Greece: Salt Market 2024

Salt Market Size in Greece

After two years of decline, the Greek salt market increased by 36% to $X in 2022. Overall, consumption, however, saw a mild downturn. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Salt Production in Greece

In value terms, salt production fell modestly to $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 27%. Salt production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Salt Exports

Exports from Greece

In 2022, approx. X tons of salt and pure sodium chloride were exported from Greece; remaining constant against 2021. Over the period under review, total exports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -32.2% against 2019 indices. The growth pace was the most rapid in 2019 with an increase of 63% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, salt exports reduced modestly to $X in 2022. Overall, total exports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +58.9% against 2015 indices. The most prominent rate of growth was recorded in 2018 with an increase of 16% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2021, and then fell in the following year.

Exports by Country

Bulgaria (X tons) was the main destination for salt exports from Greece, with a 34% share of total exports. Moreover, salt exports to Bulgaria exceeded the volume sent to the second major destination, North Macedonia (X tons), twofold. The third position in this ranking was held by Albania (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Bulgaria amounted to +5.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: North Macedonia (-1.7% per year) and Albania (-1.6% per year).

In value terms, the largest markets for salt exported from Greece were Bulgaria ($X), Canada ($X) and Romania ($X), together accounting for 43% of total exports. North Macedonia, South Korea, Germany, Hungary, Albania, Serbia and the Czech Republic lagged somewhat behind, together comprising a further 30%.

South Korea, with a CAGR of +31.2%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average salt export price amounted to $X per ton, which is down by -1.6% against the previous year. Overall, export price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, salt export price increased by +72.0% against 2019 indices. The most prominent rate of growth was recorded in 2020 an increase of 67%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2021, and then contracted modestly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Albania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+9.5%), while the prices for the other major destinations experienced more modest paces of growth.

Salt Imports

Imports into Greece

In 2022, after two years of decline, there was significant growth in overseas purchases of salt and pure sodium chloride, when their volume increased by 105% to X tons. Over the period under review, imports showed perceptible growth. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, salt imports soared to $X in 2022. Overall, imports recorded a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Egypt (X tons), Tunisia (X tons) and Turkey (X tons) were the main suppliers of salt imports to Greece, with a combined 97% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +71.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Egypt ($X), Tunisia ($X) and Turkey ($X) constituted the largest salt suppliers to Greece, with a combined 74% share of total imports.

Turkey, with a CAGR of +57.0%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average salt import price amounted to $X per ton, declining by -22.1% against the previous year. In general, the import price continues to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2021 when the average import price increased by 38%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Turkey ($X per ton), while the price for Egypt ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (-1.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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