Dublin, July 19, 2021 (GLOBE NEWSWIRE) – 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).
COVID-19 has had a negative impact on the agricultural market and thus shrunk the market examined. Labor shortages, transportation problems and liquidity bottlenecks as a result of the lockdown caused by the COVID-19 pandemic all impacted the supply chain of the agricultural market. However, government packages for agriculture following COVID-19 are likely to boost the agribusiness. The Indian government announced several measures, including agricultural marketing reforms, the revision of the Essential Raw Materials Act, and 1 lakh crore INR investments in agricultural infrastructure and logistics, to stimulate the agricultural market. The food and beverage industry also had significant impacts due to COVID-19, such as the destruction of the supply chain and low consumption. However, the health and pharmaceutical industries have seen a boom due to COVID-19 as the drugs used in hospitals have increased.
The main driver of the market in the medium term is the increasing demand from the agricultural sector. On the other hand, the threat of substitutes in a few applications and the negative effects of the COVID-19 pandemic are likely to hamper the growth of the market under study. The Asia-Pacific region is expected to dominate the world market in the forecast period.
Important market trends
Agriculture sector dominates the market
The nitrites such as potassium, calcium, sodium are used in agriculture as fertilizers.
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.
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.
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.
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.
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-WÃ¼rttemberg, Mecklenburg-Western Pomerania, etc.
In the United Kingdom, the country’s total agricultural area is around 17.6 million hectares. The agriculturally used area without forest makes up 72% of the total area.
Hence, the above factors are expected to increase demand for the Nitrite market over the forecast period.
Asia Pacific region will dominate the market
The Asia Pacific region dominates the market around the world with the highest consumption from countries like China and India.
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.
Nitrites are used to cure 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.
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.
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.
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.
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.
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.
China is the second largest drug market in the world. The drug market is developing rapidly due to the growing middle class and aging society in the country, rising incomes and increasing urbanization. The country’s pharmaceutical sales are expected to grow to as much as $ 175 billion by 2022. This is said to boost the growth of nitrite used in pharmaceutical applications.
Due to all of the above factors, the market is expected to grow in the region during the forecast period.
The nitrite market is inherently fragmented. The main players include, among others, BASF SE, MUBY CHEMICALS, Mil-Spec Industries Corporation, Shandong Hailan Chemical Industry Co., Ltd and Thatcher Company.
Reasons to Buy This Report:
Key topics covered:
2 RESEARCH METHOD
4 MARKET DYNAMICS
4.1.1 Growing demand from the agricultural sector
4.1.2 Other drivers
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
4.4.1 Suppliers’ negotiating power
4.4.2 Bargaining power of buyers
4.4.3 Threat from new entrants
4.4.4 Threat from 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 drinks
5.2.5 Other applications
220.127.116.11 South Korea
18.104.22.168 Rest of Asia Pacific
5.3.2 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
5.3.4 South America
184.108.40.206 Rest of South America
5.3.5 Middle East and Africa
220.127.116.11 Saudi Arabia
18.104.22.168 South Africa
22.214.171.124 Rest of the Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Cooperations and Agreements
6.2 Market share analysis (%) ** / ranking analysis
6.3 Leading Player Strategies
6.4 Company profiles
6.4.1 Anmol Chemical Group
6.4.2 BASF SE
6.4.3 Finoric GmbH
6.4.4 Forbes Pharma
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 Outperform Chemical Company, Inc.
6.4.12 Thatcher company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information on this report, see https://www.researchandmarkets.com/r/imxk5t
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