Salt Market

The global salt and pure sodium chloride market is expected to see a steady increase in consumption over the next eight years, with a forecasted growth in market volume and value by 2030. Market performance is anticipated to expand with a CAGR of +1.0% for volume and +4.4% for value. Countries like China, the United States, and Mexico are the major consumers, with China, the United States, and Australia leading in market value. Production and exports are also on the rise, with imports increasing significantly. The market is dynamic, with fluctuations in prices and growth rates observed over the analyzed period.

Market Forecast

Driven by increasing demand for salt and pure sodium chloride worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.0% for the period from 2022 to 2030, which is projected to bring the market volume to 330M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.4% for the period from 2022 to 2030, which is projected to bring the market value to $54.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Salt and Pure Sodium Chloride

In 2022, approx. 306M tons of salt and pure sodium chloride were consumed worldwide; surging by 2.7% against 2021. Overall, consumption recorded a relatively flat trend pattern. Global consumption peaked in 2022 and is likely to continue growth in years to come.

The global salt market revenue contracted to $38.5B in 2022, which is down by -3.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. Over the period under review, the global market reached the maximum level at $39.8B in 2021, and then reduced slightly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (65M tons), the United States (55M tons) and Mexico (17M tons), with a combined 45% share of global consumption.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +22.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($5.9B), the United States ($5.2B) and Australia ($3B) constituted the countries with the highest levels of market value in 2022, together accounting for 37% of the global market. France, the UK, Turkey, India, Mexico, Germany, Japan, Canada, Brazil and Indonesia lagged somewhat behind, together comprising a further 20%.

Mexico, with a CAGR of +27.8%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of salt per capita consumption was registered in Australia (426 kg per person), followed by Canada (212 kg per person), the United States (164 kg per person) and Germany (146 kg per person), while the world average per capita consumption of salt was estimated at 0.5 kg per person.

In Australia, salt per capita consumption declined by an average annual rate of -2.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Canada (-3.5% per year) and the United States (+0.0% per year).

Production

World Production of Salt and Pure Sodium Chloride

In 2022, approx. 297M tons of salt and pure sodium chloride were produced worldwide; picking up by 2.7% on 2021. Over the period under review, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 6%. Global production peaked at 297M tons in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In value terms, salt production reduced slightly to $36.5B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2016 when the production volume increased by 8.9% against the previous year. Over the period under review, global production reached the maximum level at $39B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (65M tons), the United States (39M tons) and India (29M tons), together comprising 45% of global production. Mexico, Germany, Australia, Chile, Canada, Brazil, Turkey, France, the UK and the Netherlands lagged somewhat behind, together comprising a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Mexico (with a CAGR of +7.4%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Salt and Pure Sodium Chloride

In 2022, global salt imports rose significantly to 65M tons, increasing by 6.8% compared with 2021. The total import volume increased at an average annual rate of +2.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2017 when imports increased by 13%. Global imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, salt imports surged to $5.2B in 2022. The total import value increased at an average annual rate of +3.8% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, the United States (17M tons) was the major importer of salt and pure sodium chloride, comprising 26% of total imports. Japan (6.3M tons) took the second position in the ranking, followed by Indonesia (4.5M tons). All these countries together took approx. 17% share of total imports. The following importers - Canada (2.9M tons), South Korea (2.7M tons), Taiwan (Chinese) (2.1M tons), Brazil (2M tons), Germany (2M tons), Belgium (1.6M tons), Russia (1.4M tons), the UK (1.2M tons), Qatar (1.1M tons) and China (1.1M tons) - together made up 28% of total imports.

From 2012 to 2022, average annual rates of growth with regard to salt imports into the United States stood at +5.7%. At the same time, the UK (+10.0%), China (+8.5%), Indonesia (+7.4%), Qatar (+7.2%), Brazil (+6.2%), Canada (+5.4%) and Belgium (+2.6%) displayed positive paces of growth. Moreover, the UK emerged as the fastest-growing importer imported in the world, with a CAGR of +10.0% from 2012-2022. By contrast, Germany (-1.2%), South Korea (-1.3%), Japan (-1.5%), Russia (-3.1%) and Taiwan (Chinese) (-3.9%) illustrated a downward trend over the same period. While the share of the United States (+6.6 p.p.) and Indonesia (+2.5 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Russia (-1.7 p.p.), South Korea (-2 p.p.), Taiwan (Chinese) (-3 p.p.) and Japan (-5.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest salt importing markets worldwide were the United States ($658M), China ($561M) and Japan ($345M), with a combined 30% share of global imports. Germany, South Korea, Belgium, Canada, Taiwan (Chinese), Indonesia, the UK, Brazil, Russia and Qatar lagged somewhat behind, together comprising a further 28%.

Brazil, with a CAGR of +14.4%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average salt import price stood at $79 per ton in 2022, picking up by 15% against the previous year. Overall, the import price saw a mild increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($514 per ton), while Indonesia ($28 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+7.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Salt and Pure Sodium Chloride

In 2022, approx. 56M tons of salt and pure sodium chloride were exported worldwide; growing by 7.7% against the previous year. The total export volume increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 19%. Over the period under review, the global exports reached the maximum at 59M tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, salt exports shrank modestly to $3.4B in 2022. The total export value increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 19%. As a result, the exports attained the peak of $3.4B, leveling off in the following year.

Exports By Country

In 2022, India (15M tons), distantly followed by Chile (8.7M tons), Canada (4.6M tons), the Netherlands (4.1M tons) and Germany (3.9M tons) represented the key exporters of salt and pure sodium chloride, together achieving 64% of total exports. The following exporters - Brazil (2.2M tons), Belarus (1.9M tons), Tunisia (1.7M tons), China (1.4M tons), Spain (1.1M tons), Egypt (1.1M tons), the United States (1M tons) and Australia (0.9M tons) - together made up 20% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Australia (with a CAGR of +60.2%), while the other global leaders experienced more modest paces of growth.

In value terms, the Netherlands ($441M), Germany ($314M) and India ($312M) were the countries with the highest levels of exports in 2022, together comprising 31% of global exports. The United States, Canada, Chile, Spain, China, Belarus, Brazil, Egypt, Tunisia and Australia lagged somewhat behind, together accounting for a further 32%.

Among the main exporting countries, Brazil, with a CAGR of +32.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average salt export price stood at $61 per ton in 2022, declining by -7.2% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 20% against the previous year. Over the period under review, the average export prices reached the maximum at $65 per ton in 2021, and then reduced in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($216 per ton), while Tunisia ($16 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+8.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform