PUBLISHER: Allied Market Research | PRODUCT CODE: 1179631
PUBLISHER: Allied Market Research | PRODUCT CODE: 1179631
The global onion salt market was valued at $105,582.4 thousand in 2021, and is projected to reach $188,307.6 thousand by 2031, registering a CAGR of 5.8%. Changes in lifestyle of consumers has been one of the major factors that has contributed toward the growing popularity of jalapeno salt in developing economies. In Asia-Pacific countries, surge in per capita income has led to changing food habits of customers. Rise in aspiration and penchant for luxury lifestyle has led to manifold increase in market size and overall demand. Moreover, in Latin America and the Middle East, per capita income has increased considerably over a decade, which is expected to rapidly boost the demand for jalapeno salt in upcoming years. Furthermore, rise in awareness of consumer towards diversified flavors of jalapeno has further encouraged consumer to increase their spending on jalapeno products which has further fuelled the growth of the jalapeno salt market.
The market in the Asia-Pacific region offers lucrative growth opportunities for the operating players owing to the presence of countries such as India, China, Australia, New Zealand, and others. Increase in adoption of western lifestyle, surge in population, and rise in disposable income of consumers majorly drive the growth of the jalapeno salt market. Moreover, increase in awareness regarding jalapeno salt products and its associated benefits have further augmented the growth of the market. Developing region offers potential growth opportunities to the market players for launching innovative jalapeno salt products. Moreover, countries in Latin America, such as Brazil, are anticipated to unfold attractive business opportunities owing to increase in consumer taste and flavor towards fast food.
Currently, several substitutes of onion salt are available in the market, which include sea salt, rock salt, jalapeno salt, flavored salt and others. These substitute products available in the market offer a reasonably close benefit as onion salt and are most likely available at competitive prices. Thus, consumers can easily switch to these available substitutes. Therefore, the aforementioned fact acts as a potential threat of substitution for the industry, which is likely to hamper the growth of the market.
Increase in popularity of onion salt in fast food restaurants, also known as quick service restaurants (QSRs), boosts growth of the global onion salt market. Among emerging economies, China, India, and Brazil dominate, in terms of fast-food consumption, owing to their large population base and growth in number of QSRs such as McDonalds, Burger King, Wendy's, Subway, and Dunkin' Donuts. The business of QSR chains in India is expected to grow by eight-folds, owing to rise in disposable income and increase in urbanization, thereby, increasing consumption of fast food, which directly contributes toward growth of the onion salt market. According to the India Brand Equity Foundation (IBEF), by 2025, about 530 million people in India are expected to reside in urban areas, which offers an attractive opportunity for global QSR chains. Thus, growth in urban population across the globe is expected to present a potential opportunity for manufacturers of onion salt.
The onion salt industry has been segmented based on form, end user, distribution channel and region. Based on form, the onion salt market is bifurcated into organic and conventional. Based on end user, the market is divided into residential, food service and food processing. On the basis of distribution channel, the market is categorized into business-to-business and business-to-consumer. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Major companies have adopted agreement, product launch, expansion, and merger strategies to sustain the intense market competition. The key players profiled in the report AUM Fresh, B&G Foods, Inc., Badia Spices, Inc., G-Fresh, Hoyts Food Manufacturing Industries Pty Ltd, Leighty's Farm Market, Inc., McCormick & Company, Inc., Monterey Bay Herb Company, Redmond Life, Starlight Herb & Spice Co., The Kroger Co., Trader Joe's, Urban Platter and Woodland Foods.
Key Benefits For Stakeholders
By Form
By End User
By Sales Channel
By Region