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The salt market size is estimated to grow at a CAGR of 2.21% between 2022 and 2027. The market size is forecast to increase by USD 30.81 billion. The growth of the market depends on several factors such as the wide range of industrial applications of salt, the increase in production of chloralkali chemicals, and the increased demand for processed foods.
This salt market report extensively covers market segmentation by type (rock salt, brine, solar salt, and vacuum pan salt), application (chemical processing, road de-icing, food processing, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increased demand for processed foods is the key factor driving the growth of the market. Processed foods have a higher demand than whole foods because of their taste, appearance, and texture, which attract many consumers. In countries such as China and India, the growth in economic conditions and the rise in disposable income have led to an increase in the demand for convenient processed food products.
Moreover, most of the highly processed foods, such as cookies, crackers, chips, breakfast cereals, cakes, pasta, ice cream, and luncheon meats, require minimal additional preparation and are, therefore, ready to eat. This has further increased the demand for processed foods globally. Overall, the growing demand for processed foods will drive the demand for salt across the globe, which will further contribute to the growth of the global salt market during the forecast period.
The growing popularity of vacuum pan technology for salt production is the primary trend in the market. The requirement to produce high-quality salt has prompted some suppliers to use advanced technological methods to produce salt, such as the vacuum tank technology method. This method yields very pure salt, which has a very fine texture. The vacuum pan technology method for salt production is mainly used in high-quality salt applications such as food processing and chemical manufacturing.
Moreover, water softening and defrosting are the two main uses of sous vide salt. In addition, in some countries, the production of salt using vacuum tank technology has increased significantly. Overall, salt production using vacuum pan technology is gaining attention and hence is considered a popular trend, which will drive the growth of the global salt market during the forecast period.
Growing health awareness among people is a challenge that affects the growth of the market. The increasing public understanding of the potential health risks associated with high salt intake has led to changes in consumer behavior and regulatory action. Eating too much salt has been linked to high blood pressure, cardiovascular disease, and other health problems, prompting people to think about their food choices.
Furthermore, governments and health organizations around the world are addressing these concerns by advocating guidelines for reducing salt intake and implementing labeling regulations that require clear indications of salt content on packaged food. Thus, such factors may hinder the growth of the global salt market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Salt Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The rock salt segment is estimated to witness significant growth during the forecast period. Rock salt is the least processed form of salt, created by evaporating seawater or lake water. Rock salt can have a variety of colors, such as yellow, blue, and red, depending on the impurities inherent in it. Sodium and chlorine, the main components of rock salt, are essential elements required for the operation of many modern industrial activities.
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The rock salt segment was the largest segment and was valued at USD 101.25 billion in 2017. Some of the main application areas of rock salt include the chemical industry, the textile and tanning industry, the pulp and paper industry, and the oil and gas industry. This salt has many applications in different industries, which has encouraged suppliers to produce rock salt in large quantities. Overall, the growing number of rock salt applications in a number of industries and the increase in the number of products offered by well-known suppliers are expected to drive the growth of the rock salt segment in the global salt market during the forecast period.
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APAC is estimated to contribute 67% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The main factor driving the growth of the salt market in the APAC region is the growing demand for salt in developing countries, such as India and China, due to increasing industrialization. China is the largest salt producer in the APAC region. The chlor-alkali industry in China is the main driver of salt market growth in the region.
Moreover, India is another leading salt producer in the region after China. The country exports its excess salt production to various countries, such as Japan, Bangladesh, Indonesia, South Korea, North Korea, Malaysia, the United Arab Emirates, and Vietnam. Hence, these factors are expected to fuel the growth of the salt market in the APAC region during the forecast period.
In 2020, the outbreak of COVID-19 had a negative impact on the growth of the APAC salt market. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown restrictions, which led to the resumption of supply chain activities. In addition, industries that depend on salt for production and processing, such as textiles, leather, and chemicals, are expected to accelerate as production increases, which in turn will drive the growth of the salt market in the region during this period. forecast period.
The salt market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Salt Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.21% |
Market growth 2023-2027 |
USD 30.81 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
2.11 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 67% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Atisale SpA, Besto Salt Co., BRAS DEL PORT S.A, Cargill Inc., Ciech SA, Compass Minerals International Inc., INEOS Group Holdings SA, KS Aktiengesellschaft, MITSUI and CO. LTD., Nouryon Chemicals Holding BV, Rio Tinto Ltd., Salinen Austria AG, SAN FRANCISCO SALT CO, Solvay SA, Stone Canyon Industries Holdings Inc., Sudwestdeutsche Salzwerke AG, Tata Chemicals Ltd., Tate and Lyle PLC, Wacker Chemie AG, and Kopalnia Soli w Klodawie |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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