Asia-Pacific: Salt Market 2024

Salt Market Size in Asia-Pacific

After six years of growth, the Asia-Pacific salt market decreased by -1.2% to $X in 2022. Over the period under review, consumption recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 6.3% against the previous year. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Salt Production in Asia-Pacific

In value terms, salt production fell modestly to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 9.1% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Salt Exports

Exports in Asia-Pacific

In 2022, overseas shipments of salt and pure sodium chloride increased by 59% to X tons for the first time since 2018, thus ending a three-year declining trend. In general, exports posted a buoyant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, salt exports reached $X in 2022. Overall, exports posted resilient growth. The pace of growth was the most pronounced in 2021 with an increase of 37% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

India prevails in exports structure, resulting at X tons, which was near 83% of total exports in 2022. China (X tons) took a 7.8% share (based on physical terms) of total exports, which put it in second place, followed by Australia (5.1%). The following exporters - Pakistan (X tons) and Thailand (X tons) - each recorded a 3.4% share of total exports.

Exports from India increased at an average annual rate of +13.1% from 2012 to 2022. At the same time, Australia (+60.1%), Thailand (+9.7%) and Pakistan (+5.7%) displayed positive paces of growth. Moreover, Australia emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +60.1% from 2012-2022. China experienced a relatively flat trend pattern. India (+11 p.p.) and Australia (+5 p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by -14% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest salt supplier in Asia-Pacific, comprising 48% of total exports. The second position in the ranking was taken by China ($X), with a 22% share of total exports. It was followed by Pakistan, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India stood at +12.1%. In the other countries, the average annual rates were as follows: China (+3.9% per year) and Pakistan (+18.2% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, which is down by -30.8% against the previous year. Over the period under review, the export price continues to indicate a noticeable setback. The pace of growth appeared the most rapid in 2021 an increase of 45% against the previous year. As a result, the export price reached the peak level of $X per ton, and then declined significantly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Pakistan ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+11.8%), while the other leaders experienced mixed trends in the export price figures.

Salt Imports

Imports in Asia-Pacific

In 2022, overseas purchases of salt and pure sodium chloride increased by 6.8% to X tons, rising for the second consecutive year after four years of decline. Over the period under review, imports, however, continue to indicate a mild downturn. The most prominent rate of growth was recorded in 2016 with an increase of 18% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, salt imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, 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

Japan represented the key importing country with an import of around X tons, which resulted at 40% of total imports. It was distantly followed by Indonesia (X tons), South Korea (X tons), Bangladesh (X tons) and the Philippines (X tons), together generating a 44% share of total imports. China (X tons) and Vietnam (X tons) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to salt imports into Japan stood at -1.5%. At the same time, the Philippines (+5.3%), Vietnam (+4.5%), China (+2.8%), Indonesia (+2.4%) and Bangladesh (+1.5%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +5.3% from 2012-2022. By contrast, South Korea (-1.3%) illustrated a downward trend over the same period. While the share of Indonesia (+5.7 p.p.) and the Philippines (+2.2 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Japan ($X) and South Korea ($X) were the countries with the highest levels of imports in 2022, together comprising 75% of total imports.

In terms of the main importing countries, China, with a CAGR of +8.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, growing by 32% against the previous year. Import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, salt import price increased by +81.5% against 2016 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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