USD 14.16 billion
Salt Market Size, Share, Growth Analysis, By Type(Rock Salt, Sea Salt, Vacuum Salt), By Application(Chemical Processing, De-Icing, Water Treatment, Oil & Gas), By Source(Brine and salt mines), By Region - Industry Forecast 2024-2031
Report ID:
SQSG15B2004 |
Region:
Global |
Published Date: April, 2024
Pages:
165
|Tables:
91
|Figures:
75
Salt Market Insights
Global Salt Market size was valued at USD 14.16 billion in 2019 and is poised to grow from USD 14.61 billion in 2023 to USD 19.4 billion by 2031, growing at a CAGR of 3.2% in the forecast period (2024-2031).
Salt is consumed by every individual in the world in some form regularly. According to the researchers of Tufts University, an average of 3.95 grams of salt is consumed per person per day by every adult on the planet. It is one of the most expensive minerals in the world and a vital component of human diet.
It is an important inorganic chemical having various applications across different industries such as chemical processing, food processing, and water treatment among others. The increasing application of salt in the chemical production is projected to boost the growth of the salt market, over the forecast period
US Salt Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Chemical Processing
Fastest Growth
Chemical Processing
Growth Rate
3.2% CAGR
Global Salt Market 2022-2028 ($ Bn)
Country Share for Asia-Pacific Region- 2021 (%)
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Salt Market Segmental Analysis
The Global Salt Market is segmented based on type, application, source, and region. Based on Type, Salt Market is categorized into Rock Salt, Vacuum Salt and Sea Salt. Based on Application, Salt Market is categorized into Chemical Processing, De-Icing, Water Treatment, Oil & Gas, Food Processing, and Agriculture. Based on source, the Salt Market is segmented into Brine and salt mines. Based on region, Salt Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Salt Market Analysis by Application
On the basis of application, the chemical processing salt segment is currently dominating the global salt market, having the largest market share. In particular, industrial salts are utilized as a raw material in the production of chlorine, soda ash, and caustic soda. The increasing demand for these chemicals is projected to increase the consumption of salts, thereby supporting the growth of the global salt market.
Similarly, the increasing number of water treatment projects are predicted to boost the use of industrial salts, and as a result, support the growth of the overall salt market. Currently, there are several water treatment projects underway, which is projected to increase the demand for salts. These projects utilize industrial salts to soften and purify the water.
Along with this, the de-icing segment is another segment contributing significantly to the global salt market. Industrial salts are stored in regions with heavy snowfall expectations for clearing the roads. Several nations have started building up their stocks of salt for deicing purposes because of the past incidences of a shortfall of salt supply for deicing the roads.
Global Salt Market By Application, 2021 (%)
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Salt Market Regional Insights
Based on the region, the Asia Pacific region currently dominates the global salt market, due to the rapid growth of the emerging economies and the increasing developments in the various industries in this region. Many industrialized nations in the Asia-Pacific area have weather conditions that are ideal for producing solar salt which also enable growth of this market. In China, where high standards of quality are becoming more and more important in both the chemical and food processing industries, the production of vacuum salt is also expected to grow rapidly.
North America is also expected to have a considerable expansion in the salt market due to the region's robust street de-icing sector. Additionally, Europe has also emerged as a significant region in the market, due to the increasing chemical sector in the region. Also, the Middle East and Africa is projected to have the fastest growth due to the increased industrialization in the region, caused by the expansion of chemical and food engineering as well as other manufacturing activities.
Global Salt Market By Geography, 2022-2028
- Largest
- Fastest
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Salt Market Dynamics
Salt Market Drivers
- Rising production of chlor-alkali compounds to support the market growth: The industry is propelled by the increase in demand for salt used in the chemical manufacturing sector, particularly in the creation of chlorine-alkali compounds. Due to the unavailability of an affordable substitute for the commodity, chlorine-alkali is a significant user of salt in the chemical sector.
Salt Market Restraints
- Several rules governing the mining activity are projected to limit the market expansion: Additional permits and licenses from mining officials around the world are required for the process of extracting the chemical from mines, which are intended to reduce production. Moreover, the operational levels of mine facilities vary greatly when the need for de-icing products rises, which is expected to slow market growth over the course of the projection period.
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Salt Market Competitive Landscape
The market for salt is fragmented, with small-scale producers accounting for a sizable portion of the industry. The major players in the worldwide salt market use key tactics such as product innovations, business expansions, joint ventures, and mergers and acquisitions.
Salt Market Top Players Company Profiles
- Cargill
- K+S AG
- Tata Chemicals Limited
- China National Salt Industry Corporation (CNSIC)
- Compass Minerals International, Inc.
- Morton Salt, Inc. (a subsidiary of K+S AG)
- AkzoNobel N.V.
- Dampier Salt Limited (a subsidiary of Rio Tinto Group)
- INEOS Salt Europe (a subsidiary of INEOS Group Holdings S.A.)
- Lion Salt Works Trust
- Wacker Chemie AG
- Zoutman Industries NV
- Dominion Salt Limited
- Salins Group
- Südwestdeutsche Salzwerke AG
- Swiss Saltworks AG
- United Salt Corporation
- Eurosalt
- Cerebos Limited (a subsidiary of Suntory Beverage & Food Limited)
Salt Market Recent Developments
- In June 2022, K+S and Cinis Fertilizer of Sweden have agreed to work together in the future to produce potassium sulfate synthetically by signing a letter of intent (SOP). K+S aims to fulfill all of Cinis Fertilizer's potassium chloride (MOP) needs under the proposed deal. In exchange, Cinis would allow K+S to buy up to 600,000 tonnes of potassium sulfate annually.
- In June 2022, Mishtann Foods announced the development of a novel salt variety in the form of salt crystals, which has a number of nutritional advantages.
- In April 2022, Tata Salt, one of India's most reputable companies and a leader in the salt iodization movement, introduced Tata Salt Immuno. This latest product represents a category-first innovation in India's edible salt market. The product also contains zinc, which is known to support a healthy immune system, in addition to the required iodization.
Salt Key Market Trends
- Demand for seasoned and flavored salt is growing: Flavored salts are becoming more and more popular as consumers want to expand their culinary horizons. A flavor combination created by the flavored salts has a stronger flavor profile than a seasoning mix. Due to expanding westernization trends, consumers in emerging nations have a greater appetite for foreign cuisines like Italian and French food, which has resulted in an increase in the use of flavored salts. Due to the accessibility and availability of the various salt variations, consumers are buying seasoned and flavored salts from online retailers like Amazon and corporate websites like The Meadow. Young people's increased appetite for hot and spicy fast food has made it possible for eateries to incorporate flavored salts, such jalapeno salts, in their locally produced dishes.
Salt Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global salt market analysis, the global salt market is currently led by countries in the North American region, due to the increased deployment and technological advancements in smart parking meters in this region. Along with this, the point of sale segment of salts holds the largest market share owing to its advantages such as quick checkout alternatives, a personalized customer experience, and a variety of payment methods, and it is projected to maintain its dominance over the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 14.16 billion |
| Market size value in 2031 | USD 19.4 billion |
| Growth Rate | 3.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Salt Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Salt Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Salt Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Salt Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Salt Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Salt Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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