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Global Salt Market Opportunities and Strategies Report 2024-2033: Rock Salt Segment Set to Gain $8.4 Billion of Global Annual Sales by 2028
Global Salt Market
Dublin, June 07, 2024 (GLOBE NEWSWIRE) -- The "Salt Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
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 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.
Report Scope
Markets Covered:
By Type: Rock Salt; Salt In Brine; Solar Salt; Vacuum Pan Salt
By Mining: Underground Mining; Surface Mining
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.
Key Attributes:
Report Attribute | Details |
No. of Pages | 310 |
Forecast Period | 2023 - 2033 |
Estimated Market Value (USD) in 2023 | $41.9 Billion |
Forecasted Market Value (USD) by 2033 | $85.7 Billion |
Compound Annual Growth Rate | 7.4% |
Regions Covered | Global |
Companies Profiled:
Cargill.
K+S AG
Rio Tinto
Wacker Chemie
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
For more information about this report visit https://www.researchandmarkets.com/r/9lrm9
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