Norway: Salt Market 2024

Salt Market Size in Norway

In 2022, the Norwegian salt market increased by 15% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Salt consumption peaked in 2022 and is likely to see steady growth in years to come.

Salt Exports

Exports from Norway

In 2022, salt exports from Norway totaled X tons, growing by 8.7% against 2021 figures. Overall, exports continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 220%. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in the near future.

In value terms, salt exports reached $X in 2022. In general, exports enjoyed resilient growth. The pace of growth was the most pronounced in 2021 when exports increased by 213% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Iceland (X tons) was the main destination for salt exports from Norway, accounting for a 54% share of total exports. Moreover, salt exports to Iceland exceeded the volume sent to the second major destination, Canada (X tons), threefold. The third position in this ranking was taken by Faroe Islands (X tons), with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Iceland amounted to +188.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+12.7% per year) and Faroe Islands (+122.5% per year).

In value terms, the largest markets for salt exported from Norway were Iceland ($X), Canada ($X) and Faroe Islands ($X), together accounting for 89% of total exports.

Iceland, with a CAGR of +136.3%, recorded the highest growth rate of the value of exports, in terms of 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, waning by -3.5% against the previous year. In general, the export price continues to indicate a noticeable curtailment. The most prominent rate of growth was recorded in 2021 when the average export price increased by 24% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Faroe Islands ($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 Russia (+26.3%), while the prices for the other major destinations experienced mixed trend patterns.

Salt Imports

Imports into Norway

In 2022, overseas purchases of salt and pure sodium chloride increased by 8.9% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 14% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, salt imports surged to $X in 2022. The total import value increased at an average annual rate of +3.2% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 with an increase of 26%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

The Netherlands (X tons), Germany (X tons) and Spain (X tons) were the main suppliers of salt imports to Norway, together accounting for 86% of total imports. Denmark, the UK, Italy and France lagged somewhat behind, together accounting for a further 12%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +60.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) constituted the largest supplier of salt and pure sodium chloride to Norway, comprising 40% of total imports. The second position in the ranking was held by Germany ($X), with a 16% share of total imports. It was followed by Spain, with an 8% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands stood at +2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+7.0% per year) and Spain (+5.8% per year).

Import Prices by Country

In 2022, the average salt import price amounted to $X per ton, rising by 6.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2021 when the average import price increased by 15%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+5.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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