GCC: Salt Market 2024

Salt Market Size in GCC

In 2022, the GCC salt market increased by 9.1% to $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption saw a modest increase. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Salt Production in GCC

In value terms, salt production stood at $X in 2022 estimated in export price. In general, production, however, showed a slight decrease. The pace of growth was the most pronounced in 2014 when the production volume increased by 6.8% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Salt Exports

Exports in GCC

In 2022, overseas shipments of salt and pure sodium chloride decreased by -12.6% to X tons for the first time since 2018, thus ending a three-year rising trend. The total export volume increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when exports increased by 39% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2021, and then declined in the following year.

In value terms, salt exports fell slightly to $X in 2022. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 69%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Saudi Arabia (X tons) represented the key exporter of salt and pure sodium chloride, making up 84% of total exports. It was distantly followed by the United Arab Emirates (X tons), creating a 15% share of total exports.

Exports from Saudi Arabia increased at an average annual rate of +2.3% from 2012 to 2022. At the same time, the United Arab Emirates (+2.4%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in GCC, with a CAGR of +2.4% from 2012-2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) and the United Arab Emirates ($X) were the countries with the highest levels of exports in 2022.

The United Arab Emirates, with a CAGR of +6.4%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, increasing by 10% against the previous year. Over the period under review, the export price, however, saw a noticeable curtailment. The most prominent rate of growth was recorded in 2013 an increase of 22%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.0%).

Salt Imports

Imports in GCC

In 2022, imports of salt and pure sodium chloride in GCC soared to X tons, rising by 37% compared with the previous year's figure. In general, imports posted a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, salt imports declined modestly to $X in 2022. The total import value increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 15% against the previous year. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Qatar (X tons) represented the key importer of salt and pure sodium chloride, committing 61% of total imports. It was distantly followed by the United Arab Emirates (X tons) and Oman (X tons), together committing a 33% share of total imports. Kuwait (X tons) and Bahrain (X tons) took a relatively small share of total imports.

Imports into Qatar increased at an average annual rate of +8.3% from 2012 to 2022. At the same time, the United Arab Emirates (+19.5%), Oman (+12.7%) and Kuwait (+10.1%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in GCC, with a CAGR of +19.5% from 2012-2022. Bahrain experienced a relatively flat trend pattern. From 2012 to 2022, the share of the United Arab Emirates and Oman increased by +13 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Qatar ($X), the United Arab Emirates ($X) and Oman ($X) were the countries with the highest levels of imports in 2022, with a combined 84% share of total imports. Kuwait and Bahrain lagged somewhat behind, together accounting for a further 16%.

Kuwait, with a CAGR of +9.1%, recorded 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 GCC amounted to $X per ton, reducing by -28.3% against the previous year. Over the period under review, the import price recorded a abrupt decline. The growth pace was the most rapid in 2020 when the import price increased by 18% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Bahrain ($X per ton), while Qatar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+2.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform