The maker claims that as only 14 per cent of buyers used the yellow sauce on salads, the old name no longer reflects its modern purpose.
But the news has caused consternation among some traditionalists, including those who rallied to save the brand a few years ago.
Comedian Jim Davidson, 64, described the move as diabolical.
He said: “That’s it, proof the world has gone totally mad. No more salads for me then. I’ll have no choice but to eat burger and chips.
“I’ll be a fat man. Have they not thought about the effect on the nation’s waistline?
“Salad cream is the only reason to eat a salad.”
Parent group Kraft Heinz said it was working with brand design specialist Jones Knowles Ritchie on overhauling one of Britain’s most enduring kitchen favourites, launched in 1914.
A Heinz spokesman told trade journal The Grocer: “The name no longer fairly represents the product’s ingredients or usage occasions.
“There are consumers now who haven’t grown up with the brand in the household and just don’t know about the iconic zingy flavour or what to eat it with.”
Its own research discovered just 14 per cent used the cream on salad.
Other popular uses now include as an accompaniment to tuna, ham or cheese in
sandwiches, usually as an alternative to mayonnaise.
According to The Grocer, it is also considering the name sandwich cream in a bid to appeal to younger shoppers.
UK sales of the brand dipped 5.4 per cent to £28.8million last year.
The consultation process means the earliest a new name will be introduced is in September.
In 1999 it was revealed that Heinz was about to ditch the brand.
But a protest, by shoppers alongside several celebrity campaigners such as Denise van Outen and Graham Norton, saved the brand.
The publicity helped sales and Heinz took advantage by relaunching new-look packaging and putting the price up
The spokesman added: “As a market-leading business, Kraft Heinz continues to audit its portfolio to meet the needs of consumers.”
Salad Cream was launched by Heinz for the UK market.
It became popular during the Second World War when tomato ketchup was in short supply and is now seen as a cheap low-fat alternative to mayonnaise.
In 2010 Heinz launched a new limited edition lemon-and-black pepper flavoured salad cream.
While Heinz’s recipe is a secret, a homemade version could include egg, mustard, lemon juice, white wine vinegar, double cream, olive oil, pepper and sugar.