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While fresh onions are a seasonal product, onion salt is readily available throughout the year. Unlike onions, onion salt is very easy to store due to its concentrated and easy-to-use form. It is also far more convenient than regular vegetables that require chopping. Hence, the increase in demand for convenient cooking alternatives is leading consumers away from fresh produce and frozen vegetables, driving the growth of the global onion salt industry.
McCormick & Company, Inc. (NYSE: MCK) reported an 8% increase in sales during the quarter ending May 31st, 2020. This was driven by the increase in demand for everyday spices such as black pepper, garlic powder, onion salt, and others. This can be attributed to the increase in the number of home-cooked meals during the COVID-19, which is driving the ready-to-use spices market. B&G Foods (NYSE: BGS) reported a 38% increase in sales in the quarter ended June 27th, 2020, primarily driven by the increase in online grocery shopping and stockpiling during the pandemic. The growth of ready-to-use and easy-to-store vegetable products grew at a much faster rate than frozen vegetable products, and that the new consumer habits developed during the COVID-19 pandemic are expected to persist even afterwards. Hence, there is expected to be a surge in demand for onion salt products, a trend that is expected to persist during the forecast period (2020-2025).
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The major players in the global onion salt market are McCormick & Company, Inc., Badia Spices Inc., B&G Foods, Inc., and Woodland Foods, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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