UK intellectual property investment group, Tek Capital (TEK) , announced on Wednesday that its portfolio company, Salarius, is to collaborate with a manufacturing company for the use of its patented MicroSalt®.
The unnamed diversified snack food company is said to have reached an agreement with Salarius to include the low sodium salt product within its production run of its snack food brand.
Notably, not only is the low sodium ingredients market estimated to reach $1.76 billion by 2025 with a compound annual growth rate of 11.7%, but the global savory snacks market, considered a “highly competitive” space is expected to reach a significant $108 billion by 2021.
Shares in Tekcapital jumped over 13% following this morning’s news.
"The snack food market is highly competitive, with snack food manufacturers competing for shelf space with competitor brands at small, mid-size and large leading retailers,” explained Victor Hugo Manzanilla, CEO of Salarius.
It now seems that companies are turning to healthier alternatives to differentiate themselves within what Mr Manzanilla has described ultimately as a “crowded market”.
He explained that by using MicroSalt®, companies are able to build a healthier version of their most popular brands without sacrificing the taste of their products.
Executive Chairman at Tekcapital, Dr Clifford Gross, expressed his delight at the collaboration for Tekcapital's 97.5% owned Salarius, stating:
"We are glad to see Salarius' continued market traction as it expands its customer base and believe that MicroSalt® has the potential to empower consumers worldwide to enjoy full-flavour snacks with reduced sodium."
Follow News & Updates from Tekcapital here: