Sodium Nitrite Market Size Worth $529.9 Million By 2028 | CAGR - 4.7%: Grand View Research, Inc.

SAN FRANCISCO, Jan. 18, 2022 /PRNewswire/ -- The global sodium nitrite market size is anticipated to reach USD 529.9 million by 2028 according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2021 to 2028. The growth can be attributed to the rising demand for preservatives in the food and beverages industry. The preservatives retard the growth of foodborne pathogens and microorganisms increasing the shelf life of the food product.

Globally, the demand for food preservatives is booming with the expanding food and beverages industry in developing countries such as India, Mexico, Brazil, and others. Additionally, with the growing meat processing industries specifically in large meat-producing countries such as China, India, the U.S., and others is anticipated to drive the demand for the product in the coming years.

Key Insights & Findings from the report:

• In 2020, food and beverages emerged as the dominant application segment, in terms of both revenue, owing to the rising adoption of flavor and color fixing agents in the poultry and meat industry
• The pharmaceutical application is expected to expand at the highest CAGR of 5.3% owing to the increased use of sodium nitrite as a raw material in pharmaceutical formulations such as the synthesis of products like caffeine and saccharine
• In 2020, Asia Pacific accounted for the highest share in the market accounting for 70.41% in terms of revenue. This high share is attributed owing to the growing demand for food preservatives in the expanding food and beverages industry
• In 2020, China accounted for the largest revenue share in the market in the Asia Pacific region. This high share is attributed to the presence of large-scale manufacturers in the country
• Deepak, the largest manufacturer in India, manufactures and supplied more than 80% of the product which finds application in pharmaceuticals, agro-based chemicals, and others

Read 80 page market research report, "Sodium Nitrite Market Size, Share & Trends Analysis Report By Application (Food & Beverages, Pharmaceuticals), By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa), And Segment Forecasts, 2021 - 2028", by Grand View Research

Packaged food contains additives to preserve the freshness of the product, and sodium nitrite is among one of the food preservatives used in packaged food. Countries including the U.K., the U.S., China, Japan, Russia, Belgium, and others are the largest consumers of packaged meats including bacon, and ham, among others. The growing penetration of sodium nitrite in packaged food is in turn anticipated to propel the industry over the coming years.

In the U.S.; New York, Texas, Illinois, and Pennsylvania have a high presence of food and beverages processing companies. Meat and beverages account for a major share in the U.S. food processing industry, thereby leading to significant consumption of the product in the country. Moreover, recent research and development activities involving the introduction of natural sources of sodium nitrite, as an attempt to eliminate the health issues, are estimated to drive the demand on a global scale.

The Asia Pacific region is a substantially large market due to high demand for the product from end-use industries such as pharmaceuticals, food, and others as well as the presence of large manufacturers in developing countries such as China, India, and others. The market is witnessing high production of Sodium Nitrite, specifically in countries such as India, China, and Japan, owing to the growing consumption of food-grade sodium nitrite.

The COVID-19 spread globally has highly impacted the growth of several industries including the food industry owing to the closure of food production facilities, but the pharmaceutical was the least impacted. Sodium nitrite demand is witnessed to be high in Asia Pacific, Europe, and North America region during COVID-19 which is met by domestic production.

The market is highly competitive, due to the presence of a large number of manufacturers across regions. Companies such as BASF SE, OSTCHEM, and Weifang Haiye Chemistry And Industry Co. Ltd have a global presence and cater to various applications.

Market Segmentation:

Grand View Research has segmented the global sodium nitrite market based on application and region:

• Sodium Nitrite Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
• Food & Beverages
• Pharmaceuticals
• Others
• Sodium Nitrite Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2017 - 2028)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Asia Pacific
• China
• India
• Japan
• Central & South America
• Brazil
• Argentina
• Middle East & Africa
• Saudi Arabia
• South Africa

List of Key Players in the Sodium Nitrite Market

• BASF SE
• OSTCHEM
• Weifang Haiye Chemistry And Industry Co. Ltd
• Deepak
• URALCHEM JSC
• Hualong Nitrite Limited
• Linyi Luguang Chemical Co., Ltd
• Radiant Indus Chem Pvt Ltd
• Planet Chemicals Pte Ltd

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.