Global Salt Market Report 2024: Market Size, CAGR, Lucrative Segments And Top Regions

Overview and Scope
Salt refers to the process of extracting halite, commonly known as rock salt, from evaporating formations that are used to mine salt.

Sizing and Forecast
The salt market size has grown strongly in recent years. It will grow from $41.91 billion in 2023 to $45.7 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%.  The  growth in the historic period can be attributed to food processing industry, chemical industry, de-icing and snow removal, water treatment, livestock and agriculture.

The salt market size is expected to see strong growth in the next few years. It will grow to $61.51 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.  The growth in the forecast period can be attributed to growing food industry, urbanization and infrastructure development, water scarcity solutions, health and wellness trends, livestock and aquaculture. Major trends in the forecast period include rising demand in developing regions, application in non-food industries, packaging innovations, traceability and transparency, salt alternatives and substitutes.

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Segmentation & Regional Insights
The salt market covered in this report is segmented –
1) By Type: Rock Salt, Salt In Brine, Solar Salt, and Vacuum Pan Salt
2) By Mining Type: Underground Mining, Surface Mining

Asia-Pacific was the largest market in the Salt market in 2023. The regions covered in the salt market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
Increasing demand for mining is expected to propel the growth of the salt market going forward. Mining involves retrieving valuable minerals or other geological materials from the Earth's surface or beneath its crust. Salt solutions are used in mining to freeze the ground temporarily in open-pit mines. This allows for excavation in soft or unstable zones that would otherwise be risky. For instance, in February 2023, according to a report published by the United States Geological Survey, a US-based government agency, mines in the United States yielded non-fuel mineral commodities with a total estimated value of approximately $98.2 billion in 2022, marking a $3.6 billion increase from the revised 2021 total of $94.6 billion. The production value of all industrial minerals in the U.S. for 2022 was estimated at $63.5 billion, constituting roughly 65% of the overall mine production value in the country. Therefore, increasing demand for mining is driving the growth of salt market.

Key Industry Players
Major companies operating in the salt market report are Cargill Inc., China National Salt Industry Corporation, The Tata Chemicals Limited, Rio Tinto plc, Gujarat Narmada Valley Fertilizers & Chemicals Ltd., Akzonobel N V, Tosoh Corporation, K+S AG, Tronox Ltd., Nippon Soda Co. Ltd., Compass Minerals International Inc., Infosa, Les Salins du Midi et des Alpes, Toyo Soda Mfg. Co. Ltd., Morton Salt Inc., Diamond Crystal Brands, Salt Lake Minerals Ltd., Schweizer Salinen AG, Avery Salt Company, United Salt Corp., Sambhar Salts Limited, National Salt Company Ltd., Salinen Austria AG, Hindustan Salt Limited, Salinera Española S.A., CIECH S.A., Waggar Salt Limited, Adolph's International Inc., Salsomaggiore Terme S.p.A., Dead Sea Works Ltd.

The salt market report table of contents includes:
1. Executive Summary
2. Salt Market Characteristics
3. Salt Product/Service Analysis -Product/Service Examples
4. Salt Market Trends And Strategies
5. Salt Market - Macro Economic Scenario
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68. Global Salt Market Competitive Benchmarking
69. Global Salt Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Salt Market
71. Salt Market Future Outlook and Potential Analysis
72. Appendix