Canada Sodium Nitrite Market Size & Outlook, 2023-2030
Canada sodium nitrite market, 2018-2030 (US$M)
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Canada sodium nitrite market highlights
- The Canada sodium nitrite market generated a revenue of USD 2.2 million in 2023 and is expected to reach USD 2.9 million by 2030.
- The Canada market is expected to grow at a CAGR of 3.8% from 2024 to 2030.
- In terms of segment, other applications was the largest revenue generating grade in 2023.
- Other Applications is the most lucrative grade segment registering the fastest growth during the forecast period.
Sodium nitrite market data book summary
| Market revenue in 2023 | USD 2.2 million |
| Market revenue in 2030 | USD 2.9 million |
| Growth rate | 3.8% (CAGR from 2023 to 2030) |
| Largest segment | Other applications |
| Fastest growing segment | Other Applications |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Food & Beverages, Corrosion Inhibitors, Dyes & pigments, Pharmaceuticals, Other Applications |
| Key market players worldwide | ICL Group Ltd, Basf SE, SABIC, Deepak Fertilisers, Jiangsu Fengshan Group, UralChem, Radiant Indus Chem |
Other key industry trends
- In terms of revenue, Canada accounted for 0.5% of the global sodium nitrite market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. sodium nitrite market is projected to lead the regional market in terms of revenue in 2030.
- Mexico is the fastest growing regional market in North America and is projected to reach USD 2.0 million by 2030.
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Sodium Nitrite Market Scope
Sodium Nitrite Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Canada sodium nitrite market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to sodium nitrite market will help companies and investors design strategic landscapes.
Other applications was the largest segment with a revenue share of 31.82% in 2023. Horizon Databook has segmented the Canada sodium nitrite market based on food & beverages, corrosion inhibitors, dyes & pigments, pharmaceuticals, other applications covering the revenue growth of each sub-segment from 2018 to 2030.
According to the Organization for Economic Co-operation and Development (OECD), Canada was one of the top producers of pork and beef with strong export and domestic demand. Furthermore, the country's high consumption and expenditure have boosted the processed meat industry growth which in turn drives the sodium nitrite market growth.
Due to shifting appetites and a willingness to try new products, Canadians have begun to prefer meat as their breakfast options. Due to changing appetites in the country, the government is taking steps to assist farmers and processors of red meat, in becoming more inventive and competitive in both local and international markets. This is expected to lead the growth of sodium nitrite market.
Additionally, the Canadian textile industry is witnessing growth due to capital expenditures, investments, flexibility, and innovations. This is anticipated to have a positive influence on the demand for dyes and spur the demand for sodium nitrate in the country.
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Horizon Databook provides a detailed overview of country-level data and insights on the Canada sodium nitrite market , including forecasts for subscribers. This country databook contains high-level insights into Canada sodium nitrite market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Canada sodium nitrite market size, by grade, 2018-2030 (US$M)
Canada Sodium Nitrite Market Outlook Share, 2023 & 2030 (US$M)
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