deficiency ailments. The soaring supplementation of double-fortified salts in everyday meal preparation to manage/reduce anemia in susceptible classes like teenagers and school children is further propelling the growth of the Double-fortified Salts segment. Furthermore, the Iodine segment is estimated to grow at the fastest CAGR of 9.3% during the forecast period 2023-2028 owing to the increasing fortification of salt with iodine, termed salt ionization, to boost the consumption of iodine in different populations.

Fortified Salts Market Segment Analysis - by Application

The Fortified Salts Market based on application can be further segmented into Hospitality & Service, Food Processing and Household & Animal Feed. The Hospitality & Service Segment held the largest share of the Fortified Salts Market in 2022. This growth is due to the surging application of fortified salts like double-fortified salts in food and beverages in restaurants and the hotel industry. The soaring inclination of customers towards a nutritious diet involving iodine and iron is further propelling the growth of this segment. Furthermore, the Household & Animal Feed segment is estimated to grow at the fastest CAGR of 9.5% during the forecast period 2023-2028 due to the rising awareness regarding the advantages of Fortified Salts like double-fortified salts in households and the inclusion of I-fortified feed in animal feed for cattle breeding.

Fortified Salts Market Segment Analysis - by Geography

Asia-Pacific dominated the Fortified Salts market with a 42% share of the overall market in 2022. The growth of this region is due to the surging annual intake of fortified salts in India and China in the Asia-Pacific region. The growing population of the elderly, targeting to boost life expectancy, is further propelling the growth of the Fortified Salts Industry, thereby contributing to the Fortified Salts Industry Outlook, in the Asia-Pacific region. Furthermore, the North American region is estimated to be the region with the fastest CAGR over the forecast period 2023-2028. This growth is driven by the factors like an increasing predominance of obesity in the North American region. The optimal energy level kept up by fortified salts is further fueling the progress of the Fortified Salts Market in the North American region.

Fortified Salts Market Drivers

Surging Applications of Fortified Salts for Iodine Deficiency And Iron Deficiency:

Double-fortified salt (DFS) is a kind of table salt produced with additional iron and iodine. Dual fortification of salt with iodine and iron could be a sustainable approach to battle iodine and iron deficiencies. The Micronutrient Initiative has established DFS with encapsulated iron. An approximated average salt consumption of 10g per person per day of EFF-DFS would offer 100 percent of the daily iodine requirement and nearly 30 percent of the daily dietary iron requirement. The surging applications of fortified salts for iodine deficiency and iron deficiency are therefore fueling the growth of the Fortified Salts Market during the forecast period 2023-2028.

Soaring Benefits of Salt Fortification:

Salt is comprehensively consumed by all. Salt fortification is a simple, efficient and effortless procedure. The production of salt is restricted to a smaller number of centers. Therefore, monitoring quality is comparatively effortless. The success of this Universal Salt Iodization program has heartened innovators and public health experts to explore the potential of iodized salt to carry added nutrients like iron, to address anemia brought about by iron deficiency. Iron deficiency is one of the most typical deficiencies in micronutrients, influencing greater than 2 billion individuals, around 30% of the global population. The soaring benefits of salt fortification are propelling the growth of the Fortified Salts Industry, thereby contributing to the Fortified Salts Industry Outlook during the forecast period 2023-2028.

Fortified Salts Market Challenges

Production and Financial Restrictions, Consumer Costs and Market Demand:

While 38% of the salt is generated by small and medium-scale producers, they make up 94.2% of all salt producers. The soaring capital costs of blending equipment frequently make it hard for small-scale producers to produce double-fortified salts as per needed standards. As a result of greater input costs – both for input salt and the iron compound, double-fortified salts are costlier to produce than iodized salt. Therefore, they have a greater ex-factory price. The beneficiaries have to be sensitized to the advantages of double-fortified salts to enhance demand in private markets and intake in social safety net pockets. These issues are thus hampering the growth of the Fortified Salts Market.

