Potassium Nitrite Market Outlook:
Potassium nitrite is a yellowish white crystalline solid or a compound formed of potassium and nitrogen, noncombustible and accelerates the burning of all combustible materials. It is used as a preservative in food and helps in the cleansing process by restricting the development of a harmful bacteria called botulism bacteria. Potassium nitrite is produced by combining ammonium nitrate and potassium chloride. It can also be manufactured by a neutralized mixture of nitric acid and potassium hydroxide.
Potassium nitrite is used for a number of purposes like food preservation especially in cured meats such as chorizo and cured bacon. It also gives the product a desirable pinkish-red color. The use of Potassium nitrite as a food preservative was approved by U.S. Food and Drug Administration. Potassium nitrite has a large number of end uses in the food and beverage industry, and is expected to experience good growth in the upcoming years.
Growing concerns for food safety, enhancing shelf stability of product and food technology has led to growth of potassium nitrite market:
The application of preservative in food and beverages is regulated for a number of reasons. The levels of nitrates and nitrites in meat are restricted because they can be converted in the stomach or during high temperature frying to chemicals understood to cause cancer.
The increasing awareness and demand for healthy food and healthcare products has resulted in increased demand for potassium nitrite. It is widely used in food products for preserving it against microbial agents. Meat and poultry cleansing is one of the oldest forms of food conservation till today. Potassium nitrite has shown extraordinary antimicrobial potency preventing the meat from spoilage and pathogenic microorganisms. Potassium nitrite primarily protects the meat from microbial bacteria. Meat with microbes present in it is harmful. Microbes cause chronic diseases like Arthritis, Asthma, Cancer, Alzheimer, among others. Also, the formation of color is one of the most critical quality traits of processed meat products. Furthermore, the increasing demand for high-quality meat offers substantial growth opportunities for players active in the field of Potassium nitrite market to provide a solution for the infected meat. The global Potassium nitrite market is expected to grow at a higher rate in the upcoming years.
Potassium nitrite is ingested in small quantities. Despite its substantial popularity in food preparation, it is important to tread very carefully when incorporating Potassium nitrite into your meal preparation. The National Center for Home Food Preservation have cited that a high Potassium nitrite content in food products can have harmful effects. The effects can be significantly more damaging when the individual is chronically exposed to the substance. Some of the more prominent symptoms of Potassium nitrite poisoning include irregular breathing, convulsions, a rapid heartbeat, dizziness or even a coma and death in the more severe cases. Children too should be kept away from Potassium nitrite preservative food additives, as they have been shown to cause dizziness and headaches in children. Potassium nitrite is also commonly used as a diuretic medicine while also being added to medicines that are commonly used to treat conditions like excessive back pain and joint pain. One of the most useful applications of Potassium nitrite is its benefits in the production of nitric acid with the addition of concentrated sulfuric acid to the aqueous solution of Potassium nitrite. The chemical is also widely used as a fertilizer and rocket propellant as well as in the production of smoke bombs because of the resulting effect when mixed with sugar to generate a cloud of smoke that is roughly about 600 times the volume of the actual bomb.
Global Potassium Nitrite Market: Market Segmentation
By product, the global Potassium nitrite market is segmented as:
- Agricultural Grade
- Food Grade
- Industrial Grade
- Medical Grade
By End-Use, the global Potassium nitrite market is segmented as:
- Food & Beverages
- Bakery & Confectionery
- Dairy Food Products
- Meat & Seafood
- Processed Foods
- Fats & Oil
By Region, the global Potassium nitrite market is segmented as:
- North America
- Latin America
- CIS & Russia
- Middle East Africa
- Asia-Pacific excluding Japan
Global Potassium Nitrite Market: Key Players
The key players operating in the global Potassium nitrite market are Haifa Chemicals, Migao, SQM, URALCHEM, Yara, COFERMIN Chemicals, Wentong Group, Tengda Industrial, YNCC, KEMPANCO, MC, YNCC, Yufeng, SNM, Barium and Chemicals, ICL, GFS Chemicals, Potash Corp, Qinghai salt lake among others. The companies are focusing on capturing the market opportunities through expansions & investment majorly through developing manufacturing facilities. Depending on the global market scenario and growing demand of Potassium nitrite, the companies have increased production capacities to meet the growing market demand. A few players have also driven down the market prices, forcing their competitors to follow suit in order to remain competitive in the market. Also, the global Potassium nitrite market is witnessing increased use in the general, pharmaceutical, and food industries.
Key Developments in the Potassium Nitrite global market:
In 2016, SQM (Sociedad Química y Minera de Chile S.A.) announced that the company has decided to enhance its production capacity of Potassium nitrite by 500,000 metric tons per year. This increase in production capacity brought the total capacity to 1.5 million tons per year approximately. To achieve this, SQM built a plant with an initial capacity of 300,000 metric tons. Also, they've been implementing new measures to expand the size of existing plants.
Opportunities for Potassium Nitrite Market Participants:
The global Potassium Nitrite market is looking promising for the period 2017-2021. The potential for the growth of the Potassium Nitrite market is quite high, due to its various applications. The Potassium Nitrite global market is run by population growth, increasing demand for vegetables and high-quality food. The population in regions such as Central America where the meat consumption is in abundance are consuming meat with Potassium Nitrite in it. If the same practice is adopted by other regions consuming a good amount of meat, it is likely to lead to global market growth.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.