Chitosan Market Size Worth USD 4.35 Billion in 2032 | Emergen Research

Vancouver, Jan. 02, 2024 (GLOBE NEWSWIRE) -- The global chitosan market size was USD 1.01 Billion in 2022 and is expected to register a rapid revenue CAGR of 15.7 % during the forecast period The global chitosan market is poised for significant growth, fueled by rising demand in water treatment processing, innovative government programs, and the booming medical and pharmaceutical industries. According to a comprehensive market research report, the market is expected to witness substantial revenue growth during the forecast period.

Key Drivers of Market Growth:

1. Water Treatment Processing: The increasing demand for chitosan in water treatment processing is a major driving force. Chitosan's unique physicochemical characteristics, such as molecular weight, particle size, and hydrophilicity, make it highly effective in wastewater treatment. This is especially crucial in light of the United Nations' goal to improve water quality globally by 2030, aiming to reduce pollution.

2. Government Initiatives: Government organizations are actively promoting innovative programs for wastewater treatment. Notably, the National Institute of Health introduced the National Pollutant Discharge Elimination System (NDPES) permit to protect water quality. These initiatives are expected to contribute significantly to market growth.

3. Medical and Pharmaceuticals Industry: The rapid growth of the medical and pharmaceuticals industries is another key factor propelling market revenue. Chitosan's applications in obesity treatment, immune therapy, gene treatments, and knee treatments are contributing to its widespread adoption.

4. Product Innovations: Leading players in the chitosan market are continuously developing new products, particularly for knee treatments. For example, Kiomed Pharma's collaboration with Hansoh Pharmaceutical resulted in the development and commercialization of a carboxymethyl chitosan-based injection for knee osteoarthritis.

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Challenges to Market Growth:

1. Regulatory Restrictions in Shrimp Farming: Rules and regulations against shrimp farming pose a significant challenge to market growth. Shrimp farming, a major source of chitosan, generates organic waste, chemicals, and antibiotics, leading to groundwater and coastal estuary pollution. Governments worldwide are implementing measures such as The Coastal Aquaculture Amendment Act 2023 in India to regulate and mitigate environmental damage.

2. FDA Regulatory Framework: The U.S. Food and Drug Administration (FDA) has implemented the Hazard Analysis Critical Control Point (HCAP) framework, emphasizing the importance of addressing food safety hazards associated with aquaculture farming. Compliance with these regulations may impact the chitosan market.

Segment Insights:

1. Source Segment: The shrimps segment dominated the market in 2022, accounting for the largest revenue share. Chitosan, derived from shrimp shells, is known as the second most abundant natural biopolymer. The crab segment is expected to experience steady growth, driven by its biocompatible nature and versatile applications in medical fields.

2. Application Segment: The water treatment segment is anticipated to hold a substantial revenue share during the forecast period, owing to chitosan's properties facilitating efficient organic matter, suspended solids, and metal ion removal. The medical and pharmaceuticals segment is expected to register moderate growth due to increasing utilization in drug delivery, wound healing, and tissue engineering applications.

Regional Insights:

1. North America: The North American market led in revenue share in 2022, attributed to the rising demand for chitosan in medical and pharmaceutical industries. The region's manufacturers are actively utilizing chitosan for various applications, including slow-release capsules and carrier agents for cancer treatment.

2. Asia Pacific: The Asia Pacific market secured the second-largest revenue share in 2022, driven by the increasing geriatric population and the growing production of shrimps in countries like India and Indonesia.

3. Europe: The European market is expected to witness the fastest revenue growth rate in 2022, fueled by the increasing need for wastewater treatment. Chitosan's role as a bio-sorbent is crucial in reducing pollutants in wastewater, aligning with Europe's efforts to meet wastewater treatment standards.

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Scope of Research

Major Companies and Competitive Landscape

The global chitosan market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions in the market. Some major players included in the global chitosan market report are:

• Heppe Medical Chitosan GmbH
• Kitozyme, LLC
• Primex ehf
• Advanced Biopolymers AS
• GTCbio
• BIO21 COMPANY LIMITED
• Golden-Shell Pharmaceutical
• Panvo Organics
• DuPont
• KIMICA Corporation
• Meron
• Biophrame Technologies
• chitotech
• Austanz Chitin Pty Ltd.
• KiOmed Pharma

Strategic Development

• On 5 January 2023, Nano medical a Czech Republic-based nanofiber launched 2 medical products under its brand name ChitoFib to protect wounds from contamination and promote and accelerate healing. The nanostructure combined with biopolymers supports cell proliferation and creates a natural structure for areal wound healing.
• On October 2022, Chitogen Inc., a U.S. based medical manufacturing company signed a statement of intent with Tru Shrimp to purchase commercial quantities of chitosan produced from the ground-up exoskeletons of farm-raised shrimp.

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For the purpose of this report, Emergen Research has segmented the global chitosan market on the basis of source, grade, application, and region:

• Source Outlook (Revenue, , USD Billion; 2019-2032)

• Grade Outlook (Revenue, , USD Billion; 2019-2032)
  • Pharmaceutical Grade
  • Industrial Grade
  • Food Grade
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Food and Beverages
  • Water Treatment
  • Medical and Pharmaceuticals
  • Cosmetics
  • Agrochemicals
  • Others
• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Benelux
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Turkey
    • Rest of Middle East & Africa
• • Shrimps
  • Crabs
  • Prawns
  • Lobsters
  • White Mushroom
  • Others

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