Over the forecast period of 2022 to 2032, the global sodium nitrite market is expected to grow at an average annual growth rate of 4.3%, reaching a valuation of USD 612.9 million by the end of 2032. The market for sodium nitrite is anticipated to grow to a value of USD 401.76 million by 2022. The sodium nitrite market is expected to grow as a result of the accelerated rise in demand for the substance in meat curing applications as well as its expanding use in other industry verticals such as pharmaceutical, food & beverage, textile, and others.
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 nitritae.
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.
“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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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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