New York, Oct. 03, 2022 (GLOBE NEWSWIRE) -- The U.S. salt market is forecasted to expand at a CAGR of 3.5% and increase from its current market size of US$ 2.97 Bn to US$ 4.19 Bn by the end of 2032.The market has experienced steady growth in recent years and this trend is likely to continue over the forecast period of 2022-2032 as well.
Salt is chemically composed of sodium chloride (NaCl), which is a naturally occurring valuable mineral. Salt is rich in antioxidants and provides protection and strengthens cell membranes against dehydration and weather conditions. It is a versatile mineral that is used in several industrial applications. Furthermore, salt in the U.S. is majorly used in chemical manufacturing to produce a variety of products such as caustic soda, sodium sulphate, sodium carbonate, hydrochloric acid, sodium bicarbonate, and more.
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Utilization of solar evaporation process to manufacture salt is gaining tractions in the U.S. market. Rising solar salt production is anticipated to have a positive impact on the market in the country. Furthermore, low operating cost and a tranquil manufacturing process are luring manufacturers to the U.S. Growing industrialization and urbanization has led to expansion of industries across the country, which has positively driven the demand for salt. Moreover, key market players are entering into strategic partnerships to distribute their products in different parts of country to meet the rising consumer demand.
Rapidly evolving food processing industries in the country is also providing a lucrative opportunity to food manufacturers for producing innovative products. Growing production of processed foods such as meat, ready-to-eat products, and others will bolster the sales growth of salt in the U.S.
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Key Takeaways from Market Study
- The U.S. salt market was valued at US$ 2.97 Bn in 2022 and is anticipated to progress a growth rate of 3.5% during the forecasted period (2022-2032).
- Utilization of solar evaporated salt in the U.S. is projected to be 3,578 KT and is anticipated to experience a CAGR of 2.6%.
- Based on end-use category, sales of salt in the food processing industry are predicted to reach US$ 200 Mn by 2032.
- Based on purity type, salt with purity between 95% - 99% is currently pegged at 33,865 KT and is expected to grow at a volume CAGR of 3%.
- The Northeast states of the U.S. are exhibiting high growth potential and will register a volume CAGR of 2.8% through 2032.
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“The regions of Southwest and Midwest are exhibiting high potential due to the rising consumption of salt for household use and industry applications. Rock salt holds a majority of the share in the U.S. market since it is majorly utilized residentially and municipally for managing ice,” says a Persistence Market Research analyst.
Competitive Landscape
Market players in the U.S are adopting strategies such as business expansion and innovation to drive their sales. Manufacturers of salt are striving to adopt innovative and latest technologies to enhance their production efficiency and quality of products. Several companies are also looking to strengthen their value and brand image by delivering clean-label products and solutions to consumers.
- SaltWorks, a company engaged in the production of salt, manufactures high-quality clean-label products with all-natural salts at competitive price points for various applications.
- ULTRAVIOLET, Inc.’s advanced facilities is equipped with modern tools and machinery, which aids in production efficiency.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the U.S. salt market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights on the basis of product type (rock salt, solar evaporated salt, brine, and vacuum evaporated salt), end use (chemical manufacturing, road deicing, food processing, livestock, and others), purity type (95%-99% and more than 99%), and region (Northeast, West, South, Midwest, and South East).
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