This report describes and explains the salt market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global salt market reached a value of nearly $41.9 billion in 2023, having grown at a compound annual growth rate (CAGR) of 2.5% since 2018. The market is expected to grow from $41.9 billion in 2023 to $63.2 billion in 2028 at a rate of 8.6%. The market is then expected to grow at a CAGR of 6.3% from 2028 and reach $85.7 billion in 2033.
Growth in the historic period resulted from expanding industrial applications, growth in the cosmetics and personal care industry, rapid growth in urbanization and growth of the pharmaceutical industry. Factors that negatively affected growth in the historic period were government regulations.
Going forward, the increasing demand for the food and beverage industry, the growing chemical industries, increasing international trade and population growth will drive the market. Factors that could hinder the growth of the salt market in the future include health concerns regarding excessive salt intake.
The salt market is segmented by type into rock salt, salt in brine, solar salt and vacuum pan salt. The rock salt market was the largest segment of the salt market segmented by type, accounting for 41.9% or $17.5 billion of the total in 2023. Going forward, the solar salt segment is expected to be the fastest growing segment in the salt market segmented by type, at a CAGR of 9.4% during 2023-2028.
The salt market is segmented by mining type into underground mining and surface mining. The underground mining market was the largest segment of the salt market segmented by mining type, accounting for 56.6% or $23.7 billion of the total in 2023. Going forward, the surface mining segment is expected to be the fastest growing segment in the salt market segmented by mining type, at a CAGR of 8.8% during 2023-2028.
Asia-Pacific was the largest region in the salt market, accounting for 29.8% or $ 12.5 billion of the total in 2023. It was followed by the Middle East, Western Europe and then the other regions. Going forward, the fastest-growing regions in the salt market will be the Middle East and Africa, where growth will be at CAGRs of 16.7% and 14.5% respectively. These will be followed by South America and Eastern Europe, where the markets are expected to grow at CAGRs of 8.2% and 7.4% respectively.
The global salt market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 15.5% of the total market in 2022. Cargill Inc. was the largest competitor with a 6.5% share of the market, followed by K+S AG with 3.2%, Rio Tinto PLC with 1.4%, Wacker Chemie AG with 1.3%, China National Salt Industry Co. with 0.9%, Tata Chemicals Ltd. with 0.8%, AkzoNobel N.V. with 0.6%, Mitsui & Co. Ltd. with 0.4%, Stone Canyon Industries Holdings Inc. with 0.4% and Compass Minerals International Inc. with 0.1%.
The top opportunities in the salt market segmented by type will arise in the rock salt segment, which will gain $8.4 billion of global annual sales by 2028. The top opportunities in the salt market by mining type will arise in the underground mining segment, which will gain $11.8 billion of global annual sales by 2028. The salt market size will gain the most in Iran at $3.8 billion.
Market-trend-based strategies for the salt market include launch of new products such as pink Himalayan salt, edible salt with added zinc to enhance immunity and wellness, advancing low sodium salt innovation and flavored margarita salts to enhance cocktail experience.
Player-adopted strategies in the salt market include focus expanding business expertise through new product solutions, diversifying businesses by scaling up capabilities through new product launches and expanding business expertise through strategic partnerships.
To take advantage of the opportunities, the analyst recommends salt companies to focus on product innovation, focus on immunity-boosting salt products, focus on low sodium salt innovations, focus on innovative flavored salts, focus on solar salt and salt in brine segments, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on food and beverage companies and focus on chemicals manufacturers.
The global salt market reached a value of nearly $41.9 billion in 2023, having grown at a compound annual growth rate (CAGR) of 2.5% since 2018. The market is expected to grow from $41.9 billion in 2023 to $63.2 billion in 2028 at a rate of 8.6%. The market is then expected to grow at a CAGR of 6.3% from 2028 and reach $85.7 billion in 2033.
Growth in the historic period resulted from expanding industrial applications, growth in the cosmetics and personal care industry, rapid growth in urbanization and growth of the pharmaceutical industry. Factors that negatively affected growth in the historic period were government regulations.
Going forward, the increasing demand for the food and beverage industry, the growing chemical industries, increasing international trade and population growth will drive the market. Factors that could hinder the growth of the salt market in the future include health concerns regarding excessive salt intake.
The salt market is segmented by type into rock salt, salt in brine, solar salt and vacuum pan salt. The rock salt market was the largest segment of the salt market segmented by type, accounting for 41.9% or $17.5 billion of the total in 2023. Going forward, the solar salt segment is expected to be the fastest growing segment in the salt market segmented by type, at a CAGR of 9.4% during 2023-2028.
The salt market is segmented by mining type into underground mining and surface mining. The underground mining market was the largest segment of the salt market segmented by mining type, accounting for 56.6% or $23.7 billion of the total in 2023. Going forward, the surface mining segment is expected to be the fastest growing segment in the salt market segmented by mining type, at a CAGR of 8.8% during 2023-2028.
Asia-Pacific was the largest region in the salt market, accounting for 29.8% or $ 12.5 billion of the total in 2023. It was followed by the Middle East, Western Europe and then the other regions. Going forward, the fastest-growing regions in the salt market will be the Middle East and Africa, where growth will be at CAGRs of 16.7% and 14.5% respectively. These will be followed by South America and Eastern Europe, where the markets are expected to grow at CAGRs of 8.2% and 7.4% respectively.
