Yahoo Finance Heightened Demand for Processed Meat Products Drives the Sodium Nitrite Market to USD 612.09 Million by 2032 | Future Market Insights, Inc.
Sodium nitrite is a solid chemical substance which is found in nature in the form of a white or yellow powder, and is naturally hygroscopic - that is it attracts water from the environment. This substance is utilized in various industries ranging from pharmaceutical to food processing to industrial machinations. Another prominent application of this substance lies in the dye industry, where it is used for the production of diazo dyes, utilized subsequently in the textile industry
NEWARK, Del, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Global sodium nitrite market is anticipated to reach a valuation of US$ 612.9 Mn by the end of 2032, exhibiting an average CAGR of 4.3% for the forecast period of 2022 to 2032. Sodium nitrite market is expected to reach an estimated US$ 401.76 Mn in 2022. Accelerated rise in demand for sodium nitrite in meat curing applications along with its rising usage in other industry verticals like pharmaceutical, food & beverage, textile, and others promote growth for the sodium nitrite market.
Growing inclination for organic products has resulted in farmers opting for organic farming techniques. Consequently, a considerable rise in the sales of sodium nitrite has been noted. The governments of various countries across the world also promote organic farming which has enhanced market prospects for sodium nitrite. Additionally, rising awareness of adverse effects of chemical fertilizers is also opening up multiple market avenues for sodium nitrite.
Since sodium nitrite is primarily used as a preservative, its demand in sectors like food and beverage and meat processing is quite high. It also acts as a color fixative and deters the growth of harmful bacteria which propels its demand in the meat processing industry. The pharmaceutical industry, too, is responsible for the target market expansion.
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“Surging demand from the meat processing industry along with growing inclination for organic products will likely augment the growth of the market over the forecast period,” says an FMI analyst.
Key Takeaways:
Illnesses associated with excess consumption of sodium nitrite impede market growth.
Asia Pacific dominates the market accounting for 74.3% of market revenue in 2022.
Food & beverage sector to propel market growth in China.
In 2022, Europe is the second largest market revenue generator.
By application, food additives segment is leading the market.
Competitive Landscape
Deepak, Airedale Chemical Company Ltd., BASF SE, Shijiazhuang Fengshan Chemical Co. Ltd., Ural Chem JSC, Linyi Luguang Chemical Co. Ltd., Radiant Indus Chem Pvt. Ltd., Ying Feng Yuan Industrial Group Limited, SABIC, Chemtrade Logistics, and others are some of the major players in the sodium nitrite market profiled in the full version of the report.
Major market players are consolidating their efforts on R&D activities. Again, they employ strategic target market growth tactics like expansion, product launches, joint ventures, and partnerships to strengthen their sodium nitrite market position and gain an extensive customer base.
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Key Segments
By Application:
Food & Beverages
Corrosion Inhibitors
Dyes & pigments
Pharmaceuticals
Others
By Region:
North America
Europe
Asia Pacific
Central & South America
Middle East & Africa
More Insights into the Sodium Nitrite Market Report
In its latest report, FMI offers an unbiased analysis of the global sodium nitrite market, providing historical data and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on application (food & beverage, corrosion inhibitors, dyes and pigments, pharmaceuticals, others), and region.
According to the latest FMI reports, based on regional growth, China is expected to register considerable growth in the sodium nitrite market over the forecast period. This growth is attributed to its vast food & beverage industry. Adoption of a hectic lifestyle and eating habits have made China the largest consumer of food and beverages. This fact is likely to supplement regional target market growth.
India’s sodium nitrite market will likely record significant growth as it is the world’s largest generic drug provider for sodium nitrite. Thus, the advancing pharmaceutical industry is expected to positively influence the regional sodium nitrite market. China and India are the major growth drivers for the Asia Pacific sodium nitrite market. The market in the Asia Pacific region is predicted to record a 4.7% CAGR over the assessment period.
Europe is counted as the second largest sodium nitrite market, holding 17% market revenue share. Since many chemically derived food & beverage products are restricted in this region, the sodium nitrite market is availed plenty of opportunities.
Based on segmentation, food & beverages application is anticipated to lead the market, accounting for 24% of market share. This is due to high use of food additives in the poultry and meat sector.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
4. Global Sodium Nitrite Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Bn) & Volume (Tons) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Bn) & Volume (Tons) Projections, 2022-2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
Click Here for Sodium Nitrite Market 309 pages TOC Report
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