Fortified Salts Market - Forecast(2023 - 2028)

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

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

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 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

Fortified Salts Market Segment Analysis - by Geography

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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