Portland, OR, July 30, 2019 (GLOBE NEWSWIRE) -- According to the report by Allied Market Research, the global chitosan market is estimated to reach $2.55 billion by 2022, from $1.38 billion in 2016, registering a CAGR of 10.7% from 2016 to 2022. The research offers a detailed analysis of changing market dynamics, key segments, major winning strategies, and competitive scenario.
Abundance in the availability of raw materials, the advent of applications from end-use industry, and improvement in awareness regarding benefits of chitosan drive the market growth. However, high cost of production restrains the market growth. On the other hand, chitosan as a bioplastic creates new opportunities in the industry.
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Shrimp segment to continue its dominant position during the forecast period:
Based on the source, the shrimp segment held the largest revenue share in 2016, contributing nearly four-fifths of the total market share. This segment is projected to continue its dominant position during the forecast period. On the other hand, the krill segment would register the highest CAGR of 12.8% from 2016 to 2022. The report also analyzes squid and crab.
Water treatment segment to continue its leadership status by 2022:
Based on the application, the water treatment segment accounted for more than one-third of the total share in 2016 and is expected to continue its leadership status by 2022. On the other hand, the biomedical & pharmaceuticals segment is expected to grow at the highest rate with a CAGR of 13.4% from 2016 to 2022. The research also analyzes segments including cosmetics, food & beverages, and others.
Asia-Pacific to maintain its dominance throughout the forecast period:
Based on the region, Asia-Pacific held the major revenue share in 2016, accounting for nearly two-thirds of the total market share. This region is expected to maintain its dominance throughout the forecast period. Contrarily, the North America region would register the highest CAGR of 12.8% from 2016 to 2022.
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Frontrunners of the industry:
Leading market players analyzed in the research include Advanced Biopolymers AS, G.T.C. Bio Corporation, Heppe Medical Chitosan GmbH, Kitozyme S.A., Primex ehf, Agratech International, Inc., Novamatrix, Qingdao Yunzhou Biochemistry Co. Ltd., Golden-Shell Pharmaceutical Co. Ltd., and Panvo Organics Pvt Ltd. They have adopted different strategies such as expansions, partnerships, collaborations, joint ventures, mergers & acquisition, and others to gain a stronghold in the industry.
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