Salt Global Market Report 2024

The salt market size has grown strongly in recent years. It will grow from $41.91 billion in 2023 to $45.7 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth observed in the historical period can be attributed to factors such as the expansion of the food processing industry, developments in the chemical industry, the demand for de-icing and snow removal applications, water treatment practices, and the utilization of salt in livestock and agriculture.

The salt market size is expected to see strong growth in the next few years. It will grow to $61.51 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The anticipated growth in the forecast period can be attributed to the expanding food industry, ongoing urbanization and infrastructure development, solutions addressing water scarcity, trends in health and wellness, and the use of salt in livestock and aquaculture. Key trends expected during this period involve an increased demand in developing regions, the application of salt in non-food industries, innovations in packaging, a focus on traceability and transparency, and the exploration of salt alternatives and substitutes.

The salt market is poised for growth due to the increasing demand for mining activities. Mining, involving the extraction of valuable minerals from the Earth's surface or beneath its crust, utilizes salt solutions to temporarily freeze the ground in open-pit mines, enabling excavation in soft or unstable zones. In the United States, mines contributed to the production of non-fuel mineral commodities valued at approximately $98.2 billion in 2022, marking a $3.6 billion increase from the revised 2021 total of $94.6 billion. The production value of industrial minerals in the U.S. for 2022 was estimated at $63.5 billion, constituting around 65% of the overall mine production value in the country. Hence, the growing demand for mining activities is a key driver for the salt market.

The salt market is expected to witness growth fueled by the increasing demand for food. Salt plays a crucial role in enhancing flavors in food, making them more pronounced and enjoyable. It can suppress bitterness, round out sweetness, and intensify savory notes. In the U.S., food expenditures represented 12.8 percent of total spending by households in 2022, a slight increase from the 12.4 percent recorded in 2021. Among household expenditure categories, food ranked third, following housing and transportation. Therefore, the rising demand for food is a significant factor driving the growth of the salt market.

Salt companies are adopting multipurpose mining equipment for the extraction of rock salt from underground deposits. This equipment not only allows control of carbon emissions underground but also enhances productivity while reducing costs. This represents a notable trend in the salt market, emphasizing efficiency and environmental considerations.

Major companies in the salt market are innovating by introducing products such as zinc-added salt to cater to larger customer bases, boost sales, and increase revenue. Zinc-added salt involves enriching common table salt (sodium chloride) with the essential trace element zinc. For instance, Tata Salt, an India-based salt company, launched Tata Salt Immuno in April 2022. Distinguished as a pioneering innovation in the Indian edible salt segment, Tata Salt Immuno not only complies with iodization standards but also stands out for its addition of zInc., known for supporting a robust immune system.

Major companies operating in the salt market report are Cargill Inc., China National Salt Industry Corporation, The Tata Chemicals Limited, Rio Tinto PLC, Gujarat Narmada Valley Fertilizers & Chemicals Ltd., Akzonobel N V, Tosoh Corporation, K+S AG, Tronox Ltd., Nippon Soda Co. Ltd., Compass Minerals International Inc., Infosa, Les Salins du Midi et des Alpes, Toyo Soda Mfg. Co. Ltd., Morton Salt Inc., Diamond Crystal Brands, Salt Lake Minerals Ltd., Schweizer Salinen AG, Avery Salt Company, United Salt Corp., Sambhar Salts Limited, National Salt Company Ltd., Salinen Austria AG, Hindustan Salt Limited, Salinera Española S.A., CIECH S.A., Waggar Salt Limited, Adolph's International Inc., Salsomaggiore Terme S.p.A., Dead Sea Works Ltd.

Asia-Pacific was the largest market in the Salt market in 2023. The regions covered in the salt market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the salt market report are Australia, China, 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. The Salt market includes revenues earned by entities by providing mining services such as solar evaporation method, rock Salt method, and vacuum evaporation method. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The primary categories of salt are rock salt, salt in brine, solar salt, and vacuum pan salt. Solar salt refers to salt obtained from seawater or other brine sources evaporated in the sun. These sources include brine and salt mines. Salt finds diverse applications in chemical processing, de-icing, water treatment, oil and gas industries, agriculture, as flavoring agents, and in various other applications. Mining methods encompass both underground mining and surface mining.

The salt market research report is one of a series of new reports that provides salt market statistics, including salt global industry, regional shares, competitors with a salt market share, detailed salt market segments, market trends and opportunities, and any further data you may need to thrive in the salt industry. This salt global market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.