Asia: Salt Market 2024

Salt Market Size in Asia

After six years of growth, the Asian salt market decreased by -3.7% to $X in 2022. The market value increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when the market value increased by 9% against the previous year. As a result, consumption attained the peak level of $X, and then fell slightly in the following year.

Salt Production in Asia

In value terms, salt production dropped to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when the production volume increased by 11% against the previous year. As a result, production reached the peak level of $X, and then contracted in the following year.

Salt Exports

Exports in Asia

After three years of decline, overseas shipments of salt and pure sodium chloride increased by 55% to X tons in 2022. Overall, exports posted a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, salt exports skyrocketed to $X in 2022. In general, exports showed a remarkable increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

India prevails in exports structure, reaching X tons, which was near 81% of total exports in 2022. It was distantly followed by China (X tons), committing a 7.7% share of total exports. Turkey (X tons), Pakistan (X tons) and Thailand (X tons) followed a long way behind the leaders.

Exports from India increased at an average annual rate of +13.1% from 2012 to 2022. At the same time, Turkey (+26.3%), Thailand (+9.7%) and Pakistan (+5.7%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of +26.3% from 2012-2022. China experienced a relatively flat trend pattern. While the share of India (+16 p.p.) and Turkey (+2.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of China (-12.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest salt supplier in Asia, comprising 40% of total exports. The second position in the ranking was taken by China ($X), with an 18% share of total exports. It was followed by Pakistan, with a 9% share.

In India, salt exports expanded at an average annual rate of +12.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: China (+3.9% per year) and Pakistan (+18.2% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, dropping by -15.6% against the previous year. Over the period under review, the export price showed a slight downturn. The growth pace was the most rapid in 2021 when the export price increased by 22%. As a result, the export price reached the peak level of $X per ton, and then shrank sharply 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

In 2022, purchases abroad of salt and pure sodium chloride increased by 9.8% to X tons, rising for the second consecutive year after four years of decline. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when imports increased by 18% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, salt imports surged to $X in 2022. The total import value increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Japan represented the major importer of salt and pure sodium chloride in Asia, with the volume of imports reaching X tons, which was approx. 34% of total imports in 2022. Indonesia (X tons) held the second position in the ranking, followed by South Korea (X tons), Qatar (X tons) and Bangladesh (X tons). All these countries together took near 42% share of total imports. The Philippines (X tons), China (X tons), the United Arab Emirates (X tons), Vietnam (X tons) and Taiwan (Chinese) (X tons) followed a long way behind the leaders.

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 United Arab Emirates (+19.5%), Qatar (+8.3%), the Philippines (+5.3%), Vietnam (+4.5%), China (+2.8%), Indonesia (+2.4%) and Bangladesh (+1.5%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in Asia, with a CAGR of +19.5% from 2012-2022. By contrast, South Korea (-1.3%) and Taiwan (Chinese) (-18.6%) illustrated a downward trend over the same period. Qatar (+4.2 p.p.), Indonesia (+4.1 p.p.), the United Arab Emirates (+2.2 p.p.) and the Philippines (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Japan and Taiwan (Chinese) saw its share reduced by -2.8% and -13.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Japan ($X) and South Korea ($X) constituted the countries with the highest levels of imports in 2022, with a combined 70% share of total imports. Indonesia, the Philippines, Qatar, the United Arab Emirates, Vietnam, Taiwan (Chinese) and Bangladesh lagged somewhat behind, together accounting for a further 18%.

The United Arab Emirates, with a CAGR of +8.4%, saw the highest growth rate of the value of imports, among the main importing countries 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 amounted to $X per ton, with an increase of 24% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. 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 more modest paces of growth.

Source: IndexBox Platform

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