Overview and Scope
Sodium chloride, commonly known as table salt, is a compound of sodium and chlorine ions. It is an essential mineral for human health and is widely used as a seasoning and preservative in food and various industrial processes.
Sizing and Forecast
The sodium chloride market size has grown steadily in recent years. It will grow from $27.66 billion in 2023 to $28.98 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to growth in the population, growth in industrial applications, adoption of various road safety regulations, demand for processed & packaged food and increasing disposable income.
The sodium chloride market size is expected to see strong growth in the next few years. It will grow to $35.33 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to growing demand for sodium chloride from the food industry, increasing urbanization, growing demand for processed food, and rising demand for pharmaceutical-grade sodium chloride. Major trends in the forecast period include product innovations, strategic collaborations with end users, frequent investments in research and development, strong research and development efforts, and innovations in product formulations.
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Segmentation & Regional Insights
The sodium chloride market covered in this report is segmented –
1) By Type: Rock Salt, Solar Salt, Other Types
2) By Grade: Food Grade, Pharmaceutical Grade, Technical Grade
3) By Application: Chemical Intermediate, Food Processing, Pharmaceuticals, Agriculture, Deicing
Asia-Pacific was the largest region in the sodium chloride market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the sodium chloride 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
The rising demand for food and beverages is expected to propel the growth of the sodium chloride market going forward. The food and beverage industry encompass all businesses involved in producing, processing, packaging, distributing, and marketing edible goods and drinks. The growing demand for food and beverages is due to population growth, changing diets, higher incomes, globalization, and a preference for convenient consumption. Sodium chloride is pivotal in the food and beverage industry for enhancing flavor, serving as a natural preservative to prolong shelf life, and enhancing texture and color. For instance, in April 2022, according to a report published by Common Thread Collective, a US-based e-commerce growth agency, global food and beverage sales surged from $435.3 billion in 2021 to $506 billion in 2022, with projections indicating a further increase to $857 billion by 2025. Therefore, rising demand for food and beverages is expected to propel the growth of the sodium chloride market.
Key Industry Players
Major companies operating in the sodium chloride market are Cargill Incorporated, Mitsui & Co. (Chile) Ltda., Rio Tinto, Thermo Fisher Scientific Inc., Honeywell International Inc, Merck KGaA, Brenntag AG, Akzo Nobel N.V., Wacker Chemie AG, K+S Aktiengesellschaft, Tata Chemicals Limited, Compass Minerals, Morton Salt Inc., Cheetham Salt, SALINS Group, Santa Cruz Biotechnology Inc., Maldon Crystal Salt Corporation, Dominion Salt Limited, Alfa Chemistry, Tokyo Chemical Industry Co. Ltd., jinleichem, Südwestdeutsche Salzwerke AG, Wilson Salt Company, State Enterprise Association Artyomsol, Swiss Salt Works AG
The sodium chloride market report table of contents includes:
1. Executive Summary
2. Sodium Chloride Market Report Structure
3. Sodium Chloride Market Trends And Strategies
4. Sodium Chloride Market – Macro Economic Scenario
5. Sodium Chloride Market Size And Growth
…..
27. Sodium Chloride Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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