Latin America and the Caribbean: Salt Market 2024

Salt Market Size in Latin America and the Caribbean

For the fourth year in a row, the Latin American salt market recorded growth in sales value, which increased by 0.3% to $X in 2022. The market value increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the immediate term.

Salt Production in Latin America and the Caribbean

In value terms, salt production contracted modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 20%. The level of production peaked at $X in 2021, and then reduced modestly in the following year.

Salt Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of salt and pure sodium chloride increased by 19% to X tons, rising for the second year in a row after two years of decline. In general, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 35% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, salt exports skyrocketed to $X in 2022. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when exports increased by 36%. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Chile represented the key exporter of salt and pure sodium chloride in Latin America and the Caribbean, with the volume of exports recording X tons, which was near 73% of total exports in 2022. It was distantly followed by Brazil (X tons) and Mexico (X tons), together mixing up a 25% share of total exports.

Exports from Chile increased at an average annual rate of +3.6% from 2012 to 2022. At the same time, Brazil (+46.6%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +46.6% from 2012-2022. By contrast, Mexico (-20.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Chile and Brazil increased by +26 and +19 percentage points, respectively.

In value terms, Chile ($X) remains the largest salt supplier in Latin America and the Caribbean, comprising 58% of total exports. The second position in the ranking was held by Brazil ($X), with a 16% share of total exports.

In Chile, salt exports expanded at an average annual rate of +5.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Brazil (+32.4% per year) and Mexico (-15.2% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, growing by 2.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2013 an increase of 16%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Chile ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+6.4%), while the other leaders experienced mixed trends in the export price figures.

Salt Imports

Imports in Latin America and the Caribbean

For the fourth year in a row, LatAmerica and the Caribbean recorded growth in overseas purchases of salt and pure sodium chloride, which increased by 20% to X tons in 2022. Total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +97.5% against 2018 indices. The pace of growth was the most pronounced in 2019 when imports increased by 30%. The volume of import peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, salt imports surged to $X in 2022. Total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +8.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +68.9% against 2018 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 21%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

Brazil prevails in imports structure, recording X tons, which was near 64% of total imports in 2022. The Dominican Republic (X tons) took a 6.5% share (based on physical terms) of total imports, which put it in second place, followed by Colombia (5%). Guatemala (X tons), Argentina (X tons), Honduras (X tons), Peru (X tons), Uruguay (X tons) and Paraguay (X tons) followed a long way behind the leaders.

Imports into Brazil increased at an average annual rate of +6.2% from 2012 to 2022. At the same time, the Dominican Republic (+28.1%), Honduras (+12.7%), Guatemala (+8.2%), Peru (+7.5%), Argentina (+4.9%), Colombia (+4.8%) and Paraguay (+2.6%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +28.1% from 2012-2022. Uruguay experienced a relatively flat trend pattern. From 2012 to 2022, the share of the Dominican Republic, Brazil and Honduras increased by +5.6, +4.8 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported salt and pure sodium chloride in Latin America and the Caribbean, comprising 48% of total imports. The second position in the ranking was held by Guatemala ($X), with a 4.6% share of total imports. It was followed by the Dominican Republic, with a 4.5% share.

In Brazil, salt imports expanded at an average annual rate of +14.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Guatemala (+5.4% per year) and the Dominican Republic (+9.3% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, falling by -2.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.5%. The most prominent rate of growth was recorded in 2018 an increase of 29% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the import prices remained at a lower figure.

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 Guatemala ($X per ton), while Paraguay ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+7.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :