According to Fortune Business Insights the global inorganic salts market size was USD 213.52 billion in 2023 and is projected to grow from USD 229.25 billion in 2024 to USD 396.18 billion by 2032 at a CAGR of 7.2% during the forecast period. Additionally, the rising demand for nitrogen-rich salts, such as ammonium salts, to make fertilizers is expected to boost the market growth. The increasing crop yield demand due to expanding population and its growing food demand is expected to augment the demand for fertilizers and foster market growth in the coming years.
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Segments
Application and Region are Studied
On the basis of application, the market is categorized into agriculture, pharmaceutical & personal care, food industry, chemicals, and others. Geographically, the market is classified into Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa.
List of Key Market Players-
Drivers & Restraints-
Rising Demand by Pharmaceutical Sector to Fuel Market Growth
Inorganic salts are widely used by the pharmaceutical sector. These salts are vital for our body's functioning and metabolism. For instance, these salts in plasma help in maintaining the balance of potassium and sodium in cells. The increasing demand for health drinks with inorganic salts is anticipated to boost the inorganic salts market growth. Moreover, the growing instances of autoimmune and oncological diseases are escalating the demand for medicines and drugs, which is expected to uptick market growth in the coming years.
The rising adoption of inorganic metals salts, including magnesium sulfate, potassium sulfate, and others instead of sodium chloride is an emerging trend, which is anticipated to positively influence the market growth.