Client’s Goals

Our client, a leading US based salt supplier, engaged MarketsandMarkets to increase its revenues. We defined and solved a series of problems for the client. Further, we also offered insights on Himalayan pink salt market for various end-use segments such as food and beverage, animal feed, spa and lamps markets to increase market penetration. Our team offered a detailed view of the interconnected ecosystem of client’s clients and their clients for identifying opportunities and blind spots. Few of the key questions answered for the client were:

• Insights into North America for prioritizing country-level markets
• Understanding of area to cluster distributors
• Build value proposition for target customers

Our Approach

We offered an outside-in perspective on the market potential of Himalayan pink salt in North America, by country and identification of potential customers. Further, we helped in the identification of the top application areas in target end-use segments and their locations across North America through our AI-driven market intelligence platform, KnowledgeStore. Our analysts also helped the client to better understand the competitive landscape, varying business models & strategies of different players to win in these markets. These insights helped the client to improve their product offering as well. Interviews with a host of potential customers were conducted in end-use segments to understand their unmet needs, pull for Himalayan pink salt especially in upcoming/ trending end-use segments. Our client services team further helped our client to refine their value proposition and quickly gain share.

Revenue Shifts Identified

Salt market has recently witness flavorful innovation and a significant transition from being elemental commodities to cuisine enhancer. Pink salt is gaining greater popularity among home cooks and chefs over the world. There are variety of products available differing from flake size, texture to the subtle flavor and aesthetic appearances.

Interconnections

The North American convenience food market is exhibiting strong growth potential with growing interest for Ready to Eat (RTE), Ready to Cook (RTC) and snack segments.  Consumers are appreciating recognizable ingredients with clean-label traits such as unrefined, and unprocessed. Such ingredients are expected to witness favourable growth in such applications in the near future.

Unknowns Identified

The natural flavor enhancers market is evolving dynamically with greater improvization in the supply-side scenario of raw materials. Western markets, such as North America, are expected to witness greater utilization of ingredients that can provide healthy indulgence. Gourmet salts such as pink salt is one amongst the aforementioned category.  Growth in the category is also due to the growing awareness of its natural and functional profile.

Revenue Impact (RI)

Our insights helped the client to penetrate into a USD 1 billion market, with a revenue opportunity of USD 300 million in 5 years. The client was able to establish and grow Himalayan pink salt business in the US and Canada with our recommendations.