USD 420.59 million
Report ID:
SQMIG35I2119 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|Tables:
37
|Figures:
78
Sodium Nitrite market size was valued at USD 420.59 million in 2022 and is poised to grow from USD 442.88 million in 2023 to USD 669.44 million by 2031, at a CAGR of 5.3% during the forecast period (2024-2031).
The product's demand is expected to be driven by its increased use in meat-curing applications. Furthermore, the rising demand for processed meat products such as sausages, shrimp, bacon, and ham is driving growth. The product is used in a variety of industries, including pharmaceuticals, textiles, and food and drinks. It is used as a preservative, mostly in the meat processing industry, because it functions as an antioxidant and antibacterial, reducing the formation of dangerous bacterial organisms that ruin the food. It is used not just in meat but also in other perishable foods to prevent decomposition and preserve taste and freshness.
The pharmaceutical industry's involvement in research and development has increased the use of sodium nitrite over the years. In cardiovascular therapy, it is used to alleviate the consequences of hypotension. Sodium nitrite's numerous applications in the pharmaceutical business imply that demand for pharmaceutical-grade sodium nitrite is projected to rise in the coming years. The United States is North America's leading consumer of sodium nitrite. This is due to a rise in demand from the processed meat business. The US market is predicted to develop steadily throughout the forecast period due to changing consumer lifestyles and increased urbanization, which affect consumer purchase patterns.
US Sodium Nitrite Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 420.59 million
Largest Segment
Food and Beverages
Fastest Growth
Food and Beverages
Growth Rate
5.3% CAGR
To get more reports on the above market click here to Buy The Report
Global Sodium Nitrite Market is segmented based on application, grade, and region. Based on application the market is segmented into dyes and pigments, food and beverages, pharmaceutical, other. By grade, the Sodium Nitrite Market is segmented into Pharmaceutical, Industrial. Based on region the global Sodium Nitrite Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Sodium Nitrite Market Analysis by End User
During the projected period, the food and beverages segment dominated the market for Sodium Nitrite market in 2022. The rising use of food additives in the poultry and meat industries is attributable to the expansion. Apart from being a pigment inhibitor, the chemical also functions as an antibacterial in the meat sector, limiting the growth of foodborne infections. It is used and applied throughout the meat curing process to prevent bacteria growth and keep the meat fresh. By dehydrating bacteria, sodium nitrite can eliminate germs from meat that form in the presence of moisture. However, the Pharmaceuticals segment is expected to grow at the quickest CAGR during the projection period.The increased use of sodium nitrite as a raw material in the production of medications, as well as its expanded use for treating disorders such as neurotransmission imbalances, muscular dystrophy, epilepsy, and cognitive and behavioral issues, is ascribed to the growth. It is also used as a foaming agent in the production of polyvinyl chloride. The rising use of sodium nitrite in various applications in the global pharmaceuticals sector is thus expected to boost market growth in the future years.
Sodium Nitrite Market Analysis by Grade
With a revenue share of more than 89% in 2022, the industrial grade market segment is anticipated to rule the entire world. The growth is attributed to the rise in chemical demand across a number of industries, including electronics, industrial manufacturing, and construction. It is a solvent and a vital component of adhesives, construction chemicals, and degreasing agents and has a purity level of 99%. Additionally, it is utilized in the creation of fertilizers, heat transfer agents, explosives, and drain cleaners.
To get detailed analysis on other segments, Request For Free Sample Report
The Asia-Pacific region is anticipated to dominate the market for Sodium Nitrite market. This growth is attributed to the increased demand for food-grade sodium nitrite, particularly in China, India, and Japan. China is the world's greatest consumer of food and beverages. According to a 2020 China Chamber of Commerce article, the beverage market, which comprises drinks, vegetable juices, and fruits, produced USD 39,330 million in revenue. Population growth and rising per capita disposable income are expected to drive expansion in the food and beverage industry. Because of their hectic lifestyles, Chinese consumers' eating habits have evolved. People prefer to eat packaged goods rather than prepare their own meals. The pharmaceutical market in India is the largest; according to IBEF's November 2021 report, India is the world's largest generic medication provider. India supplies half of the world's supply of different medications. The production of the COVID-19 vaccine has elevated India to a prominent position in the pharmaceutical industry. The country's rise in the sector is prompting companies to produce innovative medicine. As more companies become involved in the manufacturing of medications, the need for the sodium nitrite market, which is necessary to manufacture various types of drugs, rises.
North America market is expected to grow at the fastest CAGR. In this region, the demand for sodium nitrate is primarily driven by the food industry, as it is used as a preservative in meats and other food products. Additionally, it is also used in the production of fertilizers and glass. The United States is the largest market in this region due to its significant food processing and agricultural industries.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Sodium Nitrite Market Drivers
Sodium Nitrite Market Restraints
Request Free Customization of this report to help us to meet your business objectives.
The sodium nitrite market is highly fragmented, with numerous manufacturers present. In the market, multinational firms have created a global supply chain via in-house supply channels or third-party distributors. Companies such as BASF SE, for example, have recruited third-party distributors to supply their products to the market. China is the primary producer of the commodity in the Asia Pacific area, with huge manufacturers located throughout the country. To remain competitive in the global marketplace, incumbent businesses are likely to face intense competition.
Sodium Nitrite Market Top Player’s Company Profiles
Sodium Nitrite Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global sodium nitite market analysis, increasing awareness about fire safety, stringent government regulations, growing demand for electronic devices, rising demand for energy-efficient buildings and increasing demand for lightweight materials along with growth in the construction industry are several factors driving the market growth.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 420.59 million |
Market size value in 2031 | USD 669.44 million |
Growth Rate | 5.3% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
Sodium Nitrite Market Recent Developments
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Sodium Nitrite Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Sodium Nitrite Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Sodium Nitrite Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Sodium Nitrite Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Report ID: SQMIG35I2119