|Status : Published||Published On : Aug, 2023||Report Code : VRCH2011||Industry : Chemicals & Materials||Available Format :||Page : 101|
The global chitosan market was valued at USD 7.8 billion in 2022 and is expected to reach USD 26.7 billion by 2030, growing at a CAGR of 21.0% during 2023-2030. The global chitosan market is growing at a remarkable rate with its increasing demand in the pharmaceutical industry due to its various uses such as; It is used to treat complications such as kidney failure, anemia, loss of strength and appetite, and others. It is used to treat various medical conditions including high cholesterol and obesity.
Chitosan is a sugar that is obtained from the hard outer skeleton of shellfish including lobster, shrimp, and crab. It is a fibrous substance that might block the absorption of dietary fat and cholesterol. It is a natural biopolymer which is derived from chitin.
Insight by Grade
On the basis of grade, the market is bifurcated into industrial grade, food grade, and pharmaceutical grade. Among these grades, Industrial grade chitosan segment captured the largest market share in 2019. Industrial-grade chitosan is widely used in various applications including water treatment, agrochemicals, and textiles due to its low-cost advantage. Also, due to its physical and chemical properties, it is being used in a wide array of products and applications, wherein different properties are required for different applications, which change with the degree of acetylation and molecular weight.
Easy and abundant availability, unique properties, and growing awareness related to its health benefits are the major growth drivers identified in the chitosan market. Chitin is the second most abundant resource in the world following cellulose, which is becoming a major attraction for various industries. Chitin is estimated to be produced annually as much as cellulose in the coming years, as it is a high-potential resource. It is being commercially produced in countries such as Poland, India, Japan, the U.S., Norway, and Australia.
Moreover, it has a number of biomedical uses, for instance, it is useful in bandages which can reduce the bleeding and can act as an antibacterial agent. The growing awareness about health across the globe is expected to drive the chitosan market growth.
Stringent rules and regulations related to aquaculture are expected to pose a main restraint in the chitosan market growth. In some countries, rigorous shrimp farming has led to environmental degradation and threats to the long-term sustainability of the industry; hence various guidelines have been set by regulatory authorities to maintain the balance in the industry.
The APAC is the largest contributor to the chitosan market and holds the largest share of the market. The region market is expected to register the fastest growth during the forecast period. This can be attributed to the presence of major producers in the region, which are fueling the market growth in the region. This is due to the increasing demand along with rising investment. Along with that, various research and development activities are ongoing for the commercial production of the product from non-aquatic sources such as algae, yeasts, and fungi are also expected to drive the chitosan market growth in the region.
The chitosan market is highly fragmented due to the presence of a large number of players in the market, which makes it a highly competitive market for the industry players. The players need to have a focused strategy to achieve a competitive advantage in the market. The various key players in the chitosan industry are investing heavily in carrying out research and development activities for the development of new and improved production processes and technologies for chitosan manufacturing.
Some of the key players operating in the chitosan market are Chitosan AS, Mahtani chitosan Pvt. ltd., AgraTech, JBIChem International, Primex Ehf, Heppe Medical Chitosan GmbH, Vietnam Food, Advanced Biopolymers AS, G.T.C. Bio Corporation, and KitoZyme S.A.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data, and have key opinions from the industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising consumers are also conducted to understand consumer behavior.
Source: VynZ Research
Source: VynZ Research