Dublin, July 19, 2021 (GLOBE NEWSWIRE) -- The "Nitrite Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Nitrite Market is projected to register a CAGR of over 4% during the forecast period (2021-2026).
COVID-19 negatively impacted the agriculture market thus declining the market studied. Labor shortages, transportation issues, and liquidity shortages as a result of the lockdown caused by the COVID-19 pandemic affected the supply chain of the agriculture market. However, government packages for agriculture post-COVID expected to boost the agriculture industry. The Indian government announced several measures such as Agri-marketing reforms, revamp essential commodities act, and INR 1 lakh crore investment in farm gate infrastructure and logistics to raise the agriculture market. The food and beverage industry also had a significant impact due to COVID-19, as the destruction in the supply chain and low consumption. However, the healthcare and pharmaceutical industry experienced an upsurge due to COVID-19 as the medicines used in the hospitals have increased.
In the medium term, the major factor driving the market is the rising demand from the agriculture sector. On the flip side, the threat of substitutes in few applications and negative impact of COVID-19 pandemic are likely to hinder the growth of the market studied. Asia-Pacific is projected to dominate the global market during the forecast period.
Key Market Trends
Agriculture sector to dominate the market
The 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.
Around 80 % of the world's population relies on imported food. Also, the increasing globalization is leading to sustainable conventional and organic agriculture, thus increasing the global demand for agricultural production.
The increasing global population and high dependence on import foods is increasing the demand for nitrites. However, in 2020 , the disruption in the supply chain globally, owing to the global COVID-19 Pandemic affected the market.
However, the agriculture sector is rapidly growing with investments from governments and various organizations thus driving the nitrite market. According to World Bank, new IBRD (International Bank for Reconstruction and Development) / IDA (International Development Association) commitments to agriculture and related sectors totalled USD 5.8 billion in 2020. In 2020, 128 projects will have contributed to the provision of agricultural assets and services to 7.2 million farmers. Improved agricultural technology was adopted by three million farmers. On 986,000 hectares of agricultural land, farmers improved irrigation and drainage.
In Germany, about half of the land is used for the purpose of agriculture. It is the third largest exporter of agricultural goods in the world. According to Destatis, in 2019, about 16,666-hectare area is used for agriculture purpose in Germany. The area for agricultural purpose increase by 0.12% from previous year, in 2018 the area was about 16,645-hectare. States of Germany with the largest area used for agriculture include Lower Saxony, Bavaria, North Rhine-Westphalia, Baden-Wurttemberg, Mecklenburg-Vorpommern, etc.
In United Kingdom, the total agricultural area in the country is around 17.6 million hectares. The agricultural area, excluding woodland, accounts for 72% of the total area of land.
Thus, the factors mentioned above are expected to increase the demand for nitrites market during the forecast period.
Asia-Pacific Region to Dominate the Market
Asia-Pacific region 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 to cure 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.
According to Food and Agriculture Organisation, the Asia region has around 136.06 million metric tons of meat produced in the year 2019. Also, it is predicted that the growth in consumption of meat will increase to 12% by 2029.
Nitrite in most countries is usually added as potassium or sodium salts, to a limited extent. Either the ingoing or the residual amounts are regulated by laws.
However, the consumption of nitrites in various applications such as the agriculture sector, the pharmaceutical sector, and the healthcare sector is expected to increase during the forecast period in the region.
Agriculture is the major source of livelihood for approximately 58% of the population in India. According to the India Brand Equity Foundation (IBEF), the gross value added by agriculture (along with fishing and forestry) is around USD 276.37 billion in the financial year 2020.
Further, India holds a significant position in the global pharmaceuticals sector. India is the largest producer of generic drugs in the world. The Indian pharmaceutical industry caters to more than 50% of the global demand for various vaccines, 40% of the demand for generic medicine in the United States, and 25% of the demand for all medicines in the United Kingdom.
China is the second-largest market for pharmaceuticals, globally. The market for pharmaceuticals is emerging rapidly, owing to the growing middle-class and aging society present in the country, rising incomes, and increasing urbanization. The pharmaceutical sales of the country is expected to reach up to USD 175 billion by 2022. This is expected to boost the growth of nitrite used in the pharmaceutical applications.?
Owing to all the above mentioned factors, the market is estimated to increase in the region during the forecast period.
The Nitrite Market is fragmented in nature. Some of the major players are BASF SE, MUBY CHEMICALS, Mil-Spec Industries Corporation, Shandong Hailan Chemical Industry Co., Ltd, and Thatcher Company, among others.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Demand from the Agriculture Sector
4.1.2 Other Drivers
4.2.1 Threat of Substitutes in few Applications
4.2.2 Negative Impact of COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
5.1.1 Calcium Nitrite
5.1.2 Potassium Nitrite
5.1.3 Sodium Nitrite
5.1.4 Other Types
5.2.2 Food and Beverages
5.2.5 Other Applications
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.2 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.3.4 South America
18.104.22.168 Rest of South America
5.3.5 Middle-East and Africa
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Anmol Chemicals Group
6.4.2 BASF SE
6.4.3 Finoric LLC
6.4.4 Forbes Pharmaceutical
6.4.5 Hualong Nitrite Limited
6.4.6 Linyi Kemele Chemical Co., Ltd.
6.4.7 Linyi Luguang Chemical Co., Ltd
6.4.8 Mil-Spec Industries Corporation
6.4.9 MUBY CHEMICALS
6.4.10 Shandong Hailan Chemical Industry Co., Ltd.
6.4.11 Surpass Chemical Company, Inc.
6.4.12 Thatcher Company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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