The global salt market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 15.5% of the total market in 2022. Cargill Inc. was the largest competitor with a 6.5% share of the market, followed by K+S AG with 3.2%, Rio Tinto PLC with 1.4%, Wacker Chemie AG with 1.3%, China National Salt Industry Co. with 0.9%, Tata Chemicals Ltd. with 0.8%, AkzoNobel N.V. with 0.6%, Mitsui & Co. Ltd. with 0.4%, Stone Canyon Industries Holdings Inc. with 0.4% and Compass Minerals International Inc. with 0.1%.
The top opportunities in the salt market segmented by type will arise in the rock salt segment, which will gain $8.4 billion of global annual sales by 2028. The top opportunities in the salt market by mining type will arise in the underground mining segment, which will gain $11.8 billion of global annual sales by 2028. The salt market size will gain the most in Iran at $3.8 billion.
Market-trend-based strategies for the salt market include launch of new products such as pink Himalayan salt, edible salt with added zinc to enhance immunity and wellness, advancing low sodium salt innovation and flavored margarita salts to enhance cocktail experience.
Player-adopted strategies in the salt market include focus expanding business expertise through new product solutions, diversifying businesses by scaling up capabilities through new product launches and expanding business expertise through strategic partnerships.
To take advantage of the opportunities, the analyst recommends salt companies to focus on product innovation, focus on immunity-boosting salt products, focus on low sodium salt innovations, focus on innovative flavored salts, focus on solar salt and salt in brine segments, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on food and beverage companies and focus on chemicals manufacturers.
Table of Contents
1 Executive Summary
6 Market Characteristics
8 Supply Chain Analysis
9 Customer Information
10 Major Market Trends
11 Salt Market - Macro Economic Scenario
12 Global Market Size and Growth
13 Global Salt Market Segmentation
14 Market Comparison with Macro Economic Factors
15 Asia-Pacific Market
16 Western Europe Market
17 Eastern Europe Market
18 North America Market
19 South America Market
20 Middle East Market
21 Africa Market
22 Competitive Landscape and Company Profiles
23 Other Major and Innovative Companies
26 Key Mergers and Acquisitions
27 Opportunities and Strategies
28 Salt Market, Conclusions and Recommendations
29 Appendix
Executive Summary
Salt Global Market Opportunities and Strategies to 2033 provides the strategists; marketers and senior management with the critical information they need to assess the global salt market as it emerges from the COVID-19 shut down.Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 50 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description
Where is the largest and fastest-growing market for salt? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The salt market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider salt market; and compares it with other markets.
The report covers the following chapters:
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type and by mining type.
- Product Analysis - The product analysis section of the report describes the leading products in the salt market, along with key features and differentiators for those products.
- Supply Chain - The supply chain section of the report defines and explains the key players in the salt industry supply chain.
- Customer Information - The chapter covers recent customer trends/preferences in the global salt market.
- Key Trends-Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario - The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the gambling market.
- Global Market Size and Growth - Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional and Country Analysis - Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type and by mining type in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth - Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major and Innovative Companies - Details on the company profiles of other major and innovative companies in the market.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities and Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and Strategies to be followed in those markets.
- Conclusions and Recommendations - This section includes recommendations for salt providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) By Type: Rock Salt; Salt In Brine; Solar Salt; Vacuum Pan Salt2) By Mining: Underground Mining; Surface Mining
Key Companies Mentioned: Cargill Inc.; K+S AG; Rio Tinto PLC; Wacker Chemie AG; China National Salt Industry Co.
Countries: China; Australia; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam, Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; salt indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
- Cargill Inc.
- K+S AG
- Rio Tinto PLC
- Wacker Chemie AG
- China National Salt Industry Co.
- Tata Chemicals Ltd.
- AkzoNobel N.V.
- Mitsui & Co. Ltd.
- Stone Canyon Industries Holdings Inc.
- Compass Minerals International Inc.
- Yunnan Salt and Salt Chemical Group Co., Ltd.
- Jiangxi Salt Industry Group Co Ltd
- Tata Chemicals Limited
- Nirma Limited
- British Salt Limited
- Maldon Crystal Salt Co.
- Salinen Austria AG
- Deutsche Salinen GmbH
- Salrom
- CIECH Group
- Wieliczka
- Russalt Ltd
- SALINEN ROMANIA SRL
- Grupa Azoty S.A.
- Morton Salt, Inc.
- Compass Minerals International, Inc.
- Cargill Incorporated
- Diamond Crystal Brands, Inc.
- North American Salt Company
- Canadian Salt Company Ltd
- Kissner Group Holdings LP
- Sifto Canada Corp.
- Redpath Sugar Ltd
- Compass Minerals
- Sociedad Punta de Lobos
- Salica del Ecuador
- National Industrialization Company
- Saudi Salt
- Salt Refinery Company
- Gulf Salt Company
- Secosalt
- African Dream Foods
- Marina Sea Salt
- Panbros Salt Industries Limited
- Walvis Bay Salt Holdings
- Ghadan Company
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 310 |
| Published | May 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 41.9 Billion |
| Forecasted Market Value ( USD | $ 85.7 Billion |
| Compound Annual Growth Rate | 7.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 46 |
