New York, US , May 03, 2022 (GLOBE NEWSWIRE) -- Sodium Nitrite Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Sodium Nitrite Market Information by Application, Grade, and Region - Forecast till 2028”, the market is estimated to acquire a size of over USD 241.60 million by the end of 2028. The report further predicts the market to thrive at a healthy CAGR of over 3.9% during the review timeframe.
Market Scope:
Sodium nitrite refers to an antioxidant and a salt used to cure meat like ham, bacon, and hot dogs. This salt hinders the growth of botulism-causing averts spoilage and bacteria. Additionally, it offers cured meats with their characteristic color and flavor.
Competitive Analysis
The global market for sodium nitrite has prominent players such as:
- Radiant Indus Chem Pvt. Ltd (India)
- BASF SE (Germany)
- The Deepak Group (India)
- Airedale Chemical (UK)
- Anmol Chemicals (India)
- SNDB (India)
- SINOY GROUP LIMITED (China)
- Shandong Haihua Group (China)
- Yingfengyuan Industrial Group Limited (China)
- Shandong Xin Hao Chemical Co., Ltd (China)
- Nilkanth Organics (India)
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Market USP Covered
Market Drivers
The global market for sodium nitrate has registered enormous growth in the last few years. The growth of the sodium nitrate market is mainly credited to the growing demand for organic products across the globe. Furthermore, the growing awareness across the developing economies such as Argentina, India, China, and Brazil are also projected to boost the market's growth over the coming years. moreover, the increasing number of government initiatives across several regions are also projected to catalyze the market's growth over the assessment era. In addition, rapid changes in consumer tastes and preferences and changing lifestyles will likely offer lucrative growth opportunities to the players worldwide.
Market Restraints
Although there are several aspects propelling the market's growth, some factors are anticipated to restrict the market's growth. Uncontrolled intake of sodium nitrate can cause several health issues such as colorectal cancer, pancreatic, stomach, oesophageal, thyroid cancers, heart disease, etc. These side effects are associated with the overconsumption of sodium nitrate and are anticipated to impede the market's growth.
Browse In-depth Market Research Report (99 Pages) on Sodium Nitrite: https://www.marketresearchfuture.com/reports/sodium-nitrite-market-10692
COVID-19 Impact
The COVID-19 pandemic has had a severe impact on most industry sectors. The sodium nitrate market is no different than others. Several countries across the globe were under lockdown and have sealed their borders to restrict the spread of the virus. The pandemic has hampered the logistics leading to the disturbance of the supply of raw materials. Given the lowering of the production capacity, products are scarce. All of these aspects lead to an increase in products in the short run.
The supply chain of the sodium nitrate market encompasses end users, distributors, and manufacturers. The pandemic has affected the supply chain, as several nations imposed partial or complete lockdowns and travel restrictions. On the other hand, the demand for sodium nitrate is projected to witness substantial growth over the assessment timeframe as consumers demand healthy and natural food due to the COVID. This aspect is causing the increase in sodium nitrate's growth in the last few years.
Segment Analysis
The global sodium nitrite market has been fragmented into several segments based on application, grade, and region.
The global market for sodium nitrite is divided into industrial grade and food grade based on grade. The food-grade segment secured the leading position in the global market in 2020. The segment is projected to grow substantially over the forecasted timeframe. The growing product demand from the food industry for food preservation is the prime reason causing an upsurge in the regional market's growth.
Based on application, the global sodium nitrite market has been divided into rubber processing, food processing, pharmaceutical, fertilizer, and others. The food processing segment accounted for the maximum share of the global market in 2020. The segment's growth is mainly attributed to the increasing demand to inhibit the growth of bacterial spores causing botulism.
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Regional Analysis
The global sodium nitrite market is studied across five major regions: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
As per the MRFR analysis reports, the North American region held the top position in the global sodium nitrite market in 2020. The regional market will lead the global market over the forecasted era. The regional market's growth is primarily credited to the growing preference for ready-to-eat food products across the region. Moreover, the high meat demand in the US is anticipated to cause an upsurge in the regional market's growth over the assessment era. As per the US Department of Agriculture (USDA), poultry and red meat consumption were 222.4 pounds on a per capita retail weight basis.
The sodium nitrite market for the Asia-Pacific region is projected to grow at the fastest pace over the coming years. the growth of the regional market is attributed mainly to the presence of the developing economies India, Japan, and China across the region. Furthermore, the increasing per capita disposable income is another crucial parameter boosting the regional market's growth. Moreover, a shift in taste and preference for international food cuisines across the region is also likely to catalyze the regional market's growth o er the forecasted era. China contributed the largest share in the regional market share in 2020.
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