The global nitrite market is expected to register a CAGR of above 4% during the forecast period. The major factor driving the market is the rising demand from the agriculture sector.
- Nitrite is used for the purpose of curing meat which is regulated by a few countries globally. This scenario is likely to hinder the growth of the market studied.
- Asia-Pacific is projected to dominate the global market.
Key Market Trends
Agriculture sector to dominate the market
- Around 80 % of the world’s population relies on imported food. Also, the increasing globalization is leading to the sustainable conventional and organic agriculture, thus increasing the global demand for agricultural production.
- The increasing global population and high dependence on import foods has led to the disruption in the supply chain globally, owing to the global COVID-19 Pandemic.
- The different types of nitrites such as potassium, calcium, sodium are used in the agriculture sector as fertilizers.
- During the last decades, agricultural production and yields have been increasing along with global fertilizer and pesticide consumption. The development is seen in various developing countries and industrialized countries.
- Thus from the factors mentioned above the increase in the consumption of the nitrites market is expected during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific dominated the market across the world, with the largest consumption from countries, such as China and India.
- China is the largest economy, in terms of GDP. China is one of the fastest-growing economies, globally, and almost all the applications are growing, owing to the rising population, living standards, and per-capita income.
- Nitrites are used for the purpose of curing meat products. Nitrite acts primarily as an inhibitor for some microorganisms. Nitrite added to a batter of meat is partially oxidized to nitrate by sequestering oxygen, thus acting as an antioxidant.
- Nitrite in most countries is usually added as potassium or sodium salts, at a limited extent. Either the ingoing or the residual amounts are regulated by laws.
- However the consumption of nitrites in various applications such as agriculture, pharmaceutical sector, and healthcare sector is expected to increase during the forecast period in the region.
The Nitrite Market is Fragmented in nature. Some of the major players are BASF SE, Parchem fine & specialty chemicals, SHANDONG HAILAN Chemical Industry Co., Ltd., Thatcher Company, and Mil-Spec Industries Corporation, among others.
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