Salt Market
Salt Market Study by Solar-evaporated, Rock, Brine, and Vacuum-evaporated Salt for Chemical Manufacturing, Road Deicing, Food Processing, and Livestock from 2024 to 2034
Analysis of Salt Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Salt Market Outlook (2024 to 2034)
Worldwide salt market revenue is estimated to reach US$ 24.2 billion in 2024. The market has been projected to climb to a value of US$ 35.5 billion by the end of 2034, expanding at a CAGR of 3.9% over the next ten years.
Demand for salt is on the rise due to its crucial role in sustaining life. Salt serves not only as a crucial seasoning for human consumption but also finds extensive application in various chemical industries.
Salt is an inorganic compound that has many applications across various industries. It is one of the world's most essential compounds and a necessary component of the human diet. Salt is a compound of chlorine and sodium that undergoes many processing steps, including seawater evaporation, brine extraction, rock salt mining, and conventional mining. Salt has a long history of use in road de-icing, seasoning food, and water softening. It also helps extend the shelf life of food and beverages. Its low cost, abundance, and relatively easy processing make it a popular choice among manufacturers and processors worldwide.
Key Market Growth Drivers
- Salt is an important element in the electrolysis of salt brine to make caustic soda and chlorine, and it is commonly employed in chemical production to synthesize compounds.
- Salt is an extremely popular product due to its flexibility; a considerable amount of the salt produced and imported in North America and Europe is utilized as a de-icing solution due to its low cost, which is contributing to salt market growth.
- Increasing demand for mining activities is projected to drive the expansion of the market, as mining involves extracting rich minerals or geological elements from the Earth's surface or subsurface.
- Salt solutions are used to temporarily freeze the earth in open-pit mines. This enables excavation in soft or unstable zones, which would otherwise be dangerous.
- Salt includes an extensive amount of antioxidants, which protect and strengthen cell membranes against dehydration and external stresses. It is also useful in lowering stress, skin illnesses, inflammatory diseases, and hair loss.
Report Attributes | Details |
---|---|
Salt Market Size (2024E) | US$ 24.2 Billion |
Forecasted Market Value (2034F) | US$ 35.5 Billion |
Global Market Growth Rate (2024 to 2034) | 3.9% CAGR |
North America Market Share (2024E) | 25.6% |
East Asia Market Growth Rate (2024 to 2034) | 4.8% CAGR |
Sales of Solar-evaporated Salt (2034F) | US$ 11 Billion |
Key Companies Profiled | Tata Chemicals; ITC Limited; Ahir Salt Industries; Detroit Salt Co.; Indiana Sugars, Inc.; Amagansett Sea Salt; Cargill Incorporated; McCormick & Company, Inc.; United Salt Corporation; Morton Salt; Rock Salt Today; Wilson Salts; Tata Consumer Products; Woodland Foods; SaltWorks, Inc. |
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Which Major Salt Market Trends are Producers Exploiting to Stay Ahead?
“Extensive Use of Salt in Chemical Synthesis, Food Processing, and Water Treatment”
Diverse array of industrial applications underscores salt's pivotal role across key sectors, fueling demand and contributing to the expansion of the salt market size. Salt serves as an indispensable element in many critical processes, encompassing chemical synthesis, food processing, water treatment, and pharmaceuticals.
Its versatile utility extends to chemical processing, water treatment, and de-icing, reflecting its indispensable value in industrial operations. The burgeoning demand for chemicals, coupled with mounting concerns regarding water pollution and scarcity, is driving heightened demand within the industry.
“Gradual Shift toward Utilizing Premium Ingredients in Animal Feed Formulations”
Salt is a vital component in formulating well-balanced animal feed, essential for sustaining animal metabolism and crucial physiological mechanisms, much like in humans. Traditionally, low-cost salts such as rock salt and other low-grade varieties have dominated dietary applications. However, recent regulations in several countries necessitate the utilization of premium-grade ingredients in animal feed to ensure purity and quality.
Ruminants require substantial salt intake for optimal health and high-quality milk production. As regulatory standards become more stringent and the demand for optimal nutrition increases, the demand for salt is projected to increase, driven by its indispensable role in animal nutrition.
What is a Surprising Issue That Salt Manufacturers Face?
“Significant Environmental Footprint Associated with Salt Production”
Salt manufacturing processes exert a significant environmental footprint, especially in regions where underground resources are extracted or saltwater is evaporated. This raises concerns about the depletion of natural resources, water contamination, and other environmental repercussions. Additionally, the production process is likely energy-intensive, contributing to greenhouse gas emissions and climate change.
Production of salt generates a substantial amount of waste, such as brine and other chemicals, which must be carefully managed and disposed of to prevent environmental harm. These challenges are expected to impede the expansion of the salt market.
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Country-wise Insights
The North American region is estimated to hold a leading 25.6% salt market share in 2024. In South Asia and Oceania, demand for salt in India and Indonesia is projected to grow at a steady pace during the projected period. Due to the abundance of salty lakes in several South Asian nations, such as India, the sun evaporation method for salt production is becoming increasingly popular.
Why is the United States a Key Market for Salt Producers?
