What is the global market size of Salt Market?

Global Salt Market size was valued at USD 14.16 billion in 2021 and is poised to grow from USD 14.61 billion in 2022 to USD 19.4 billion by 2030, growing at a CAGR of 3.2% in the forecast period (2023-2030).

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.

Salt Market Report Snapshots

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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. '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)'

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.

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.

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.

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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

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