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DUBLIN – (BUSINESS WIRE)–The “Nitrite Market – Growth, Trends, Effects of COVID-19 and Forecasts (2021-2026)” Report was added to ResearchAndMarkets.com to offer.
The global Nitrite market is expected to experience a CAGR of over 4% during the forecast period (2021-2026).
Mentioned companies
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Anmol Chemicals Group
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BASF SE
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Finoric GmbH
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Forbes Pharma
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Hualong Nitrite Limited
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Linyi Kemele Chemical Co., Ltd.
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Linyi Luguang Chemical Co., Ltd
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Mil-Spec Industries Corporation
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MUBY CHEMICALS
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Shandong Hailan Chemical Industry Co., Ltd.
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Outperform Chemical Company, Inc.
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Thatcher company
Important market trends
Agriculture sector dominates the market
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The nitrites such as potassium, calcium, sodium are used in agriculture as fertilizers.
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In the past few decades, agricultural production and yields have increased along with the global consumption of fertilizers and pesticides. The development can be observed in various developing and industrialized countries.
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Around 80% of the world population is dependent on imported food. Increasing globalization is also leading to sustainable conventional and organic agriculture and thus increasing global demand for agricultural production.
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The growing world population and the high dependency on imported food increase the need for nitrites. In 2020, however, the disruption in the supply chain affected the market worldwide due to the global COVID-19 pandemic.
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However, the agricultural sector is growing rapidly with investment from governments and various organizations, driving the nitrite market. According to the World Bank, the new IBRD (International Bank for Reconstruction and Development) / IDA (International Development Association) commitments for agriculture and related sectors totaled $ 5.8 billion in 2020. In 2020, 128 projects will have contributed to providing agricultural assets and services to 7.2 million farmers. Improved agricultural technology has been adopted by three million farmers. Farmers improved irrigation and drainage on 986,000 hectares of arable land.
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In Germany around half of the area is used for agriculture. It is the third largest exporter of agricultural products in the world. According to Destatis, around 16,666 hectares of land will be used for agriculture in Germany in 2019. The agriculturally used area increased by 0.12% compared to the previous year; in 2018 the area was around 16,645 hectares. Federal states with the largest agricultural area are Lower Saxony, Bavaria, North Rhine-Westphalia, Baden-Württemberg, Mecklenburg-Western Pomerania, etc.
Asia Pacific region will dominate the market
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The Asia Pacific region dominates the market around the world with the highest consumption from countries like China and India.
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China is the largest economy in terms of GDP. China is one of the fastest growing economies in the world and almost all uses are increasing due to increasing population, living standards and per capita income.
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Nitrites are used for curing meat products. Nitrite acts primarily as an inhibitor for some microorganisms. Nitrite, which is added to a meat dough, is partially oxidized to nitrate by the binding of oxygen and thus acts as an antioxidant.
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According to the Food and Agriculture Organization, the Asia region produced around 136.06 million tons of meat in 2019. It is also forecast that meat consumption will increase to 12% by 2029.
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A limited amount of nitrite is normally added as a potassium or sodium salt in most countries. Either the incoming or the remaining amounts are regulated by law.
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However, the consumption of nitrites in various applications such as agriculture, pharmaceuticals and healthcare is expected to increase in the region over the forecast period.
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Agriculture is the main livelihood for about 58% of the population in India. According to the India Brand Equity Foundation (IBEF), the gross value added of agriculture (alongside fisheries and forestry) is around $ 276.37 billion in fiscal 2020.
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In addition, India occupies a significant position in the global pharmaceutical sector. India is the world’s largest producer of generic medicines. The Indian pharmaceutical industry covers more than 50% of the global demand for various vaccines, 40% of the demand for generic drugs in the United States, and 25% of the demand for all drugs in the United Kingdom.
Key topics covered:
1 INTRODUCTION
2 RESEARCH METHOD
3 SUMMARY
4 MARKET DYNAMICS
4.1 Driver
4.1.1 Growing demand from the agricultural sector
4.1.2 Other drivers
4.2 Limitations
4.2.1 Threat from substitutes in a few applications
4.2.2 Negative effects of the COVID-19 outbreak
4.3 Analysis of the industry’s value chain
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 type
5.2 Application
5.3 geography
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Cooperations and Agreements
6.2 Market share analysis (%) / ranking analysis
6.3 Strategies of leading players by
6.4 Company profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information on this report, see https://www.researchandmarkets.com/r/h1l69m
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