“Presence of Extensive Coastlines and Saline Lakes”
Attribute | United States |
---|---|
Market Value (2024E) | US$ 4.9 Billion |
Growth Rate (2024 to 2034) | 4.2% CAGR |
Projected Value (2034F) | US$ 7.4 Billion |
Salt is mainly produced through three methods: inland brine or seawater sun evaporation, brine-mined rock salt, and solution mining. In addition, the growth of the salt market in the United States has led to an increase in industrial salt production using the sun evaporation method.
Due to the presence of extensive coastlines and saline lakes, salt producers in the United States are opting for the sun evaporation technique. The low cost and simplicity of solar evaporation contribute to its popularity among many manufacturers in the United States' industrial sector.
Why is Demand for Salt High in China?
“Extensive Use of Salt in Chlor-Alkali Industry”
Attribute | China |
---|---|
Market Value (2024E) | US$ 4.1 Billion |
Growth Rate (2024 to 2034) | 4.6% CAGR |
Projected Value (2034F) | US$ 6.4 Billion |
China is a top salt producer in the East Asia region and is estimated to hold 79.1% of the market share in 2024. Extensive use of salt in the chlor-alkali industry in China is the primary reason behind market expansion. Surplus salt output is exported to countries such as Japan, Bangladesh, Indonesia, South Korea, Malaysia, and others. These factors contribute to the increased sales of salt in China. In addition, increased demand for salt in the domestic market is driven by the large population, as salt is a daily consumption item.
Category-wise Insights
In the end use category, the market is segmented into chemical manufacturing, road deicing, food processing, and livestock. The chemical industry accounts for the increased utilization of salt. Salt with a purity ranging from 95% to 99% is projected to dominate the market by 2034.
What has Solar-evaporated Salt been Historically Preferred?
“Simplicity and Effectiveness of Solar Evaporation Techniques”
Attribute | Solar-evaporated Salt |
---|---|
Segment Value (2024E) | US$ 7 Billion |
Growth Rate (2024 to 2034) | 3.8% CAGR |
Projected Value (2034F) | US$ 11 Billion |
One of the ancient methods of salt extraction involves evaporating saltwater in natural lagoons or intentionally constructed ponds, salt marshes, or marine salt flats. Salt marshes primarily formed around ancient civilizations and along flat sections of seashores. Solar salt is produced by evaporating seawater or saltwater from underground deposits in large shallow ponds called salt pans.
The sun's heat and wind evaporate the water, leaving behind the salt. Solar-evaporated salt is less refined and contains more natural minerals and contaminants, such as magnesium, calcium, and potassium. It is commonly used in water softeners, which eliminate the minerals responsible for hard water.
Know thy Competitors
Competitive landscape highlights only certain players
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Competitive Landscape
Key players in the salt industry include Tata Chemicals, ITC Limited, Ahir Salt Industries, Detroit Salt Co., Indiana Sugars, Inc., Amagansett Sea Salt, Cargill Incorporated, McCormick & Company, Inc., United Salt Corporation, Morton Salt, Rock Salt Today, Wilson Salts, Tata Consumer Products, Woodland Foods, and SaltWorks, Inc.
- In March 2024, Chile announced the opening of salt flats for lithium mining and the protection of others, as the government intends to increase the output of the battery metal over the next decade under a new public-private paradigm.
- In August 2023, in response to the panic buying behavior caused by Japan's nuclear pollution, the China National Salt Industry Group advocated sensible salt product purchasing, given that salt and lake salt account for the majority of salt goods in China.
- In July 2023, the government of Bolivia granted permission to two new companies, one Russian and one Chinese, to extract lithium from Bolivia's salt flats, which hold 21 million tons of the material and are the world's leading lithium brine resource.
- In May 2023, Cargill's salt division signed a contract with the CIECH Group, a leading provider of products derived from evaporated salt. This deal enabled Cargill to expand its range of specialized food salt solutions for European food manufacturers.
Segmentation of Salt Market Research
-
By Product Type:
- Solar-evaporated Salt
- Rock Salt
- Brine
- Vacuum-evaporated Salt
- Others
-
By Purity:
- 95% to 99%
- More than 99%
-
By End Use:
- Chemical Manufacturing
- Road Deicing
- Food Processing
- Livestock
-
By Region:
- North America
- Western Europe
- Eastern Europe
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
- FAQs -
What is the market size for salt in 2024?
The global salt market is estimated at US$ 24.2 billion in 2024.
What portion of the North American market does Canada account for?
Canada holds 14.8% share of the market in North America in 2024.
What is the demand projection for salt for 2034?
Worldwide revenue from the sales of salt is projected to reach US$ 35.5 billion by 2034.
How fast is the market projected to expand in South Korea?
The market in South Korea is projected to expand at 5.9% CAGR through 2034.
Who are the leading manufacturers of salt?
Leading salt producers are Tata Chemicals, ITC Limited, Ahir Salt Industries, and Amagansett Sea Salt.
What are the estimated sales for rock salt in the global market?
Rock salt product is estimated to generate revenue worth US$ 11 billion by 2034.