Newark, Nov. 07, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 11.2 billion chitosan market will reach USD 63.2 billion by 2032. With its strong emulsifying qualities and antioxidant and antibacterial activity, chitosan can be utilised in food technologies instead of synthetic surfactants, extending the shelf life of food products. Additionally, chitosan can be employed as a functional ingredient in producing functional foods to combat inflammation, hypertension, and hypercholesterolemia. It can also be used to encapsulate nutrients. The market will expand due to the growing need for chitosan in end-user industries, particularly in the food and beverage and wastewater treatment sectors. Using chitin or chitosan to treat wastewater is a significant application. To eliminate dyes from industrial effluent (such as textile wastewaters) and other organic contaminants such as oil impurities, organochloride insecticides, and organic oxidised or fatty impurities. In addition to being hydrophobic, biocompatible, biodegradable, and nontoxic, chitosan also possesses highly reactive amino (-NH2) and hydroxyl (-OH) groups in its backbone, which makes it useful for treating wastewater.
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Key Insights on
North America to account for the largest market size during the forecast period.
North America is expected to have the essential chitosan market share. The market in the region is being driven by the presence of industrialised economies and growing consumer demand for skin and hair care products generated from biotechnology. In addition, the region's growing need for naturally produced, nontoxic chemicals for water treatment is anticipated to drive up government spending on water purification technologies. After China, the United States, and Spain, the pharmaceutical industry in Canada is regarded as one of the most lucrative sectors of the healthcare sector and has had the fourth-fastest growth rate. Therefore, a promising future for Canada's pharmaceutical sector is likely to drive demand. It is anticipated that the strong U.S. manufacturing foundation of multinational cosmetic manufacturers like Johnson & Johnson, Unilever, and Procter & Gamble will increase demand for chitosan in personal care product formulation.
The shrimp segment dominated the market with the most significant revenue of USD 4.03 billion.
The shrimp segment dominated the market with the most significant revenue of USD 4.03 billion. Since shrimp have a chitin content of 25% to 40% while crab shells have a chitin content of 15% to 20%, shrimp are thought to be the main source of chitosan. These sources allow for the simple and affordable production of chitosan. India is the world's largest shrimp exporter, ranking second in shrimp output after China.
The water treatment segment dominated the market with the most significant revenue of USD 3.47 billion.
The water treatment segment dominated the market with the most significant revenue of USD 3.47 billion. It is estimated that to guarantee enough food for everyone, global food production needs to be increased by 70%. The natural resources will be strained as a result of this. Therefore, wastewater utilisation in industrial and agricultural applications can help alleviate challenges, driving the chitosan market's growth.
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Market Dynamics:
Drivers: Increasing adoption in the end-use industries
The market will grow due to the growing need for chitosan in end-user industries, particularly in the food and beverage and wastewater treatment sectors. Using chitin or chitosan to treat wastewater is a significant application. To eliminate dyes from industrial effluent (such as textile wastewaters) and other organic contaminants such as oil impurities, organochloride insecticides, and organic oxidised or fatty impurities. In addition to being hydrophobic, biocompatible, biodegradable, and nontoxic, chitosan also possesses highly reactive amino (-NH2) and hydroxyl (-OH) groups in its backbone, which makes it useful for treating wastewater.
Restraint: High cost of production
The high cost of chitosan production is expected to limit market expansion. According to a study, the cost per kilogramme for typical quality chitosan production ranges from $8 to $12. The process's several phases also make it time-consuming and complex, which is expected to impede the chitosan market's growth further.
Opportunity: Increasing applications
With its strong emulsifying qualities and antioxidant and antibacterial activity, chitosan can be utilised in food technologies instead of synthetic surfactants, extending the shelf life of food products. Additionally, chitosan can be employed as a functional ingredient in producing functional foods to combat inflammation, hypertension, and hypercholesterolemia. It can also be used to encapsulate nutrients. The food and beverage sector generated a revenue of USD 342,213 million in 2021. The adoption of Internet retail in the food and beverage industry has lagged during the last 20 years. Nevertheless, it has finally taken off and is now the e-commerce product category with the fastest growth. The chitosan market will benefit from this factor.
Challenge: Stringent regulatory laws
The stringent laws controlling prawn aquaculture are expected to impede the market expansion of chitosan. Furthermore, a significant amount of waste is produced by shellfish processing facilities and prawn peeling units, which is expected to hinder the growth of the chitosan market.
Some of the major players operating in the chitosan market are:
● KitoZyme S.A.
● G.T.C. Bio Corporation
● Heppe Medical Chitosan GmbH
● FMC Corp.
● Primex EHF
● Agratech
● Taizhou City Fengrun Biochemical Co., Ltd.
● Meron Biopolymer
● Vietnam Food
● Advanced Biopolymers AS
● Zhejiang Golden-Shell Pharmaceutical Co., Ltd.
● Qingdao Yunzhou Biochemistry Co.
● BIO21 Co., Ltd.
● Biophrame Technologies
● Golden-Shell Pharmaceutical Co. Ltd
Key Segments cover in the market:
By Source:
● Prawns
● Crabs
● Shrimps
● Others
By Application:
● Cosmetics
● Food and Beverage
● Water Treatment
● Pharmaceutical and Biomedical
● Others
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About the report:
The global chitosan market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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