According to a new report published by Allied Market Research, titled, “Jalapeno Salt Market,” The jalapeno salt market was valued at $965.10 million in 2020, and is estimated to reach $1.8 billion by 2030, growing at a CAGR of 6.6% from 2021 to 2030.
Online retail platform is the major driver of the jalapeno salt market. Presently, most jalapeno salt products manufacturing companies have their own web-based retail stores where users have access to information about products launch, product features, demo, price, and other required information about products. There is an increase in number of consumers shopping online, owing to availability of different product options and price comparison on online shopping sites. This is useful for retailers due to zero expenditure on physical outlets. Furthermore, there is a rise in preference for online shopping as consumers can read reviews provided by other consumers, compare various store & products, and verify product price by different sellers. Thus, rise in adoption of online sales channels drives growth of the jalapeno salt market.
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Moreover, convenience foods refer to the products, which require minimal processing and can be prepared easily without much efforts. Preference for on-the-go food products, which are readily available in the market has increased, owing to changes in eating habits and busy lifestyle. For instance, availability of various jalapeno salt flavor in the market to make sandwiches, burger, and pizza at home easily without much efforts significantly contributes toward growth of the jalapeno salt market. Moreover, easy availability of convenience food in online and offline platform help in increasing consumer base for the jalapeno salt market.
The market in the Asia-Pacific offers lucrative growth opportunities for operating players, owing to presence of countries such as India, China, Australia, and New Zealand. Increase in adoption of western lifestyle, surge in population, and rise in disposable income of consumers majorly drive growth of the jalapeno salt market. Moreover, increase in awareness regarding jalapeno salt products and its associated benefits have further augmented growth of the market. Developing regions offer potential growth opportunities for market players for launching innovative flavors of jalapeno salt which is also the current in jalapeno salt market trends.. Moreover, countries in Latin America, such as Brazil, are anticipated to unfold attractive business opportunities, owing to increase in consumer taste and flavor toward fast food.
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KEY FINDINGS OF THE STUDY
- By flavor, the jalapeno salt market is categorized into lime, garlic, bacon and sea salt. Lime segment constitute a major jalapeno salt market share; however, the bacon segment is projected to experience growth at the highest CAGR during the jalapeno salt market forecast period. Lime flavored jalapeno is highly utilized into the processed food majorly in the chips. Also, lime jalapeno salt is also sprinkled over homemade tortilla chips in order to give food the refreshing lime flavor with a touch of spiciness Therefore, owing to the above mentioned factors the demand for lime flavored jalapeno salt is driving the jalapeno salt market growth.
- Based on end user, the jalapeno salt industry is divided into residential, food service and food processing. Food service segment lead in terms of market share and is expected to continue to grow with robust CAGR during the forecast period.
- On the basis of distribution channel, the market is categorized into business-to-business and business-to-consumer. The business-to-business segment held the major share in the jalapeno salt market size, and is projected to remain dominant during the forecast period. The major factor driving the growth of the business to business jalapeno salt sales is the rising outdoor dining trend among the consumers.
- By region, North America accounted for highest market share in 2020, and is expected to grow at a significant CAGR during the forecast period..
The key players profiled in the jalapeno salt market analysis are Anheuser-Busch InBev, Beijing Enterprises Holdings Limited, Carlsberg Group, Diageo PLC, Dogfish Head Craft Brewery, Inc, Heineken Holding NV., Squatters Pubs and Craft Jalapeno salts, Sierra Nevada Brewing Co., The Boston Jalapeno salt Company, Inc, and United Breweries Limited.
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