NEWARK, Del, March 22, 2023 (GLOBE NEWSWIRE) -- The global chitosan market is anticipated to be worth US$ 1,343.2 million in 2023, growing at a 14.3% CAGR from 2023 to 2033. The sales of chitosan products are expected to exceed US$ 5,112.14 million by 2033.
One of the key factors driving the sales of chitosan products is the shift towards natural and sustainable products. As consumers become more aware of the environmental impact of their purchases, they are increasingly seeking out products that are eco-friendly and biodegradable. In addition, the growing demand for natural and sustainable products in industries such as food, agriculture, and cosmetics is driving the adoption of chitosan-based products. Furthermore, the antimicrobial properties of chitosan are also driving its adoption in the food and medical industries.
As consumers and industries seek natural and sustainable alternatives to synthetic materials and chemicals, chitosan has become an increasingly popular choice. One trend in the chitosan industry is the use of sustainable sourcing methods, such as using crustacean by-products and fungi, to produce chitosan. In addition, companies are exploring innovative applications of chitosan, such as in the biomedical and pharmaceutical industries, further driving the growth of the chitosan industry.
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With the growing demand for eco-friendly products, there are significant opportunities for the chitosan industry. Chitosan products are naturally derived, biodegradable, and non-toxic, making them an attractive option for consumers looking for sustainable alternatives. Furthermore, chitosan has a wide range of applications, including in the food, agriculture, and cosmetics industries, providing ample opportunities for new entrants to establish a foothold in the market.
Despite the growth potential of the chitosan industry, there are several challenges that manufacturers must overcome. One challenge is the high production costs of chitosan, which can make it difficult for manufacturers to compete with synthetic alternatives. In addition, the limited supply of crustacean shells, the primary source of chitosan, can make it difficult for manufacturers to scale up production.
North America Chitosan Market is projected to reach US$ 1.05 Bn in 2031 and is estimated to register a CAGR of 14.3% during the forecast period of 2021 to 2031
Key Takeaways from the Chitosan Market:
- Germany is one of the largest chitosan markets, with a value of US$ 1,321 million predicted by 2023.
- By 2023, the chitosan industry in the United States is estimated to be worth US$ 261.5 million.
- The Japanese chitosan industry is anticipated to be worth US$ 341.7 million by 2023.
- By 2023, China's chitosan industry is projected to be worth US$ 179.8 million.
- The chitosan industry in India is anticipated to be worth US$ 83.8 million by 2023.
- The powder is expected to lead the market in terms of shape, with an estimated value of US$ 54,621 million in 2023.
- The shrimp segment dominates the market by source, with a market value of US$ 35,689 million predicted in 2023.
- Dietary supplements, with a predicted value of US$ 23,389 million in 2023, dominate the end-use category.
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Manufacturers in the Chitosan Industry Innovating to Stay Ahead in a Growing Market
The chitosan industry is highly competitive, with a range of established players and new entrants vying for market share. Companies are employing innovative strategies to differentiate themselves from competitors and capitalize on the growing demand for sustainable and natural products.
Some of the key players in the chitosan industry include Primex, Agratech (KYTOSAN USA, LLC), Austanz Chitin Pty Ltd., CarboMer, Inc., Golden-Shell Pharmaceuticals Co. Ltd, Heppe Medical Chitosan GmbH, KIMICA Corporation, Kitozyme, LLC, Kraeber & Co. GmbH, Meron Group, Qingdao Haijia Biology and Technology Co. Ltd, Tidal Vision Inc., Chitolytic, Marshall Marine Products, Zhejiang Aoxing Biotechnology Co. Ltd.. Primex, for example, has established a strong foothold in the chitosan industry by developing sustainable sourcing methods for chitin, the precursor to chitosan, and by offering a range of chitosan-based products for diverse applications.
Golden-Shell Pharmaceutical, on the other hand, has developed a unique patented chitosan derivative, Glucosamine Hydrochloride Chitosan, which has applications in the pharmaceutical and nutraceutical industries. KitoZyme, a Belgian company, specializes in the production of chitosan derivatives for use in agriculture and the food industry.
New entrants to the chitosan market are also employing innovative strategies to carve out a niche for themselves. Some companies are focusing on developing unique chitosan blends, such as chitosan with glucomannan, to offer specialized applications for different industries. Others are exploring new applications of chitosan, such as in the wine industry, where it is used as a fining agent to remove impurities and improve the taste.
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Chitosan Market by Category
By Form:
- Liquid
- Powder
By Source:
- Shrimp
- Crab
- Lobster
By End Use:
- Food Additive
- Dietary Supplements
- Crohn’s Disease
- Dental Cavities
- Anemia
- Periodontists
- Weight Loss
- Sports Nutrition
- Immune & Digestive Health
- Bone & Joint Health
- Heart Health
- Other Specific Requirements
- Pharmaceuticals
- Cosmetics
- Hair Care
- Nail Care
- Skin Care
- Toiletries
- Spa
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
Table of Content
1. Executive Summary | Chitosan Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
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Old Source: Chitosan Market to Exhibit Impeccable Sales Over the Forecast Period of 2021 and 2031 With a Robust CAGR of 14.3% Backed to its Eco-Friendly Factors - Future Market Insights, Inc.