Fortified Salts Industry Outlook

Novel product launches, collaborations and partnerships are key strategies adopted by players in the Fortified Salts Market. The top 10 companies in the Fortified Salts Market are:

Key Market Players:

  1. AkzoNobel
  2. Tata Chemicals Limited
  3. Cargill Salt
  4. Compass Minerals International, Inc
  5. Ankur Salt
  6. China National Salt Industry Corporation
  7. Windsor Salt
  8. Sambhar Salts Limited
  9. Kutch Brine Chem. Industries
  10. United Salt Corporation

Recent Developments

  • In August 2022, Hindustan Salts, a GOI Enterprise, launched the Rare and Rich Sambhar Lake Salt, "KSHAAR". This alkaline lake salt, typically entrenched with iodine and 54 rich minerals, has prevailed since time immemorial.
  • In June 2021, AkzoNobel introduced mosquito-repellent coating to assist in fighting ailments. People in Brazil have a new friend in the battle against an invasive carrier of dengue fever. A strong mosquito-repellent coating has been developed by AkzoNobel’s Coral brand.
  • In January 2020, Akzo Nobel N.V. made an all-inclusive non-binding proposal to acquire Tikkurila. The proposed integration of AkzoNobel and Tikkurila would develop a powerful platform for future growth. The proposal involves an all-cash public offer for all issued and outstanding shares of Tikkurila at an offer price of €31.25 per share.

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1. Fortified Salts Market Overview
    1.1 Definitions and Scope
2. Fortified Salts Market - Executive Summary
3. Fortified Salts Market – Market Landscape
    3.1 Company Benchmarking - Key Companies
    3.2 Key Company Financial Analysis
    3.3 Market Share Analysis
    3.4 Patent Analysis
    3.5 Pricing Analysis (Comparison of General Price Offerings in the Market)
4. Fortified Salts Market – Startup Company Scenario (Premium)
    4.1 Investment
    4.2 Revenue
    4.3 Venture Capital and Funding Scenario
5. Fortified Salts Market – Market Entry Scenario Premium (Premium)
    5.1 Regulatory Scenario
    5.2 New Business and Ease of Doing business index
    5.3 Case Studies of Successful Ventures
6. Fortified Salts Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porter's five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Fortified Salts Market – Strategic Analysis
    7.1 Value Chain Analysis 
    7.2 Opportunities Analysis
    7.3 Market Life Cycle Analysis
8. Fortified Salts Market – by Product (Market Size – $Million/$Billion) 
    8.1 Iodine
    8.2 Iron
    8.3 Double Fortified Salts
9. Fortified Salts Market – by Application (Market Size – $Million/$Billion) 
    9.1 Hospitality & Service
    9.2 Food Processing
    9.4 Household & Animal Feed
10. Fortified Salts Market - by Geography (Market Size - $Million/Billion)
    10.1 North America
        10.1.1 The US
        10.1.2 Canada
        10.1.3 Mexico
    10.2 Europe
        10.2.1 Germany
        10.2.2 France
        10.2.3 The UK
        10.2.4 Italy
        10.2.5 Spain
        10.2.6 Russia
        10.2.7 The Rest of Europe
    10.3 Asia-Pacific
        10.3.1 China
        10.3.2 Japan
        10.3.3 South Korea
        10.3.4 India
        10.3.5 Australia & New Zealand
        10.3.6 The Rest of Asia-Pacific
    10.4 South America
        10.4.1 Brazil
        10.4.2 Argentina
        10.4.3 Chile
        10.4.4 Colombia
        10.4.5 The Rest of South America
    10.5 The Rest of the World
        10.5.1 The Middle East
        10.5.2 Africa
11. Fortified Salts Market - Market Entropy
    11.1 New product launches
    11.2 M&As, collaborations, JVs and partnerships
12. Fortified Salts Market – Industry Competition Landscape (Premium)
    12.1 Market Share Analysis
        12.1.1 Market Share by Region – Key Companies
        12.1.2 Market Share by Countries – Key Companies
    12.2 Competition Matrix
    12.3 Best Practices for Companies
13. Fortified Salts Market – Key Company List by Country Premium (Premium)
14. Fortified Salts Market - Company Analysis
    14.1 Company 1
    14.2 Company 2
    14.3 Company 3
    14.4 Company 4
    14.5 Company 5
    14.6 Company 6
    14.7 Company 7
    14.8 Company 8
    14.9 Company 9
    14.10 Company 10
* "Financials would be provided to private companies on best-efforts basis." 
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LIST OF TABLES

