Salt, chemically known as sodium chloride (chemical formula: NaCl), is a crystalline mineral substance that plays a fundamental role in various aspects of human life. Its primary purpose is to enhance the flavor of food, acting as a natural seasoning that brings out the taste in a wide range of dishes. Moreover, salt serves numerous other purposes, including food preservation, as its ability to draw out moisture inhibits the growth of bacteria and fungi, thus extending the shelf life of perishable foods. Additionally, salt is indispensable in various industrial processes, such as chemical manufacturing, water treatment and the production of paper and textiles.
The salt market consists of sales of salt by entities (organizations, sole traders and partnerships) that includes table salt, sea salt, rock salt and specialty salts such as Himalayan pink salt, fleur de sel, black lava salt, smoked sea salt, Hawaiian red alaea salt, Cyprus flake salt, sel gris (grey sea salt), Murray river salt, truffle salt and others.
The global salt market was valued at $37,026.6 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 2.0%.
Expanding Industrial Applications
During the historic period, expanding industrial applications supported the growth of the salt market. Industrial applications refer to the use of technologies, processes and products in various sectors of the economy for manufacturing, processing and production purposes. Salt is indispensable in a broad range of industrial applications, such as the synthesis of chemicals, water treatment, skin tanning, acidification and sanitary and detergent goods, because of its numerous applications and versatile properties. For instance, in April 2022, according to Goldman Sachs, a US-based investment banking company, the Indian manufacturing sector had shown a growth of 210% in the fiscal year 2021-2022, compared to the fiscal year 2020-21, as well as a substantial increase in new investment and ordering activity. Compared to 2019-20, the manufacturing sector saw a 460% increase in 2021-22. Furthermore, in March 2022, according to the United Nations Industrial Development Organization (UNIDO), global manufacturing production increased by 9.4% in 2021. Therefore, expanding industrial applications drove the growth of the salt market.
Edible Salt With Added Zinc To Enhance Immunity And Wellness
Companies in the salt market are focusing on edible salt with added zinc the enhances immunity. Edible salt with added zinc is a type of table salt that has been fortified with zinc, an essential mineral that plays an important role in numerous bodily functions. For instance, in April 2022, Tata Consumer Products, an Indian-based integrated food and beverage company, launched Tata Salt Immuno. This product is a category-first innovation in the edible salt segment in India, featuring added zinc alongside mandated iodization. The product has been launched in Delhi-NCR markets and is designed to address consumers' changing needs in health, immunity and wellness post-pandemic. It offers added zinc, developed especially to aid consumers in their health journey.
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.
Salt Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global salt market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for salt? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The salt market global report from The Business Research Company answers all these questions and many more.
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.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type and by mining type.
- Product Analysis - The product analysis section of the report describes the leading products in the salt market, along with key features and differentiators for those products.
- Supply Chain- The supply chain section of the report defines and explains the key players in the salt industry supply chain.
- Customer Information - The chapter covers recent customer trends/preferences in the global salt market.
- Key Trends-Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the gambling market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type and by mining type in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for salt providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Rock Salt; Salt In Brine; Solar Salt; Vacuum Pan Salt
- 2) By Mining: Underground Mining; Surface Mining
- Companies Mentioned: Cargill Inc.; K+S AG; Rio Tinto PLC; Wacker Chemie AG; China National Salt Industry Co.
- 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.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.