Widespread availability and affordability of salt increasing its use in industrial processes such as chemical synthesis, thereby driving market growth.
ROCKVILLE , MD, UNITED STATES, January 15, 2025 /EINPresswire.com/ -- As per this new study by Fact.MR, the global salt market is poised to reach a valuation of US$ 24.2 billion in 2024 and further advance at 3.9% CAGR to reach US$ 35.5 billion by the end of 2034.Salt, a compound of sodium and chlorine, undergoes various processing methods, including brine extraction and seawater evaporation. In addition, salt plays a key role in extending the shelf life of food and beverages. Its global preference among manufacturers and processors stems from its availability, affordability, and straightforward processing methods.
Salt is an essential component in many processes, such as food processing, water purification, chemical synthesis, and pharmaceutical manufacturing. Salt is used in many industrial processes, including de-icing, water treatment, and chemical processing. Growing concerns about water shortages and pollution, along with an increasing need for chemicals, are driving up demand in the industry.
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Key Takeaways from Market Study
The global market for salt is set to be worth US$ 24.2 billion in 2024.
Sales of salt in the United States are projected to reach US$ 7.4 billion by 2034-end.
The market in Mexico is forecasted to expand at a CAGR of 7.4% from 2024 to 2034.
The Japanese market is estimated to reach US$ 900 million in 2024 and thereafter expand at 5.5% CAGR through 2034.
Sales of solar-evaporated salt are projected to reach US$ 11 billion by 2034.
Salt with 95% to 99% purity is poised to hold 84.6% market share in 2024.
“Versatility of salt is driving its extensive use in food processing, water purification, and chemical synthesis. Growing environmental concerns and industrial needs as well as its availability and affordability are driving market growth,” says a Fact.MR analyst.
Increasing Demand for Solar-evaporated Salt
Evaporating seawater in naturally occurring lagoons, artificially created ponds, salt marshes, or marine salt flats is one of the traditional ways to harvest salt. Salt marshes primarily developed near level portions of the shoreline and around old civilizations. In massive shallow ponds known as salt pans, subterranean deposits of seawater or saltwater are evaporated to produce solar-evaporated salt. The salt is left behind as the water evaporates due to the heat and breeze of the sun.
Magnesium, calcium, and potassium are among the natural minerals and impurities found in greater quantities in solar-evaporated salt, which is also less refined. Water softeners, which eliminate the minerals that cause hard water, are frequently used.
Competitive Landscape
Cargill Incorporated, McCormick & Company, Inc., United Salt Corporation, Morton Salt, Rock Salt Today, Wilson Salts, Tata Consumer Products, Woodland Foods, Ahir Salt Industries, Detroit Salt Co., Indiana Sugars, Inc., Amagansett Sea Salt, Tata Chemicals, ITC Limited, and Cargill Incorporated are some of the major companies in the salt sector.
The government of Chile plans to enhance the production of lithium over the next ten years under a new public-private paradigm, and in March 2024, it announced the opening of salt flats for lithium mining and the protection of others.
The CIECH Group, a top supplier of goods made from evaporated salt, and Cargill's salt division inked a deal in May 2023. Through this agreement, Cargill was able to provide more specific food salt solutions to food makers throughout Europe.
Growth Drivers for the Salt Market
Rising Demand in Food Preservation and Seasoning: The expanding food and beverage industry, coupled with the increased preference for processed and packaged foods, is driving the demand for salt as a critical ingredient for preservation and flavor enhancement.
Industrial Applications: The growing use of salt in various industrial processes, such as chemical manufacturing (chlor-alkali production) and de-icing, is significantly contributing to market growth.
Agricultural Sector Growth: Salt is widely utilized in animal feed and soil treatment, with increasing demand from the agriculture sector, particularly in regions focusing on improved crop yields and livestock health.
Healthcare and Wellness Trends: Rising awareness of the therapeutic and health benefits of specialty salts, such as Himalayan pink salt and sea salt, is boosting demand in the health and wellness segment.
Urbanization and Infrastructure Development: The extensive use of salt in water treatment and softening systems for urban and industrial purposes is accelerating market growth, especially in rapidly urbanizing regions.
Expanding Chemical Industry: The reliance on salt as a raw material for the production of soda ash, caustic soda, and chlorine is driving demand, particularly in emerging economies with robust chemical manufacturing sectors.
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Fortified Salts Market: The market for fortified salts is growing as consumers prioritize health and nutrition. Fortified with essential minerals like iodine and iron, these salts help combat key deficiencies and are widely used in food preparation and preservation. Government initiatives addressing malnutrition further boost demand, while the importance of balanced consumption continues to be emphasized to maintain health benefits.
Industrial Salt Market: The industrial salt market is poised for significant growth, driven by its essential role in various industries. Widely utilized in the production of caustic soda and soda ash, industrial salt is also indispensable in the oil and gas sector due to its density modification properties. With its versatile applications across multiple sectors, the demand for industrial salt is set to expand, presenting promising growth opportunities in the coming years.
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