1.Global Major Manufacturers Introduction Market 2023-2030 ($M)
1.1 Manufacturers List Market 2023-2030 ($M) - Global Industry Research
1.1.1 Future Strategic Planning Market 2023-2030 ($M)
2.Global Major Manufacturers Introduction Market 2023-2030 (Volume/Units)
2.1 Manufacturers List Market 2023-2030 (Volume/Units) - Global Industry Research
2.1.1 Future Strategic Planning Market 2023-2030 (Volume/Units)
3.North America Major Manufacturers Introduction Market 2023-2030 ($M)
3.1 Manufacturers List Market 2023-2030 ($M) - Regional Industry Research
3.1.1 Future Strategic Planning Market 2023-2030 ($M)
4.South America Major Manufacturers Introduction Market 2023-2030 ($M)
4.1 Manufacturers List Market 2023-2030 ($M) - Regional Industry Research
4.1.1 Future Strategic Planning Market 2023-2030 ($M)
5.Europe Major Manufacturers Introduction Market 2023-2030 ($M)
5.1 Manufacturers List Market 2023-2030 ($M) - Regional Industry Research
5.1.1 Future Strategic Planning Market 2023-2030 ($M)
6.APAC Major Manufacturers Introduction Market 2023-2030 ($M)
6.1 Manufacturers List Market 2023-2030 ($M) - Regional Industry Research
6.1.1 Future Strategic Planning Market 2023-2030 ($M)
7.MENA Major Manufacturers Introduction Market 2023-2030 ($M)
7.1 Manufacturers List Market 2023-2030 ($M) - Regional Industry Research
7.1.1 Future Strategic Planning Market 2023-2030 ($M)

LIST OF FIGURES

1.US Fortified Salts Market Revenue, 2023-2030 ($M)
2.Canada Fortified Salts Market Revenue, 2023-2030 ($M)
3.Mexico Fortified Salts Market Revenue, 2023-2030 ($M)
4.Brazil Fortified Salts Market Revenue, 2023-2030 ($M)
5.Argentina Fortified Salts Market Revenue, 2023-2030 ($M)
6.Peru Fortified Salts Market Revenue, 2023-2030 ($M)
7.Colombia Fortified Salts Market Revenue, 2023-2030 ($M)
8.Chile Fortified Salts Market Revenue, 2023-2030 ($M)
9.Rest of South America Fortified Salts Market Revenue, 2023-2030 ($M)
10.UK Fortified Salts Market Revenue, 2023-2030 ($M)
11.Germany Fortified Salts Market Revenue, 2023-2030 ($M)
12.France Fortified Salts Market Revenue, 2023-2030 ($M)
13.Italy Fortified Salts Market Revenue, 2023-2030 ($M)
14.Spain Fortified Salts Market Revenue, 2023-2030 ($M)
15.Rest of Europe Fortified Salts Market Revenue, 2023-2030 ($M)
16.China Fortified Salts Market Revenue, 2023-2030 ($M)
17.India Fortified Salts Market Revenue, 2023-2030 ($M)
18.Japan Fortified Salts Market Revenue, 2023-2030 ($M)
19.South Korea Fortified Salts Market Revenue, 2023-2030 ($M)
20.South Africa Fortified Salts Market Revenue, 2023-2030 ($M)
21.North America Fortified Salts By Application
22.South America Fortified Salts By Application
23.Europe Fortified Salts By Application
24.APAC Fortified Salts By Application
25.MENA Fortified Salts By Application